Rhode Island Foreclosure Law

Timeline: 60 Days

Redemption: No

Deficiency Judgments: Yes

Judicial Foreclosure: Yes

Non-Judicial Foreclosure: Yes

Security Instruments: Deed of Trust, Mortgage

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Rhode Island foreclosure law allows a lender to pursue either Non-Judicial or Judicial Foreclosure procedures. If there is no “power of sale” clause in the original loan documents, then the Judicial Foreclosure process must be followed. The lender must sue the borrower in court to obtain an order to foreclose. Alternatively, the lender may be able to take possession of the home. This must be done peaceably and in the presence of two witnesses who then give the lender a certificate of possession that has been notarize. The borrower can also give up the property to the lender voluntarily.

The lender can follow the Non-Judicial Foreclosure process if a “power of sale” clause is present in the loan documents. This clause gives the lender authorization to sell the property to pay the loan balance in the event the borrower defaults.

The sale process in Rhode Island requires that the notice of sale be published for three (3) consecutive weeks in a local newspaper. The first publication must be at least twenty-one (21) days before the scheduled sale date. A copy of the notice must be sent to the borrower by certified mail no less than twenty (20) days before the first publication of the notice.

The county sheriff or a deputy conducts the sale at the place specified in the notice of sale between the hours of 9:00 AM and 5:00 PM . Anyone may bid at the sale, and the borrower has no right to redeem the property after the sale.