According to a report released by the State of Hawaii Judiciary, there were a total of 378 new foreclosure cases filed in Circuit Court in June 2012. This was a increase from the 209 cases filed in June of the year prior. Real estate experts believe that this increase is a direct result of Hawaii’s new foreclosure law, Act 48. Act 48 had halted all pending out-of-court or nonjudicial foreclosure cases and had lenders follow new rules in terms of the nonjudicial process. Many lenders decided to start their foreclosure proceedings in court as they felt that the new nonjudicial process would expose them to unfair risks.
Source: Honolulu Star Advertiser, 7-25-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
