RI Legislature Adds New Pre-foreclosure Notice Requirements by Charles A. Lovell, Esq. and Patricia Antonelli, Esq.

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On January 5, 2010, the Rhode Island General Assembly overrode Governor Carcieri's veto of legislation requiring a new 45-day pre-foreclosure notice to consumer borrowers. This notice, in English and Spanish, must give notice of default and the mortgagee's right to foreclose, and must also advise the mortgagor of the availability of counseling through HUD-approved counseling agencies, and give the toll-free telephone number and website regarding HUD counseling. The counseling is to be provided at no cost to the mortgagee.

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Published In: General Business Updates, Elections & Politics Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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