Things to Know Regarding Hawaii Foreclosures
It is essential that you must discover the consequences that you can expect from those Hawaii foreclosures. Understand that they are actually predominantly judicial. But, you must know that this is not often the case. 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. In order to circumvent such program, many Hawaii lenders do prefer 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.
Such are what you should know. With the Hawaii law, if the nonjudicial foreclosure is uncontested, the lender may actually foreclose the property in two to three months. With only a few legal actions, the process takes much longer. This is how important information is. Through having the right knowledge, you may stop foreclosure. These are the things that you must know to understand how the Hawaii foreclosure laws actually work.
Hawaii actually recognizes the two kinds of foreclosure and they are the judicial foreclosure and the nonjudicial foreclosure. There are different laws which govern these two. 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. The homeowner then receives such 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. Following that winning case, the property sale isn’t still legal until such notice of sale has been published in the newspaper for 3 weeks.
The nonjudicial foreclosures don’t follow that court process. What the lender simply has to do is to satisfy those requirements being outlined in the Hawaii Revised Statutes Section 667. There would be a notice of the lender’s intent to have the property foreclosed and this must be published once weekly for three weeks. The property sale can only happen at least fourteen days following the last notice is published. The notice of sale should also be posted on the property for at least 21 days prior to the sale.
The nonjudicial foreclosure in Hawaii is just possible where the mortgage has that power of sale clause. When this isn’t the case, then the lender can just go for the judicial foreclosure.