Hawaiian Legislature Seek "Time-Out" 5 Month Moratorium On Foreclosures

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Hawaiian Legislature Seek “Time-Out” 5 Month Moratorium On Foreclosures

Hawaiian Legislature Seek “Time-Out” 5 Month Moratorium On Foreclosures

A bill (HB894 HD1) introduced by Representative Mele Carroll was sent to the House of Reps seeking to impose a five month moratorium on non-judicial foreclosure.

According to Big Island Video News:

“This bill is needed to stop mortgagees who want to rush into foreclosing on homes in Hawaii before appropriate legislation is enacted to deal with the mortgage foreclosure problem,” said Rep. Bob Herkes, chairman of the Committee on Consumer Protection & Commerce. “We don’t want to shut down the mortgage market, but I think we need a timeout.”

Hawaii has one of the worst foreclosure rates in the country. In January, mortgage fraud was cited as the reason why the state’s foreclosure rate is the 11th highest in the nation.

Follow this bill at  http://capitol.hawaii.gov

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3 Responses to “Hawaiian Legislature Seek “Time-Out” 5 Month Moratorium On Foreclosures”

  1. saveyourhome says:

    This is a great move but lets get to the heart of the matter, the 5 months will go and everything will remain the same as always.The heart of the matter the so call debt is paid in full once the note is endorse by the borrower the bank loans you nothing.the third party lender credits the money to the account created by the bank in your name for the full amount debt paid!State law banks cannot loan their money nor there depositors money but a credit is created through a third party.

  2. win808 says:

    The non-judicials should’ve stopped long ago, once the State Courts realized the potential liability for its role in a non-sanctioned
    foreclosure process held on its grounds. This goes for any property owner whether knowingly or not who allows these sales to take place on their grounds that these sales carries a liability!
    The foreclosure auction sales posted in the newspaper of general circulation that indicated the court grounds as the location for the sale and the sale taken place at another location does not meet the requirement of accurate notification and is therefore null and void!
    All non-judicial sales should be checked to see if this happened.
    Anyone who went through a non-judicial foreclosure should seek to overturn the sale as fraud, especially if MERS was involved REMIC and SEC laws was more then likely violated! Now sue the State of Hawaii or the property owner for allowing it to injure you.
    The original Promissory Note should be a requirement before any foreclosure case can be asserted. No copy of the original or blank endorsement instruments allowed!
    All Judges who rule against a homeowner who used established case law, re-affirmed on Appeal should be disbarred and their retirement denied!!

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