RI Underwriting Summary - Revision history

Davidjenkins: /* Non-Judicial Foreclosure */

2018-02-02T13:34:16Z

‎Non-Judicial Foreclosure

Davidjenkins: /* Non-Judicial Foreclosure */

2018-02-02T13:30:02Z

‎Non-Judicial Foreclosure

Davidjenkins: /* Judicial Foreclosure */

2018-02-02T13:28:49Z

‎Judicial Foreclosure

Davidjenkins: /* Foreclosure Review */

2018-01-30T22:35:31Z

‎Foreclosure Review

Davidjenkins: /* Judicial Foreclosure */

2018-01-30T22:26:15Z

‎Judicial Foreclosure

Davidjenkins: /* Non-Judicial Foreclosure */

2018-01-30T22:23:49Z

‎Non-Judicial Foreclosure

Davidjenkins: Created page with "==Foreclosure Review== * Mortgages and Deeds of Trust are both recognized in Rhode Island. * Only Mortgages and Deeds of Trust the contain a Power of Sale Clause may be forecl..."

2018-01-30T21:57:51Z

Created page with "==Foreclosure Review== * Mortgages and Deeds of Trust are both recognized in Rhode Island. * Only Mortgages and Deeds of Trust the contain a Power of Sale Clause may be forecl..."

New page

==Foreclosure Review==
* Mortgages and Deeds of Trust are both recognized in Rhode Island.
* Only Mortgages and Deeds of Trust the contain a Power of Sale Clause may be foreclosed non-judicially.

===Judicial Foreclosure===
This type of foreclosure is not as common in Rhode Island.
===Non-Judicial Foreclosure===
* Non-Judicial foreclosure in Rhode Island is similar to other New England states which differs somewhat from non-judicial foreclosure in other states.
* Review of a non-judicial foreclosure requires review of the foreclosure deed and several documents that are typically recorded with the foreclosure deed. Key documents are:
** Statutory Form of Foreclosure Deed Under Power of Sale in Mortgage
** Affidavit of Sale Under Power of Sale in Mortgage
** Affidavit of Exemptions (if applicable)
** NOTE: This list does not cover all of the requirements to ensure a valid foreclosure, but the basics that should be reviewed by a title examiner.
* Foreclosure is commenced outside of the public records, so there will not be any indication of a non-judicial foreclosure in the public records until the foreclosure deed has been recorded.
* The IRS/USA or any branch of the federal government must be served notice of the foreclosure as required by federal law.
* Senior liens cannot be discharged in a foreclosure.
* What service is required on junior lien holders? What is the cutoff date for service requirements?
* Where and how are properties auctioned?
* There is no right of redemption in any parties once the sale has been completed except for those given for federal liens.
* Who prepares and records Foreclosure Deed?
* When does title become vested?
* How are evictions against FC Borrowers handled?

@@ Line 16: / Line 16: @@
 ** '''Foreclosure Deed''' - Usually title as "Foreclosure Deed Under Power of Sale in Mortgage" or something similar
 ** '''Affidavit of Sale''' - This must show compliance with requirements regarding foreclosure notices, legal advertisements, and the provisions of the SCRA. R.I.G.L. § 34-11-22.
-** '''Affidavit of Exemptions''' (if applicable) - Older foreclosure commenced from 2013 on may have these to demonstrate that the foreclosure is exempt from mediation requirements pursuant R.I.G.L. § 34-27-3.2 because the mortgage was more than 120 days delinquent with the law was implemented.
+** '''Affidavit of Exemption''' (if applicable) - Foreclosures commenced from 2013 on may have these to demonstrate that the foreclosure is exempt from mediation requirements pursuant R.I.G.L. § 34-27-3.2 because the mortgage was more than 120 days delinquent with the law was implemented.
-** '''Affidavit of Compliance''' - Older foreclosures from 2009 until 2013 may have these to demonstrate compliance with local mediation conferences that were implemented in 2009 pursuant to R.I.G.L. § 34-27-3.1.  These procedures were superseded by a uniform state requirement implemented September 13, 2013 pursuant to R.I.G.L. § 34-27-3.2.
+** '''Affidavit of Compliance''' - Foreclosures from 2009 until 2013 may have these to demonstrate compliance with local mediation conferences that were implemented in 2009 pursuant to R.I.G.L. § 34-27-3.1. These procedures were superseded by a uniform state requirement implemented September 13, 2013 pursuant to R.I.G.L. § 34-27-3.2.
 ** NOTE: The above list does not cover all of the requirements to ensure a valid foreclosure, but the basics that should be reviewed by a title examiner.
 * The IRS/USA or any branch of the federal government must be served notice of the foreclosure as required by federal law.

