How to Buy Rhode Island Foreclosures

Rhode Island predominantly practices a judicial method for mortgage foreclosure. A non-judicial foreclosure procedure also exists in Rhode Island, besides many other possessorory steps such as deed in lieu, eviction and possessing the property.

A minimum period of three months must go by before the foreclosure property can be sold at the public auction of foreclosure sale; this period commences after the notice of default is served to the property owner.

Keeping in mind that a foreclosure property normally sells for a lesser price in preforeclosure than after becoming Real Estate Owned, it is suggested that the property be bought during preforeclosure.