Rhode Island Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
Rhode Island homeowners behind on mortgage payments will most likely lose their property to a foreclosure, eventually. Fortunately, under federal law, the bank must generally delay the foreclosure start for 120 days after the borrower becomes delinquent on the loan.
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A ?power of sale? clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default.
Foreclosure law in Rhode Island also ensures that you know about the foreclosure well in advance. You must get your first notice a full 45 days before the lawsuit can be filed. This notice must also direct you to financial counseling. On top of that, you must get both a mediation notice and a notice of sale.
Nonjudicial foreclosures occur if your mortgage has a power of sale clause, and allow your mortgage company to auction off your home after a warning and waiting period. Nonjudicial foreclosures can be a faster process than judicial foreclosures as they do not involve having to go to court.
Judicial Foreclosure These auctions are commonly referred to as sheriff sales. In a strict foreclosure, the court sets a date by which the owner must pay the mortgage, and if the owner fails to pay, the court awards ownership of the home to the lender with no auction taking place.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
How Can I Stop a Foreclosure in Rhode Island? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. (Of course, if you're able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.)
If you default on your mortgage payments in Rhode Island, the lender may foreclose using a judicial or nonjudicial method.
