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Learning Center | Rhode Island Foreclosure Laws

Questions
How are mortgage liens treated in Rhode Island?
How are Rhode Island mortgages foreclosed?
What are the legal instruments that establish a Rhode Island mortgage?
How long does it take to foreclose a property in Rhode Island?
Is there a right of redemption in Rhode Island?
Are deficiency judgments permitted in Rhode Island?
What statutes govern Rhode Island foreclosures?

Answers

How are mortgage liens treated in Rhode Island?

Rhode Island was generally known as alien theory state where the property acts as security for the underlying loan. The document that places the lien on the property is called amortgage. Rhode Island also has anon-judicial foreclosure process and several possessory actions including eviction, deed in lieu and taking possession of property. Non-judicial actions are more common now in the state.

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How are Rhode Island mortgages foreclosed?

In Rhode Island, thelenders go to court in what is known as ajudicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale. A complaint is filed in court along with what is known alis pendens. A lis pendens is a recorded document that provides public notice that the property is being foreclosed upon. A possessory action involves the lender taking possession of the property before witnesses who provide a notarized statement called a certificate of possession.

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What are the legal instruments that establish a Rhode Island mortgage?

The documents are known as themortgage,note, and in a commercial transaction, asecurity agreement. Sometimes the mortgage document is combined with the security agreement.  Amortgage is filed to evidence the underlying debt and terms of repayment, which is set forth in thenote.

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How long does it take to foreclose a property in Rhode Island?

Depending on the court schedule, it usually takes approximately 60-80 days to effectuate an uncontested foreclosure. This process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files forbankruptcy.non-judicial foreclosures require twenty-one (21) days notice before the sale.

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Is there a right of redemption in Rhode Island?

Generally No. In anon-judicial foreclosure Rhode Island has no post sale generalstatutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. In certain judicial possessory actions a right to redemption will be permitted up to three (3) years.

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Are deficiency judgments permitted in Rhode Island?

Yes. Adeficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures.  This means that the borrower still owes thelender for the difference between what the property sold for at auction and the amount of the original loan.

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What statutes govern Rhode Island foreclosures?

The laws that govern Rhode Island foreclosures are found in State of Rhode Island General Laws, Title 34 (Property), Chapter 34-27 (Mortgage Foreclosure and Sale).

http://www.rilin.state.ri.us/Statutes/TITLE34/INDEX.HTM

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