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.
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