Rhode Island Laws

Rhode Island foreclosures can be either judicial or non-judicial, depending on the presence of a Power of Sale clause in the mortgage. This clause provides the lender with the right to pursue a foreclosure without the court's supervision in the event of a default. Since these clauses are very common in Rhode Island, judicial foreclosure is generally only necessary when problems exist with the property title itself.

Although it is not required by law, most mortgages require the lender to notify the homeowner of their intention to foreclose before actually doing so. To begin a non-judicial foreclosure, the lender files a complaint and schedules a foreclosure sale with the county registrar.

To properly advertise, the lender must publish a Notice of Sale once weekly for three weeks leading up to the sale in a local newspaper. The lender must also provide the homeowner with a copy of the Notice of Sale at least 20 days before the sale starts.

On the date in question, a licensed auctioneer awards the property to the highest bidder. Once payment is received, the lender transfers all ownership of the property to the winning bidder. Rhode Island law provides no rights to redemption for the original homeowner.

• Click here to begin your search in Rhode Island