RI Underwriting Summary
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Revision as of 14:57, 30 January 2018 by Davidjenkins (talk | contribs) (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...")
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?