| Judicial |
Non-Judicial |
Process Period |
Sale Publication |
Redemption Period |
Sale/NTS |
| Yes |
Yes |
74 Days |
22 Days |
None |
Trustee |
Pre-foreclosure Period
Rhode Island foreclosures can occur through the court system, but only if there are title problems or other significant issues. Otherwise, a lender may foreclose on a property when a clause exists in the mortgage that empowers them to sell if a borrower defaults. The terms of the mortgage often require the lender to send letters warning the borrower of default on the loan prior to initiating the foreclosure proceedings.
For out-of-court foreclosures, the process begins when the lender forwards all pertinent documentation to the attorney and a title search is performed. Before scheduling a sale, the lender’s attorney must give the borrower a notice of the sale at least 20 days before starting to advertise for the sale.
Notice of Sale / Auction
The notice of sale must be published at least once per week for three weeks in a local newspaper, and the first notice must appear at least 22 days prior to the sale date. The notice must include the property address, the mortgage date, the amount due, and the date and location of the sale.
An auctioneer conducts the sale, and anyone may bid, including the lender. The highest bidder receives a certificate of sale and a deed is recorded transferring ownership. Any surplus in sale proceeds is paid to the secondary lenders.