What is the statutory right of redemption period following a non-judicial (power of sale) foreclosure in Rhode Island?
Correct Answer
A) There is no statutory right of redemption after a non-judicial foreclosure
In Rhode Island, there is no statutory right of redemption following a non-judicial (power of sale) foreclosure. Once the power of sale foreclosure is completed, the borrower has no legal right to reclaim the property by paying off the debt. A right of redemption may exist in judicial foreclosure proceedings, but not in the non-judicial process.
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