Foreclosure Help in Rhode Island
If you are set to lose your home, it can be a very stressful time. Knowing how the process will work should help make it easier for you to plan for the future. To help you do this, let’s look at how the foreclosure process works in Rhode Island.
Rhode Island Foreclosure Rate
Let’s start by looking the current state of the housing market in Rhode Island. Currently, the market is geared towards sellers, as the prices have gone up by 2.9 percent in the past year. According to some projections, they will continue to rise into the future. Analysis from Zillow indicates that this can lead to an increase of 1.4 percent in the housing price next year. The delinquency rate on mortgages in Rhode Island is 7.8 percent, higher than the national average, according the National Delinquency Survey. In addition, one in ten Rhode Island properties is either behind in payments or in the foreclosure process. If you are in the foreclosure process the best way to make sure you get treated fairly is understanding your rights.
Before the lender is allowed to foreclose on the property, they are required to give you several notices. This will give you time to talk about your options and react to the situation. In total, you need to have 120 days before they can start the foreclosure process. This is broken down into some important milestones. First, you will be given the 45-day notice. This is given 45 days before the foreclosure process begins and talks you through your options. Next, you will receive the mediation notice, this invites you to attend a mediation conference with the lender, as you attempt to work out a solution that will benefit you both. If the mediation process is ongoing, the lender can’t foreclose on the property. Finally, you will receive a notice of sale. This comes 30 days before the property is due to be sold. They will also need to place the notice of sale in the newspaper for three weeks before the sale.
Have a specific question about Avoiding Foreclosure in Rhode Island? Check out our Foreclosure FAQ’s section.
Redeeming The Property
In Rhode Island, you usually can’t redeem the property after the sale. This means that once the property is sold, you won’t be able to repurchase it from the lender. In some cases, you might be able to reinstate the loan. This occurs when you pay all the fees you owe in a single payment. How this process will work often varies, depending on the type of loan that you took out. For this reason, you should read the fine print if you are considering this option.
Seek Legal Help
Finally, if you are in the foreclosure process you might want to see legal help. Your lawyers will be able to talk about your specific situation and discuss the various options. This will prevent the big lenders from pushing you around, ensuring that you get an outcome that you are happy with.