Stop Rhode Island Foreclosure
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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.
In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.
In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.
New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.
Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!
If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424. | |
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Rhode Island Foreclosure Process |
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Foreclosure Process |
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When you develop a definite plan of action with well-timed,
well-informed steps, you can stop the foreclosure process and save your
home. We have outline the foreclose process for the state of Rhode
Island .
The Process
Rhode Island mortgages may contain a statutory power of sale clause,
which may be incorporated by reference into the mortgage document. If
the mortgage does not contain a power of sale clause, then the lender
has four options:
- File a lawsuit seeking a court-ordered sale
- File a lawsuit seeking ejectment (eviction)
- Peaceably enter the house in the presence of two witnesses, who
must give a certificate of possession which they must acknowledge
(notarize) before a notary or a Justice of the Peace
- Have the borrower voluntarily agree to give up possession before a
notary public or a Justice of the Peace.
If the lender maintains possession, then, after a time, the lender
gets full title. The borrower has three years to file a lawsuit to
redeem the property by paying up the full sum, both principal and
interest, that is due on the mortgage (but not interest for future
years). Rhode Island does not bar deficiency lawsuits.
Power of Sale Foreclosure
Lenders in Rhode Island generally prefer to foreclose under a power
of sale clause. The lender first accelerates the loan, then conducts a
foreclosure sale after giving proper notice. The lender must send a
notice of the foreclosure by certified mail, return receipt requested,
to the buyer 20 days before publishing the first newspaper ad. Notice of
the time and place of the sale must be published once a week for three
weeks in the proper newspaper. The notice must be published not only on
the day before sale, but on the same weekday for each of the three weeks
preceding the sale. Furthermore, the power of sale statute literally
spells out which city's newspaper must be used! The statute further
specifies that the sale must take place at a public auction conducted on
the premises, or at a location specified in the deed. The lender may bid
at the sale in the same manner as other bidders.
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