The Rhode Island Foreclosure Statute (Owner-occupied Residences)
RI’s foreclosure law, General Law 34-27, has been amended to include Section 34-27-3.2, which requires a mediation conference for homeowner-occupied residences prior to foreclosure.
The state law is effective for foreclosures initiated on or after September 13, 2013.
- The law requires notice to the homeowner at 120 days of delinquency. The notice is intended to inform the homeowner of their right to foreclosure mediation (i.e. a debt workout.)
- Failure to abide by the state law renders the foreclosure void, and the deed will be refused for recording.
- The mediation service under the ordinance and law is through the same entity (as of this writing), namely Rhode Island Housing.