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

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