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Hawaii Foreclosure News - More Homeowners Would Have Access To Judge, 1/28/2011

Hawaii Foreclosure News - More Homeowners Would Have Access To Judge, 1/28/2011

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Published by: ForeclosureGate.org Library on Mar 18, 2011
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Experts Agree On Hawaii Foreclosure Reforms
More Homeowners Would Have Access To Judge 
Daryl Huff KITV 4 News Reporter
POSTED: 10:20 am HST January 28, 2011UPDATED: 1:57 pm HST January 28, 2011
The state consumer protector saidFriday that he was surprised by the consensus betweenlenders and consumer advocates about several reforms toHawaii's foreclosure law that he said will help a lot of people.Consumer Protector Stephen Levins said the recommendations include banning deficiency judgments for people whose homes are lost to nonjudicial foreclosure, which is the most often-used process in Hawaii.Nonjudicial foreclosure bypasses the courts in a foreclosure, and is the source of most complaintsby consumers, who feel they were not given adequate opportunity to save their homes. Many homeowners who have lost their homes in a nonjudicial foreclosure still must pay the unpaidbalance of their mortgage after the foreclosure.Levins said the proposed reform would not only ban deficiency judgments, but it would allow homeowners to choose to go through judicial foreclosure, which is overseen by a circuit courtjudge.Levins said the major benefit of judicial oversight is that homeowners would be protected fromunethical, illegal or improper procedures by lenders, which he said have become a serious problemwith the volume of foreclosures in a Hawaii, many serviced by Mainland lenders."Because you can go to court and you can say, 'Judge, I’ve done everything I’ve had to do. Why isthis happening?'," Levins said.While that may help protect the homeowners' rights, Levins said, under judicial foreclosure, thehomeowner could still face a deficiency judgment.Levins said another reform agreed to by lenders and consumer advocates on the task force wasimproved notification procedures for homeowners."We gotta add some humanity to the equation," said Sen. Brickwood Galuteria.Attorney Marvin Dang represented Hawaii mortgage lenders on the task force. He called the
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Page 1 of 2Experts Agree On Hawaii Foreclosure Reforms - Print This Story News Story - KITV Ho...3/17/2011http://www.kitv.com/print/26653497/detail.html

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