@@ Line 5: / Line 5: @@
 ===Judicial Foreclosure===
-This type of foreclosure is not as common in Rhode Island and is primarily used for Mortgages that do not contain a Power of Sale clause.
+This type of foreclosure is not as common in Rhode Island and is primarily used for Security Instruments that do not contain a Power of Sale clause.
 ===Other Forms of Foreclosure===

@@ Line 1: / Line 1: @@
 ==Foreclosure Review==
 * Mortgages and Deeds of Trust are both recognized in Rhode Island.
 * Only Mortgages and Deeds of Trust the contain a Power of Sale Clause may be foreclosed non-judicially.
@@ Line 14: / Line 15: @@
 ** '''Foreclosure Deed''' - Usually title as "Foreclosure Deed Under Power of Sale in Mortgage" or something similar
 ** '''Affidavit of Sale''' - This must show compliance with requirements regarding foreclosure notices, legal advertisements, and the provisions of the SCRA. R.I.G.L. § 34-11-22.
-** '''Affidavit of Exemptions''' (if applicable) - Older foreclosure may have these to demonstrate that the foreclosure is exempt from mediation requirements pursuant R.I.G.L. § 34-27-3.2 because the mortgage was more than 120 days delinquent with the law was implemented.
+** '''Affidavit of Exemptions''' (if applicable) - Older foreclosure commenced from 2013 on may have these to demonstrate that the foreclosure is exempt from mediation requirements pursuant R.I.G.L. § 34-27-3.2 because the mortgage was more than 120 days delinquent with the law was implemented.
-** '''Affidavit of Compliance''' - Old foreclosures may have these to demonstrate compliance with local mediation conferences.  These procedures were superseded by a uniform state requirement  implemented September 13, 2013 pursuant to R.I.G.L. § 34-27-3.2.
+** '''Affidavit of Compliance''' - Older foreclosures from 2009 until 2013 may have these to demonstrate compliance with local mediation conferences that were implemented in 2009 pursuant to R.I.G.L. § 34-27-3.1.  These procedures were superseded by a uniform state requirement implemented September 13, 2013 pursuant to R.I.G.L. § 34-27-3.2.
 ** NOTE: This list does not cover all of the requirements to ensure a valid foreclosure, but the basics that should be reviewed by a title examiner.
 * Foreclosure is commenced outside of the public records, so there will not be any indication of a non-judicial foreclosure in the public records until the foreclosure deed has been recorded.

@@ Line 4: / Line 4: @@
 ===Judicial Foreclosure===
-This type of foreclosure is not as common in Rhode Island.
+This type of foreclosure is not as common in Rhode Island and is primarily used for Mortgages that do not contain a Power of Sale clause.
 ===Non-Judicial Foreclosure===
 * Non-Judicial foreclosure in Rhode Island is similar to other New England states which differs somewhat from non-judicial foreclosure in other states.

@@ Line 8: / Line 8: @@
 * Non-Judicial foreclosure in Rhode Island is similar to other New England states which differs somewhat from non-judicial foreclosure in other states.
 * Review of a non-judicial foreclosure requires review of the foreclosure deed and several documents that are typically recorded with the foreclosure deed.  Key documents are:
-** Statutory Form of Foreclosure Deed Under Power of Sale in Mortgage
+** '''Foreclosure Deed''' - Usually title as "Foreclosure Deed Under Power of Sale in Mortgage" or something similar
-** Affidavit of Sale Under Power of Sale in Mortgage
+** '''Affidavit of Sale''' - This must show compliance with requirements regarding foreclosure notices, legal advertisements, and the provisions of the SCRA. R.I.G.L. § 34-11-22.
-** Affidavit of Exemptions (if applicable)
+** '''Affidavit of Exemptions''' (if applicable) - Older foreclosure may have these to demonstrate that the foreclosure is exempt from mediation requirements pursuant R.I.G.L. § 34-27-3.2 because the mortgage was more than 120 days delinquent with the law was implemented.
 ** NOTE: This list does not cover all of the requirements to ensure a valid foreclosure, but the basics that should be reviewed by a title examiner.
 * Foreclosure is commenced outside of the public records, so there will not be any indication of a non-judicial foreclosure in the public records until the foreclosure deed has been recorded.
 * The IRS/USA or any branch of the federal government must be served notice of the foreclosure as required by federal law.
 * Senior liens cannot be discharged in a foreclosure.
-* What service is required on junior lien holders? What is the cutoff date for service requirements?
+* Junior liens other than federal liens are not entitled to receive any separate notice of the foreclosure.
-* Where and how are properties auctioned?
+* Properties are publicly auctioned.
 * There is no right of redemption in any parties once the sale has been completed except for those given for federal liens.
-* Who prepares and records Foreclosure Deed?
+* Actions to eject a holdover tenant including any foreclosed borrowers must be pursued in a separate legal action pursuant to R.I.G.L. § 34-18-38.