ALOHA HAWAII! House Approves A Five Month Moratorium On Foreclosures

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ALOHA HAWAII! House Approves A Five Month Moratorium On Foreclosures

ALOHA HAWAII! House Approves A Five Month Moratorium On Foreclosures

The Hawaii House of Representatives passes bill HB894 HD1 that would prohibit non-judicial home foreclosures for five months.

“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.”

This bill allows you time to work it out with your lender or whomever is authorized to approve any settlement.

http://capitol.hawaii.gov/session2011/lists/measure_indiv.aspx?billtype=HB&billnumber=894

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8 Responses to “ALOHA HAWAII! House Approves A Five Month Moratorium On Foreclosures”

  1. Virginia says:

    I would personally like to thank our entire Hawaii legislature for their courage and dedication to their constituency. They’ve listened, researched and reasoned that there are significant issues associated with securitization of mortgages. And a special thanks to the dedicated core foreclosure defense attorneys and paralegals that have helped enlighten our politicians, press and public. Without your support and assistance there would be no light at the end of the tunnel – or along the darken path. May God bless all of us and continue to provide his guidance and strength. Mahalo nui loa.

  2. mike says:

    Many Mahalos for our Brave representatives !!

  3. beck says:

    I agree with Virginia & I’m so proud of our legislators who were & are so brave…I hope they have time to do a deep investigation.. Hopefully our justice system will learn a lot to & not be blinded by the big banks & their ponzi scheme.. This is a national disaster & fraud on the American people & homeowners.. just type in foreclosure fraud & you could be there for weeks on the net with your jaw dropping….thanks to all & thanks Hawaii for being one of the states in the forefront of truth & honesty….

  4. Charles says:

    I write this letter with some concern, I am happy that their is a moratorium because their are a lot of questions about questionable morgages that are yet to be answered thoroughly, yet the unintended consequences of such a move, would be that mortgage makers can choose to put such strict limitations in doing business here, it may make all future funding here difficult and tenuous at best. Mortgage funds have not been under the control of the local banks in a long time.

  5. cher says:

    MUCH MUCH MAHALO TO ALL OF YOU!!! INDIVIDUALLY WE ARE AMAZING, BUT TOGETHER WE ARE UNSTOPPABLE!!

    There is talk of “mediation” with the banks. I am confused. If fraud is involved in the securitization of these mortgages, (MERS is all but dead in the water) and all evidence points us in that direction, why would we negotiate fraudulant loans if they were never loans to begin with?

    RE: According to WAMU FRAUD.COM

    Asset-Backed Security Trusts purchased Notes are not Loans entitled to Trust Deeds……………Securitization is one type of structured finance, and in the case of WaMu as a “Nomimal Lender” applies to the inclusion of most “Notes” into Asset-backed Securities. No loans were funded by the “Nominal Lender”, in this case WAMU. It can be alleged in court that the “Nominal Lender” was paid in full, plus received a commission.

    The Deed of Trust or Mortgage cannot secure an Investment Security. Thus the Homeowner was tricked into thinking he was a Borrower in a Loan, when he was instead a Seller of a Note to an Investment Trust. 

    The Investment Trust had no right to a Deed of Trust or Mortgage to a purchased Note that was not a Loan. The “nominal Lender” should not be able to foreclose on an asset in an Investment Security with an invalid Deed of Trust or Mortgage, fraudulently procured under the guise of a “Loan”, when it was not a Loan, but rather the “Purchase of a Note” into an Asset-Backed Investment Security, with the “nominal Lender” paid in full, plus a commission for something it did not fund.

    Where the banks have aleady made millions of dollars in this phenomenal scam against the good people of this nation, negotiating with criminals does not make sense to me. And this is just the tip of the iceberg. Try adding to the mix, the planned economic collapse of this great nation by the big corporate banks. Get the people sucked into loans ………… collapse the economy……so the people have no way to pay for the fraudulant loans the banks made in the first place……..then go after their homes……A HUGE PLANNED LAND GRAB!!!

    The saddest part of all of this is this…..Big banks are fictional corporate entities with no real power if not for the people driving the machine re: attorneys, notaries, bank employees, real estate agents, everyone involved in this nonsense…..the worst ones are the attorneys who are foreclosing agents for the banks……..ALL FOR AN ALMIGHTY DOLLAR.

    Who are we really fighting here? A corporate machine or ourselves. Wake up people. Stop participating in this crime against your fellow man. Maybe we need to hold signs outside of the offices of attorneys who support this crime against their fellow man. Hold them accountable!!! Name them in your counterclaims!!! The Corporate Beasts have no power without the people. CAN WE ALL SAY “GREED”. How very sad that this has become a war between WE THE PEOPLE and THEY THE PEOPLE!

    I DO NOT UNDERSTAND WHY ANY OF US WOULD NEGOTIATE WITH THIS KIND OF CRIMINALITY. PUSH EM BACK, PUSH EM BACK, WAY BACK, WAY BACK. Highschool football cheer! Remember?

  6. beck says:

    Wow Cher, looks like you did your home work…..The bad thing too about all of this is now the clouded titles that will follow all the fraud… It just needs to come to an end so the market can recover… I wouldn’t touch a foreclossed home … Or, buy a new home unless the MERS system will not be anywhere on my papers…..the banks are not hurting & don’t need to cry a river to our government for another bail out……..They more than doubled their money….The investors & homeowners & american tax payers are the ones that got hoodwinked…
    just another quick note: My heart goes out to the people of Egypt who stood strong with courage.. Courage is not just a word that sits in a book but , it’s a word of profound action & strength..

  7. Moana says:

    Aloha: Thank you House Rep. Bob Herkes for standing up for the people of Hawaii who are facing losing the roof over their heads. I commend you and want to say I support you for supporting those of us who are trying to have our voices heard as we struggle to stay in our homes and you are our voice. Mahalo Nui Loa and plese keep up the good work. We will be watching this closely and will keep you in our prayers.

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