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Learning Center | How to Buy Rhode Island Foreclosures

How to Buy Rhode Island Foreclosures
Overview
Basic Steps to Purchasing Preforeclosures
Basic Steps to Purchasing Property at an Auction Sale

Answers
 

Overview

In Rhode Island, the primary method ofmortgageforeclosure isjudicial. Because of this, it could take three (3) months or more from the time a property owner receives anotice of default until the property is sold at apublic foreclosure auction sale. Rhode Island also has anon-judicial foreclosure process and several possessory actions such as eviction, deed in lieu and taking possession of property.

Accordingly, don’t wait until the property becomesReal Estate Owned (REO) after the auction because the property will cost more than it would inpreforeclosure.


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