In 2011, the Hawaii Legislature passed Act 48, a lengthy bill intended to reform the foreclosure process in Hawaii. From the day the law passed, non-judicial foreclosure, the preferred methods for mainland banks to rapidly foreclosure on distressed homeowners, was killed. There have been no non-judicial foreclosures since May 5th when the law passed. When [...]
For the layman, Act 48 (passed on May 5, 2011) was put in place to assist homeowners with saving their homes. It is a last ditch effort to help individuals to negotiate a possible solution with their lender prior to being foreclosed upon. Results may vary, but the DCCA helps facilitate a meeting between lender [...]
“New Law Flounders!” That was the headline in last week’s Honolulu Star Advertiser. Here’s the back story: When Senate Bill 651 was signed into Act 48 on May 5, 2011, Hawai‘i legislators thought they were taking a powerful and effective step in helping homeowners to deal with their banks. The 101 page bill was intended to force lenders to make better efforts at negotiating loan modifications with [...]
Let the Foreclosure Mediation begin…or will it? The Mortgage Foreclosure Dispute Resolution (MFDR) procedure, as defined in Hawaii’s Act 48, went into effect on October 1st. I monitor the conversation about Act 48 because it is so important to Hawaiian homeowners and to the many sellers and borrowers that I represent. All through the local news [...]
Short sales accounted for about 30% of my business last year, about equally split between Hawai’i resident homeowners and second-home/investment properties. My Big Island team and I are set up to represent sellers, even in complex situations with multiple partners, and we don’t hesitate to write offers for buyer clients on short sales if we [...]
Well, it’s been around two months since Governor Abercrombie signed Senate Bill 651 into our states new foreclosure law, Act 48. The intention was clear – Protect Hawaii owner-occupants from the runaround, delay, and seemingly abusive tactics of the mainland lenders. Lenders like Bank of America, GMAC, Chase, Aurora Loan Servicing, and dozens of others [...]
Will Act 48, the Hawaii Foreclosure Law, ruin the Hawaii real estate market? This is my 32nd year in Hawaii Real Estate and each year is very different. We certainly have a dynamic business. Waking up unemployed every day does have its benefits though, you learn to adjust very quickly, or you don’t eat. I like [...]
Well, it’s been 32 days since I published a blog post with my initial thoughts about Act 48, the 101 page bill (formerly Senate Bill 651) which was signed into law by Governor Neil Abercrombie on May 5th, 2011. How is this new legislation going to effect homeowners (the act’s intention is to help Hawaiian [...]
The Hawaii Legislature just passed Act 48, which was signed by Governor Abercrombie on May 8, 2011, thus becoming law. The intent was to try to give owner occupants of Hawaii properties an opportunity to sit down with the lender in a non-judicial foreclosure to attempt to negotiate the terms of the loan. It also [...]
Governor Neil Abercrombie signed Senate Bill 651 last week, and Act 48 takes effect immediately in the State of Hawaii as of May 5th, when the bill was signed. Of course, since each island is a county in the State of Hawaii, this effects all islands and applies to the foreclosure process on a statewide [...]
HAWAI'I LIFE