REO Services

The Law Offices of Richard Palumbo, LLC provides Lenders, Banks and Asset Managers with a one-stop legal approach to their REO property needs including, but not limited to, the following legal services throughout Rhode Island:

  • Expedient, streamlined mortgage foreclosure services (residential and commercial);
  • Effective eviction of tenants of recently foreclosed properties; and
  • Efficient post-closing services of foreclosed properties.

Expedient, streamlined mortgage foreclosure service…

The Law Offices of Richard Palumbo, LLC provides complete residential foreclosure services throughout the state of Rhode Island including the following:

  • Provide initial notice of default/right to cure/intent to accelerate;
  • Order appraisals of real estate if required or requested;
  • Order broker's price opinion if required or requested;
  • Order title, bankruptcy, IRS tax lien and judicial records searches within 24 hours of receiving referral;
  • Provide required notices of acceleration and non-judicial foreclosure sale;
  • Prepare and service of notice of non-judicial foreclosure sale;
  • Respond to borrower inquiries regarding and follow your instructions in negotiating reinstatements, payoffs or forbearance plans with the borrowers;
  • Prepare foreclosure documentation (i.e. demand letters, notice of non-judicial mortgagee’s sale, notice to government entities, notice to investor, notice to mortgage insurance co., ad for newspaper, memo of sale, etc.);
  • Provide whatever reports you require in any format you specify;
  • Provide you with copies of the demand letters, acceleration letters, notice of non-judicial mortgagee’s sale, IRS notice (if applicable), title work and tax certificate (if applicable), etc;
  • Conduct the non-judicial mortgagee sale on the first available sale date pursuant to your bidding instructions;
  • Fax or email foreclosure sale results by 5:00 p.m. on sale day;
  • Prepare all post-sale documents (foreclosure deed, affidavit of sale, military affidavit, and other required documents);
  • Record all documents in the real property records of the appropriate city or town;
  • Prepare and submit title packages to HUD/VA in accordance with their guidelines; and
  • Assist your REO Department with any post-foreclosure title problem.

Our law firm provides complete commercial foreclosure services. Commercial foreclosures can be quite complex and involve, for example, the rights of tenants, assignments of rents, UCC liens on equipment, furniture etc. 

Our REO attorney is experienced in the entire mortgage foreclosure process and will proceed aggressively to recover the collateral or obtain payment or restructuring of the loan.  Our Warwick Rhode Island firm is also experienced with maximizing recovery through various forms of creative settlement.

Effective eviction of tenants of recently foreclosed properties…

Our firm, based in Warwick, Rhode Island, provides eviction services for landlords in Rhode Island, both residential and commercial.

Evictions for reasons other than Non-Payment of Rent include the following services:

  • Coordination and implementation of the lender’s cash-for-keys program;
  • Termination of tenancy and evictions for holdover tenant (i.e. tenants at sufferance);
  • Drafting, filing and service of Complaint for Eviction;
  • Conduct and respond to discovery if necessary;
  • Drafting, filing and service of motion to assign for trial;
  • Attend motion hearing if objection is filed by Defendant Tenant;
  • Prepare for attend eviction hearing to obtain judgment;
  • Obtain execution; and
  • Coordinate move-out with constable and moving company (if required).
  • Complete and mail a 5-day demand notice to the occupants within 24 hours of our receipt of instructions to begin eviction;
  • Prepare and file complaint for non-payment of rent with the appropriate court;
  • Coordinate service of summons, complaint, and other documents;
  • Obtain court date and advise client in writing of the court date;
  • Attend eviction hearing, present evidence to court and obtain judgment for possession to the premises, back rent, and attorneys fees and costs (if applicable);
  • Coordinate with client and determine whether property is still occupied six (6) days after judgment was entered;
  • Obtain Execution to have constable remove occupants from premises if property is occupied;
  • Once Execution is issued, coordinate move-out date with constable's office and advise client of specific requirements for completion of the move-out.

Efficient post-closing services of foreclosed properties…

Order title search if requested by client within 24 hours of receiving referral;

Draft and prepare all seller’s closing documents; and

Correspond with buyer and/or buyer’s attorney to coordinate the closing

Attorney Palumbo frequently lectures at seminars for legal education in the field of real estate law. Attorney Palumbo next real estate law seminar is REO Closing Procedures sponsered by the National Business Institute.  Attorney Richard Palumbo is also available for consultation to other law firms nationwide and available to present private seminars in a number of real estate related topics including REO Closing Procedures.

The Law Offices of Richard Palumbo, LLC offers REO representation to Lenders, Banks, Asset Managers that is efficient, economic and effective. If you are looking for a Rhode Island Real Estate law firm that understands the needs of Lenders, Banks or Asset Managers, contact us today

The Law Offices of Richard Palumbo, LLC assists clients with Real Estate Law, Business Law, Probate, Evictions for Landlords and Property Damage matters in Rhode Island including Cranston, Warwick, Coventry, Johnston, Providence, Pawtucket, Central Falls and all areas throughout RI.

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535 Atwood Avenue, Suite 4, Cranston, RI 02920
| Phone: 401.490.0994

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