Legal Question in Real Estate Law in Rhode Island

In Rhode Island , can I get my home back after a foreclosure?

No probably not. Pursuant to Rhode Island (RI) Real Estate and Title Law, A foreclosure forecloses the equity of redemption unless the foreclosure process was defective in some way.

There is no way to redeem the property after the foreclosure by paying the amount owed unless the bank purchased the property and was willing to settle the matter. It is unlikely that a bank or finance company would be willing to enter into such an arrangement.

If the RI attorneys / lawyers who did the foreclosure made some sort of mistake such as defective notice then the foreclosure could be challenged in Rhode Island Superior Court.

The entity who purchased at the foreclosure now owns the property. Often the bank purchases the property at foreclosure and then seeks to sell it.

However, the bank may be unwilling to sell it to you. You or someone on your behalf can seek to purchase the property from the person or business who now owns the property.

There is no guarantee that they will be willing to sell it to you. If you enter into a purchase and sales agreement to buy the real property then you will need to retain a Real Estate Title and Closing attorney.

If you are still living in the property, the new owners may commence an eviction against you. After your house is foreclosed, you legally become a tenant at sufferance. As part of the eviction process you can seek to negotiate to purchase the property. An eviction against a tenant at sufferance can be a lengthy process that may take a month or two.

If you an eviction is filed against you then you should retain a Rhode Island Real Estate lawyer / attorney.