How to Avoid Foreclosure in Hawaii

2020-05-01T18:55:56+00:00By |Comment(s):Comments Off on How to Avoid Foreclosure in Hawaii

Homeowners can encounter many complications that make it difficult, if not impossible, to make their mortgage payments. Many of these complications are unavoidable and can happen to almost anyone. Some of these obstacles are: 

  • Job loss 
  • Reduced Income
  • Mortgage rate increase 
  • Medical expenses 
  • Unexpected second loans 
  • Serious credit card debt 

Regardless of the financial reasons, many Hawaiians find themselves at risk of losing their homes.  

Facing foreclosure is one of the most stressful problems you can encounter. Countless question may be running through your mind. You can lie awake

Alternatives to Foreclosure in Hawaii

2020-05-01T19:07:12+00:00By |Comment(s):Comments Off on Alternatives to Foreclosure in Hawaii

Coming to terms with the threat of a foreclosure on your home is not easy, but don’t lose hope. There are other options available to you that you should be aware of. With one of the following alternatives, you may be able to save your home from foreclosure.

Contact Your Lender First

Mortgage payments can be very difficult to balance. Fortunately, the HUD and US Treasury Department have several programs in place to help avoid foreclosures. If you’re facing the threat of a foreclosure, try to work it out with your lender first. The FHA’s (Federal Housing Administration) National Servicing Center, Hope Now, and the HUD (Department of Housing and Urban Development) Office of Housing Counseling are organizations that can assist you in getting in contact with your lender and possibly

Does a Foreclosure Affect Credit in Hawaii?

2020-05-01T19:27:48+00:00By |Comment(s):Comments Off on Does a Foreclosure Affect Credit in Hawaii?

How does foreclosure affect credit in Hawaii? Hawaii is a beautiful place to live but foreclosure in Hawaii is just as common in other parts of the country.  The landscape is gorgeous and the climate is perfect for many people to move to the island.  However, a little known part of the state is how many people are losing their homes to foreclosure due to lack of jobs and a very tight credit system.

What is Foreclosure?

A foreclosure occurs when you cannot keep up with your monthly mortgage payments.  The further you fall behind, the more likely it is that your lender will start the process of foreclosing on your home.  If you are having financial problems, the worst thing you can do is ignore the situation and hope it gets

Keeping Your Property through Bankruptcy

2020-05-01T19:51:04+00:00By |Comment(s):Comments Off on Keeping Your Property through Bankruptcy

When filing for bankruptcy, there are a lot of questions you may have. One of the biggest questions that people have is in regards to their property. You do not want to give up things like your home or your car if you can avoid it. However, there are some circumstances in which this is completely unavoidable. Take your time when going through bankruptcy proceedings to make sure you are choosing the right bankruptcy for you and that you are keeping the property that is important to you. Here, you will discover what you can and cannot keep when filing for Chapter 7 or Chapter 13 under Hawaii bankruptcy laws.

Chapter 7 Bankruptcy Property Laws

Chapter 7 is not the best bankruptcy for anyone looking to keep their property, because it is

June Numbers Promising for U.S. Home Foreclosures

2020-05-01T19:53:26+00:00By |Comment(s):Comments Off on June Numbers Promising for U.S. Home Foreclosures

There is even more good news for the nation seeking to wake up from its recession nap. The housing industry has seen a sharp decrease in the number of homes being foreclosed on in the month of June. The current rate of initiated foreclosures is down by almost 300,000 from the year previous. It is expected that the 2013 number of foreclosures will reach 800,000, while the number for last year came in at 1.1 million last year. This includes the 57,286 homes that were foreclosed on in the month of June. According to RealtyTrac Inc., this is the lowest rate in the last 7.5 years.

