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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial: under power of sale in deed of trust |
| Time to respond | Foreclosing party must publish notice of sale for three consecutive weeks before sale; first publication must be at least 21 days before sale. Foreclosing party must serve notice of sale on homeowner by mail at least 30 days before first publication. |
| Reinstatement of loan before sale | No |
| Redemption after sale | To redeem, former owner must file lawsuit. Allowed up to three years after sale. |
| Special protections for foreclosures involving high-cost mortgages | Homeowner can ask court to stop (enjoin) the foreclosure if loan is high-cost or predatory lending practices were used. Rhode Island Home Loan Protection Act, R.I. Gen. Laws §§ 35-25.2-1 to 35-25.2-11 |
| Special state protections for service members | R.I. Gen. Laws § 30-7-10 |
| Deficiency judgments | Allowed if foreclosing party files separate lawsuit after sale. |
| Cash exempted in bankruptcy | About $11,000 for one person, $22,000 for a married couple under federal bankruptcy exemptions |
| Notice to leave after house is sold | Former owner must get a 20-day notice to quit (leave). After that new owner may go to court for a summary eviction procedure that takes two weeks to a month. |
| Foreclosure statutes | R.I. Gen. Laws §§ 34-27-1 to 34-27-5 |