Rhode Island Foreclosure Laws - Foreclosures in Rhode Island

Rhode Island Foreclosure Laws

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Rhode Island Foreclosure is Non-Judicial.

Time Line/Non-Judicial (Statutory) Rhode Island Foreclosure

Day 1 - Receive file; order title
Day 7 - Receive title; mail FC ntcs
Day 38 - First legal advertisement
Day 60 - Sale held
Day 70 - Record deed

If attorney prepares and mails demand/acceleration letter, the following time line will apply.

Day 1 - Receive file; order title; send demand
Day 31 - Mail FC notices
Day 52 - First legal advertisement
Day 74 - Sale held
Day 84 - Record deed

Complaint to foreclose.

Rhode Island foreclosure law states that any person entitled to foreclose the equity of redemption in any mortgaged estate, whether real or personal, may prefer a complaint to foreclose it, which complaint may be heard, tried, and determined according to the usages in chancery and the principles of equity.

Right of Mortgagee to Bid at Rhode Island Foreclosure Sale.

At any sale by public auction made under and according to the provisions of any mortgage of real estate, or of any power of sale contained therein or annexed thereto, the mortgagee in the deed of mortgage or other conveyance, or pledgee, his, her, or their assigns, or his, her, or their heirs, executors or administrators, or any person for him, her, or them, may fairly and in good faith bid for and purchase the estate or property so put up for sale, or any part thereof, in the same manner as it may be bid for and purchased by any other person.

Discharge of Purchaser at Rhode Island Foreclosure Sale by Payments to Mortgagee.

The receipt in writing of a mortgagee shall be a sufficient discharge for any money accruing from sales made under the powers of sale conferred by his or her mortgage; and a person paying it to the mortgagee shall not be obliged to inquire whether any money remains due under the mortgage, or to see as to the application of such proceeds in case of sale.

Publication of Notice under Power of Sale.

Whenever any real estate shall be sold under any power of sale mortgage executed subsequent to May 4, 1911, and the mortgage shall provide for the giving of notice of the sale by publication in some public newspaper at least once a week for three (3) successive weeks before the Rhode Island foreclosure sale, the first publication of the notice shall be at least twenty-one (21) days before the day of sale, including the day of the first publication in the computation.

Provided, however, that no notice shall be valid or effective unless the mortgagor has been mailed written notice of the time and place of sale by certified mail return receipt requested at the address of the real estate and, if different, at the mortgagor's address listed with the tax assessor's office of the city or town where the real estate is located or any other address mortgagor designates by written notice to mortgagee at his, her, or its last known address, at least twenty (20) days for mortgagors other than individual consumer mortgagors, and at least thirty (30) days for individual consumer mortgagors, days prior to the first publication, including the day of mailing in the computation. The mortgagee shall include in the foreclosure deed an affidavit of compliance with this provision.

Mortgage foreclosure advertisement.

An advertisement for a Rhode Island foreclosure may, if describing the real estate being foreclosed, describe the real estate to be foreclosed by metes and bounds description and street address, or by recitation of the taxing authority's assessor's plat and lot designation and street address, or by recitation of the book and page of mortgage and street address.

Rhode Island Foreclosure Sale

The sale must be made by the sheriff of such county, or his deputy, between the hours of 9:00 am and 5:00 pm to the highest bidder. Any person including the mortgagee (lender) may bid at the sale. The winning bidder will receive a certificate of sale.

Deficiency Judgments

Obtaining deficiency judgments and actions for possession require "judicial steps" and are performed separately from the Rhode Island foreclosure sale.

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