Hawaii foreclosures to go into mediation if Bill passes

A Bill before the Hawaii Legislature would force mediation for those at risk of losing their homes before foreclosure can take place.  The goal is to allow more people to remain in their homes under mortgage modifications and attempt to stem the tide of foreclosures here in Hawaii.  The bill is based on a law in Nevada which is roughly the same.  The Nevada law has likely allowed more homeowners to keep their homes and slow down the process of foreclosures and obtain more loan modification.

The Bill would also allow owner-occupants to elect to change their mortgages from non-judicial to judicial allowing the courts to be involved in the foreclosure process.  It is an attempt to help families facing financial difficulty to be able to have every option to protect their rights.

To learn more about real estate in Hawaii contact our principal broker Malia L. Meenderman, R, Bonnebaker LLC.