Home Prices Increasing

Further signs of a strengthening economy are present with the fact that the home prices are also on the rise again. The prices

Short Sales and Recent Changes to Bankruptcy Law

2020-05-01T19:54:45+00:00By |Comment(s):Comments Off on Short Sales and Recent Changes to Bankruptcy Law

A short sale is when someone sells a house for less than it is worth and less than the debt against the property in an effort to get out from under the mortgage. Short sales are one way to avoid a foreclosure, which looks worse on one’s credit report than the foreclosure. Furthermore, a short sale avoids the legal costs tacked onto the debt that come with foreclosure, reducing the debt someone will owe after the house is sold.

States like California are changing their laws in an effort avoid bank foreclosure problems such as the cases where someone bought a house in a short sale only to have the bank foreclose or auction the property a few months later. California is doing this by prohibiting the dual tracking of house

Bank of America Lied to Homeowners When Denying Loan Modifications, Says Class Action Lawsuit

2013-06-20T06:49:49+00:00By |Comment(s):Comments Off on Bank of America Lied to Homeowners When Denying Loan Modifications, Says Class Action Lawsuit

In a class action lawsuit filed in federal court in Boston last week, former employees stated that they were regularly rewarded for denials and referrals to the foreclosure department, including with cash bonuses and gift cards.  The same former employees claimed that they were encouraged to perform en masse denials and to give bogus reasons for denying or stalling HAMP loan modification applications.

According to this article in the Star-Advertiser, this is not the first time Bank of America and other mortgage servicers have been accused of such behavior.  Numerous lawsuits have already reached settlements to avoid further inquiry into such practices.

You may be one of the homeowners currently struggling with a loan modification, feeling as if you keep submitting the same materials over and over to no avail.  We specialize

How Has Hawaii Foreclosure Law Changed?

2020-05-01T19:44:14+00:00By |Comment(s):Comments Off on How Has Hawaii Foreclosure Law Changed?

Hawaii’s Act 48 and Act 182 were passed to overhaul foreclosure laws in the state, which competes with Florida, New York and New Jersey for having the longest foreclosure time. Act 48 was passed to improve Hawaii’s consumer protections, whereas the prior law allowed lenders to auction off a home with little oversight and often completing the foreclosure and auction sale within a month. What are the short term and long term effects of these laws?

Short Term Effects

The short term affect of the law, enacted in May 2011, was to put existing foreclosures in a holding pattern as lenders attempted to determine how the law affected their proceedings. Many lenders are having trouble getting into court in the first place because of the rush of filings entered before Act

Foreclosure Sales are Down; Foreclosure Sale Prices are Up

2013-02-27T20:14:37+00:00By |Comment(s):Comments Off on Foreclosure Sales are Down; Foreclosure Sale Prices are Up

In what may be another sign that the housing market in Hawaii is rebounding, RealtyTrac’s analysis of statistics from the fourth quarter of 2012 shows foreclosure sales in Hawaii were down 11% compared to the year prior.  Meanwhile, the average foreclosure sales price in Hawaii climbed 24% in comparison with 2011’s fourth quarter.  Even with the drop in number of foreclosures there were still 369 foreclosure sales in Hawaii in the last 3 months of 2012.

If you are wondering how you’ll make the next mortgage payment, if you’re behind on your payments, or if you’re already facing foreclosure, then please give us a call.  We’ll sit down with you for a free consultation to discuss your options.

State Pension Fund $8.4 Billion Short

2013-02-15T01:32:13+00:00By |Comment(s):Comments Off on State Pension Fund $8.4 Billion Short

If you’re like us, you hope to retire some day and you worry about how to make that happen.  Today, the Honolulu Star Advertiser’s leading article reports that the state’s largest public pension fund, Employees’ Retirement System (ERS), “is in its worst shape since at least 1980 with an $8.4 billion shortfall.”  However, the state does expect to have the program properly funded 30 years from now if the following conditions: current and new employees must contribute more, the portfolio must average an annual return of at least 7.75%, and people must not live longer than 83 years of age.  These seem like some pretty unlikely conditions to us.

This unwelcome news reminds us of a frequent story we hear from our clients about how they have exhausted all their

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