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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Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
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