New Laws Bring Down Foreclosures by 53% in Hawaii State
Photo by Smlp.co.uk
Foreclosure numbers in Hawaii have tumbled by 53% since the time the Legislature initiated sweeping changes in mortgage laws in 2011.
Hawaii ranked 11th as regards foreclosure rate and this prompted legislators to set up Mortgage Foreclosure Task Force to review all the facets pertaining to both judicial as well as non-judicial foreclosure processing in Hawaii State.
In 2011 the task force helped in the drafting of the laws that gives wide protection to the troubled house owners threatened with foreclosures because of dubitable operations that were unfair.
Jeff Gilbreath, one of the members of the task force said that already an impact is visible – thanks to the passage of the law. Gilbreath speaking before House as well as Senate committees committed to consumer protection recently referring to the report said that it “showed a 53% decrease in foreclosures in the state of Hawaii that I think we can attribute to Act 48”.
In 2012 the task force is scheduled to see to further analysis of rules and regulations pertaining to foreclosure so as to suggest betterment. The aim is to make the law understandable and equally applicable to all the stakeholders involved in the process of foreclosure.
Everett Kaneshige the chairperson of the panel and the deputy director of the Department of Commerce and Consumer Affairs said that the members of the task force had divided into groups for working purposes to comb through the new Act “line by line” focusing on the issues related to particular groups and finding solutions to issues relating to foreclosures that are specific to condo and the homeowner associations.
The legislators will mull over the recommendations of the task force when they take up legislation this session relating to foreclosure. The concerns continue about increasing the protective umbrella to shield the house owners from the bite of foreclosures.
Senator Rosalyn Baker said related legislation would be introduced in the next session. She wanted to know what else could be undertaken to put brakes on highly focused fraudulent advertising that target those house owners who are desperately trying not to lose their houses.
They are so anguished that they fall for these advertisements and court risk. She is keen on introducing more measures to stop these dishonest practices and “really shine a light on these folks”.
Find more Hawaii Foreclosures
