On June 29, 2012, the state of Hawaii enacted Act 182, which brought about drastic changes to Hawaii’s foreclosure laws including requiring an attorney to verify the accuracy of all documents submitted by lenders in a case. In the months immediately following June, new foreclosure lawsuits plummeted to an average of 60 to 70 per month, and then increased to 196 in October.
According to the state of Hawaii Judiciary, the total number of foreclosures in Hawaii increased to 313 in November 2012. This was still a decrease from November 2011 where there were 395 new cases, but experts believe that as lawyers and mortgage lenders adjust to the new state foreclosure requirements that this number will continue to rise. It is unclear if Act 182 will really help homeowners stay in their properties in the long haul.
Source: Honolulu Star Advertiser, 12-22-2012, 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
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
