Rhode Island Foreclosure Process

If you have missed a payment or two on your mortgage agreement then you might have initiated the Rhode Island foreclosure process to begin. All it takes is a missed payment or two and the lender will begin the action of going after the property. This is because a property is a big asset that the lender needs to use to recover the money lent to the borrower.

When the Rhode Island foreclosure process begins the lender will initiate the process by filing a notice of default with the county courthouse and you will receive documentation of this. The notice of default simply states that you have missed a payment and defaulted on your mortgage payment. The lender will try and work with you and offer you options to hold onto your property. If you cannot make the payments any longer then an intent to sell the property will be filed. The intent to sell the property is a notification of a set time the property will be auctioned off at the county courthouse as an attempt to recover funds. At the date of the auction the property will be auctioned off and sold to the highest bidder. Once this is done you will be required to vacate the property or the sheriff’s office will move you out.

The Rhode Island foreclosure process can take up to a year in some cases but the average time frame is approximately 8 or 9 months from the first missed payment. Many property owners move out within a few months but this will not speed up the sale of the property. You must wait until the date of the sale to find out how much you will owe the lender on the foreclosure. The difference of what the property sells for and what your mortgage amount was may be what you owe. Some lenders go after the previous property owner while other lenders write off the difference as a loss. Once the property sells at the sale and the amount of money you owe to the lender is determined the process of the foreclosure will be complete.

You can stop the Rhode Island foreclosure process quickly by getting caught up on your payments and paying all of the late fees associated with falling behind. The lenders will offer deals to borrowers that are serious about getting caught up. If you make a deal with the lender, be sure you follow through with the agreement or the foreclosure process may begin right where it left off. If you actually get caught up on your payments then the process may begin from the beginning.

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