Rhode Island Foreclosure Law

Rhode Island Foreclosure Laws

Rhode Island foreclosure laws offer lenders a total of five methods that can be used to correct a defaulted mortgage.  The option that is chosen typically depends on the exact circumstances of the foreclosure as well as the borrowers themselves.

• Judicial foreclosure procedure
• Non-judicial foreclosure process
• Lawsuit seeking eviction of borrowers
• Taking peaceful possession of the house
• Borrowers voluntarily giving the lender possession

For a judicial foreclosure in Rhode Island, the lender must not have a power of sale clause in the loan document.  If a power of sale clause is in the loan document then a non-judicial foreclosure must be used. 

According to Rhode Island foreclosure law, a judicial foreclosure requires the lender to sue to obtain an order from the courts authorizing the foreclosure. 

A non-judicial foreclosure in Rhode Island requires a notice of sale to be published a minimum of once a week for a period of at least 3 weeks in the public newspaper for the area in which the property is located.  The first publication must be a minimum of 21 days before the date of the sale.  In addition, a notice of sale must also be mailed to the borrower certified mail a minimum of 20 days before the notice is first published in the newspaper.

The sale itself is conducted by the sheriff in the county in which the property is located, or the deputy of their choice.  The sale must be held between 9a.m. and 5p.m. at the location that is set forth in the notice of sale.  During the sale itself anyone one attending is allowed to bid, including the lender.

Special procedures can be used according to Rhode Island foreclosure law.  The first involves the lender simply taking possession of the property.  However, this is only allowed if it is done peacefully and the lender is required to bring two witnesses who will swear on a notarized certificate of possession that it was a peaceful process.  The other method is the borrower voluntarily surrendering the property to the lender.

For more information on Rhode Island foreclosure laws click here.

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