§ 5-80-1 - Definitions. - Rhode Island Statutes

SECTION 5-80-1

   § 5-80-1  Definitions. – As used for §§ 5-80-1 – 5-80-9:

   (a) "Foreclosed homeowner" means an owner of residential realproperty, including a condominium, that is the primary residence of the ownerand whose mortgage on the real property is or was in foreclosure.

   (b) "Foreclosure conveyance" means a transaction involving:

   (1) The transfer of title to real property by a foreclosedhomeowner during a foreclosure proceeding, either by transfer of interest fromthe foreclosed homeowner or by creation of a mortgage or other lien orencumbrance during the foreclosure process that allows the acquirer to obtaintitle to the property by redeeming the property as a junior lienholder; and

   (2) The subsequent conveyance, or promise of a subsequentconveyance, of an interest back to the foreclosed homeowner by the acquirer ora person acting in participation with the acquirer that allows the foreclosedhomeowner to possess the real property following the completion of theforeclosure proceeding, which interest includes, but is not limited to, aninterest in a contract for deed, purchase agreement, option to purchase, orlease.

   (c) "Foreclosure purchaser" means a person that has acted asthe acquirer in more than four (4) foreclosure reconveyances during anytwenty-four (24) month period. Foreclosure purchaser also includes a personthat has acted in joint venture or joint enterprise with one or more acquirersin more than four (4) foreclosure reconveyances during any twenty-four (24)month period. A federal or state chartered bank, savings bank, thrift, orcredit union is not a foreclosure purchaser.

   (d) "Resale" means a bona fide market sale of the propertysubject to the foreclosure reconveyance by the foreclosure purchaser to anunaffiliated third-party.

   (e) "Resale price" means the gross sale price of the propertyon resale.