Facing foreclosure in Rhode Island can be overwhelming, but homeowners have several options to explore before losing their property. As of June 2025, Rhode Island has one in every 5,839 housing units facing foreclosure, with 83 filings statewide.[1] While this is lower than many states, foreclosure activity has increased 7% year-over-year nationally in the first half of 2025, with Rhode Island seeing a similar uptick amid stabilizing home prices.[2]

While the average foreclosure process in the U.S. takes approximately 645 days, Rhode Island’s most common non-judicial process is significantly faster, typically lasting around 149 days. This emphasizes the importance of acting quickly.[3]

At We Pay More Properties, we help RI homeowners avoid the stress of foreclosure through fair cash offers and our Remodel for Resale program. In this guide, we’ll outline key options tailored to Rhode Island’s laws and market, including mediation requirements and state resources.

Understand the Foreclosure Process in Rhode Island

Foreclosure in Rhode Island is primarily nonjudicial, meaning it doesn’t always go through court, but lenders must follow strict steps.[4] Federal law requires a 120-day waiting period after delinquency before starting foreclosure, giving time for loss mitigation.[5] Lenders must send a mediation notice for owner-occupied homes, and a conference must occur within 60 days.[6]

If unresolved, a notice of sale is published for three weeks, with the auction following at least 21 days later.[7] No statutory right to reinstate or redeem exists in nonjudicial cases, though contracts may allow it.[8] Contact a HUD-approved counselor or RI Housing for free guidance early on.[9]

Option 1: Loan Modification or Forbearance

Work with your lender to adjust your loan terms, such as lowering the interest rate or extending the repayment period.[10] In Rhode Island, RI Housing offers foreclosure prevention counseling and can connect you to programs like the Hardest Hit Fund Rhode Island (HHFRI), which has helped stabilize homes through modifications and assistance.[11]

Forbearance pauses payments temporarily, often followed by a repayment plan. Apply early—lenders prefer avoiding foreclosure, and federal programs support this for COVID-19 hardships.

Option 2: Reinstatement or Repayment Plan

If you can catch up on missed payments in a lump sum (reinstatement), do so before the sale date—Rhode Island allows this up to the auction in many cases.[12] Alternatively, negotiate a repayment plan to spread arrears over time.[13] With RI’s mediation law, use the required conference to discuss these—failure to mediate can void the foreclosure.[14] Resources like Rhode Island Legal Services can assist low-income homeowners.

Option 3: Short Sale or Deed in Lieu

A short sale lets you sell for less than owed, with lender approval forgiving the difference.[15] Deed in lieu transfers the deed to the lender, avoiding foreclosure but impacting credit.[16] In RI, these options are common, especially with rising inventory (up approximately 17% year-over-year) making sales easier. Consult RI Housing for mediation support.

Option 4: Bankruptcy Filing

Chapter 13 bankruptcy stops foreclosure via an automatic stay, allowing a 3-5 year plan to catch up on payments.[17] Chapter 7 might delay but not always prevent it. In Rhode Island, this is effective for those with steady income, but seek legal advice—filings can extend the already long process (average 671 days nationally).

Option 5: Sell Your Home Quickly

If other options fail, sell fast to avoid auction. With RI home prices up 10% to $506,600 median, cash buyers like We Pay More Properties offer a lifeline.[18] We provide no-obligation cash offers within 24 hours, closing in 7-70 days, covering costs and buying as-is. Our Remodel for Resale program handles fixes for higher equity without upfront costs—perfect for distressed properties in Providence or Warwick.

Navigating foreclosure in Rhode Island requires prompt action, given the state’s mediation mandates and moderate but rising rates.[19] Explore HUD counseling, RI Housing programs, or legal aid first.[20] At We Pay More Properties, we’ve assisted over 100 RI homeowners in avoiding foreclosure’s pitfalls. Contact us today for a free cash offer and regain control—no fees, no stress.

Selling a house “as-is” in Rhode Island can be a smart move, especially in today’s market where inventory is on the rise and homes are moving quickly. As of June 2025, the median home price in Rhode Island stands at around $534,400, marking a 2.5% increase year-over-year. With the number of homes sold up 11.8% and the number of homes for sale also increasing, sellers have more options, but properties in need of repairs often face challenges in the traditional market.

That’s where selling as-is comes in—bypassing costly fixes and lengthy showings. At We Pay More Properties, we specialize in cash offers for homes in any condition, helping you close fast without the stress. Here are five tips to navigate this process successfully, tailored to Rhode Island’s current trends.

Tip 1: Understand Your Property’s Value

Before accepting any offer, get a clear picture of what your home is worth, even if it’s outdated or damaged. In Rhode Island’s competitive market, where homes in Providence are spending just 14 days on the market, an independent appraisal (costing $300–$500) can reveal your property’s after-repair value (ARV) and help you benchmark offers.

Tools like Zillow’s estimates or local comps from sites like Redfin show that while prices are up 2.5% statewide, as-is homes typically sell for 70–80% of their market value, accounting for necessary repairs. At We Pay More Properties, our free cash offers are based on transparent valuations, ensuring you know exactly what you’re getting, with no surprises.

Tip 2: Choose the Right Buyer

Not all buyers are created equal—especially in a market starting to shift with slower price growth. Traditional buyers may demand inspections and concessions, dragging out the process in a state where inventory is rising but challenges persist. Opt for reputable local cash buyers like us, who understand Rhode Island’s regulations, from lead paint disclosures to flood zone rules in coastal areas like Newport.

Avoid national chains that might lowball; instead, seek firms with RI-specific experience. We Pay More Properties focuses solely on Rhode Island, offering higher-than-average cash deals and our unique Remodel for Resale program to maximize your equity if a quick sale isn’t your only goal.

Tip 3: Skip the Repairs

One of the biggest advantages of selling as-is is avoiding the expense and hassle of fixes. With Rhode Island’s median prices showing moderate growth amid stable conditions, investing in renovations might not yield a strong return, especially for older homes in cities like Pawtucket or Cranston.

Common issues, such as roof leaks or outdated kitchens, can cost thousands to address, but cash buyers typically handle these expenses post-purchase. By selling to We Pay More Properties, you save on staging (which averages $2,000–$5,000) and repairs, closing in as little as 7 days without lifting a finger.

Tip 4: Watch for Hidden Costs

Hidden fees can erode your proceeds in any sale, but they’re particularly sneaky in as-is transactions. In Rhode Island, where over 50% of homes sold over list price in recent months, beware of buyers who reduce offers after inspections or tack on closing costs. Traditional listings involve 5–6% agent commissions, plus potential buyer concessions.

Choose transparent buyers who cover everything—no commissions, no fees, and no last-minute deductions. At We Pay More Properties, our 24-hour no-obligation offers are straightforward, and we pay all closing costs, helping you net more in a market where sales are up but prices are stabilizing.

Tip 5: Act Quickly

Rhode Island’s market is fast-paced, with low days on market indicating high demand, but waiting could mean missing out as inventory builds and price growth slows. If you’re facing foreclosure, relocation, or inheritance issues, delaying repairs or listings can lead to lost opportunities.

Cash sales allow for flexible closing dates, ranging from 7 to 70 days, giving you control. Don’t let market shifts catch you off guard; contact We Pay More Properties today for a free offer and move forward on your terms.

Selling your house as-is in Rhode Island doesn’t have to be complicated. With the market showing signs of increased supply and moderate growth, now is an ideal time to explore cash options. At We Pay More Properties, we’ve helped hundreds of Rhode Island homeowners achieve stress-free sales. Ready to get started? Submit your property details for a fair cash offer—no strings attached.