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Act 48 Hawaii and Short Sales - its time to get off the fence!

By
Real Estate Agent with Kona Home Team (luva llc) RS 62947

All-though Act 48 had its good intentions, like many other government programs, it was ill planned and executed even worse! 

What it did do though:  - was create - The - Absolute - Best time in history -  to Short Sale your home! 

That's right, with the backlog and nightmares it created - the banks are actually PAYING delinquent home owners to Short Sale their home, EVEN if it is a second home, investment property, or whatever - I am actually getting "moving assistance" money and deficiencies waived for 'investors" and let alone "owner occupied" homes. 

Bad news is - the legislators are back at the drawing board trying to revamp Act 48, maybe in some dumb luck, like before, it might actually get better, but how much better can - "No Deficiencies", and "Moving Assistance Money" GET?

Dont forget - Tax laws are due to change at the end of this year also! 

If your still on the fence - its time to get off! 

Bottom line, I want your listing, I have the experience, give me a call and we can talk 808-936-8383


More info on Act 48 below - feel free to call me on that also - FYI, I did get the loan mod on my personal home so I know both sides of the fence 

 

Here are some great links:

Hawaii State Judicuary - ton of information for homeowners in trouble 

Act 48 - in full, beware its 102 pages

Fannie Mae skirts new Hawaii Law - Fannie/Freddie find loophole on new law

Here are a few bullet points from the new Act:

• Non-Judicial Foreclosures will no longer be able to seek a “Deficiency” judgment

• Imposes a moratorium on Chapter 667, Pan I Non-judicial Foreclosures until July 1, 2012.

• Fixes Chapter 667, Part II Non-Judicial Foreclosures to eliminate the requirement that the mortgagor signs the deed after foreclosure.

• Creates a mortgage foreclosure dispute resolution program which must be offered to Owner-Occupants of the property being foreclosed.

• Owner-occupant is a person for whom the property is their primary residence for a continuous period of not less than 200 days preceding the service of the foreclosure notice.

• Dispute resolution program will be up and running by October 1, 2011 and is administered by the Department of Commerce and Consumer Affairs; the program will end on September 30, 2014,

Provides an option for an Owner-Occupant to convert a non-judicial foreclosure to a judicial foreclosure.

As it applies to a condominium:

• The dispute resolution program and the option to a judicial conversion does not apply to non-judicial foreclosures of an Association of Apartment Owners lien.

• If an AOAO is foreclosing its lien and the owner serves notice that he/she intends to cure the default, the AOAO must allow 60 days to cure and 'shall not reject a reasonable payment plan.'

• Former Act 391Act 10 amounts have been increased, so an AOAO may be entitled to recover up to 12 months of delinquent regular common assessments or $7,200., whichever is less


Easter Weekend below - hope yours was well also.

 

 Easter Weekend

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Aloha, and have a great day 

Lance Owens (RS)

(808) 936-8383

Lance@KonaHomeTeam.com

www.KonaHomeTeam.com

LUVA Real Estate 

75-240 Nani Kailua Dr #8 , Kailua Kona, HI. 96740 (Pines Plaza

Comments (1)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lance, good information for those homeowners that are under water - call Lance for a short sale listing!

Apr 20, 2012 11:29 PM