Rhode Island foreclosure

The Rhode Island foreclosure process allows any of the following methods: judicial foreclosure, non-judicial foreclosure, the lender filing an eviction lawsuit, borrower giving up possession voluntarily or by the lender taking possession of the property.

So, unlike in most states, the lender can take possession of the house by taking possession of it in the presence of two witnesses or if you give it up voluntarily in the presence of a notary.

The judicial foreclosure process requires that the lender file a lawsuit at the courthouse of the county where the property is located. The judge will determine how much you will need to pay to cure the default and give you a bit of time to pay it.

If you don't pay in the time alloted, then the judge will decree that the property be sold at auction.

If the lender inserted a power of sale clause in the deed of trust or mortgage, then the non-judicial foreclosure process can be used. If the power of sale clause contains the time, place and terms of the sale of the property, then those terms are followed.

If no terms were mentioned, then the non-judicial foreclosure process would be used as follows:

1. The lender must send written notice of the sale to your last known address. It must be sent certified mail, return receipt requested. This notice must state the name of the borrower and lender, the date of the mortgage and amount due and the time and place of the sale.


2. At least 20 days after this notice is sent, this notice must be published in a newspaper of the county where the property is located. This notice must be published once a week for 3 consecutive weeks.


3. The sale cannot occur until 21 days after the last publication of this notice.