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Financial Services Law Insights and Observations

Rhode Island clarifies timing requirements for foreclosure mediation notices with CARES Act forbearances

State Issues Covid-19 Rhode Island Foreclosure Forbearance Mortgages

State Issues

On April 15, Rhode Island’s Superintendent of Banking issued a bulletin to clarify how mortgagors should implement CARES Act forbearances to accord with the state’s foreclosure mediation statute, which requires certain notices be mailed within 120 days of default. During the pendency of the Covid-19 pandemic, mortgagors must mail the required notice within 120 days after the termination of the forbearance agreement, subject to certain conditions.