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Important Things to Know on Hawaii Foreclosures

It is essential that you are able to know the consequences that you can actually expect from such Hawaii foreclosures. Understand that they are actually predominantly judicial. Such wasn’t the case at all times. In 2011, Hawaii passed such Mortgage Foreclosure Dispute Resolution Program which just applies to the nonjudicial foreclosures. With such regulation, the lender in search for nonjudicial foreclosure must give foreclosure mediation to a homeowner. To circumvent this program, various Hawaii lenders are going for judicial foreclosure. Due to this, understanding such Hawaii property laws can help you out to do the serious damage control as such foreclosure looms. These are the tips on how you can avoid the foreclosure.

These are what you must know. In the Hawaii law, if such nonjudicial foreclosure is not contested, the lender can foreclose on such property in as short as 2 to 3 months. But, with just a few legal actions, the process would take a lot longer. This is certainly the power of information. You will be able to stop the foreclosure through getting the right knowledge. These are the things that you must know to understand how the Hawaii foreclosure laws actually work.

You should understand that the Hawaii law actually recognizes a couple types of foreclosure and they are nonjudicial foreclosure and the judicial foreclosure. These two are actually governed by various laws. In the judicial foreclosures, such Dodd-Frank Act of 2010 actually prevents the lenders have initiating the foreclosure unless the homeowner is delinquent for 120 days. Following the 120 days, the lender would then file a lawsuit which is known as complaint under the Hawaii law. A homeowner would then get a copy of the same plus summons.

With such, the homeowner has 20 days to be able to respond to the lawsuit and when one fails, then the court is going to rule in the lender’s favor. With this, even after the lender is able to win the case, the property sale is not legal until the notice of sale is actually published in the newspaper for three weeks.

Well, you should know that the nonjudicial foreclosures don’t really follow the court process. The lender will just have to satisfy the requirements being outlined in the Hawaii Revised Statutes Section 667. There is such notice of the lender’s intent to have the property foreclosed which should be published once each week for three weeks. The property sale only takes place at least 14 days after such notice has been published. Also, a notice of sale should be posted on the property for at least twenty-one days prior to the sale.

That nonjudicial foreclosure in Hawaii becomes possible only where the mortgage has such power of sale clause. If not, then the judicial foreclosure would be the only option of the lender.

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