Rhode Island Foreclosures and Foreclosed Homes for Sale

The foreclosure process in Rhode Island is relatively simple. Most Rhode Island foreclosures are completed in two months, due to the ease of the non-judicial process used in the state. Court foreclosures, which are more time consuming, are generally reserved for serious problems, such as title issues. Out of court foreclosures are more common, and are preceded by the lender sending a letter of warning to the buyer just before the proceedings begin.

Once the letter of warning is sent, the lender will contact their attorney to perform a title search. They will then send the borrower a notice of sale by certified mail to their last known address no less than 20 days before the first notice of sale appears in public. The notice will include the time, place, and date of the sale, which is determined by the terms of the existing mortgage.

After the proper forms have been sent to the borrower, the lender must then publish the notice of sale in a local newspaper once a week for a period of three weeks. Lenders must be careful to publish the first notice at least 21 days before the scheduled date of sale in order to be within the confines of Rhode Island law.

The auction will be open to the general public, and be presided over by a licensed auctioneer. The property will go to the highest bidder, who will receive a certificate of sale at the auction, which will later be transferred to ownership once the deed is recorded. If there are any excess funds after the lender has been paid in full, they will be disbursed among the junior lien holders, if any are present.

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