Our Hawaii foreclosure listings feature a wide array of available repo homes and bargain foreclosure homes, with frequent updates on all our Hawaii home foreclosures for sale.
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The population of the city of Honolulu averages around 900,000, making it the 57th largest city in the USA. The ...
Situated in the island groups of the Polynesian region, Hawaii is the only U.S state that consists entirely of islands. With a collective chain of 132 islands spread over 6,459 square miles, Hawaii has one of the longest coastlines in America. Its borders are surrounded by the Pacific Ocean, with about 36 square miles of the state being covered in water. The state's climate varies considerably depending on the altitude, and with different levels of elevation scattered around the islands, a mixture of temperatures and conditions can be experienced. The sea level range is the most humid and tropical, while the mid-range altitude provides the warmest climate, with heights of 10,000 feet and above being the chilliest. Seasons throughout the year are simply categorized by summer (May to September) and winter (October to April), although the average temperature established with both seasons only differs by about 10-15 degrees Fahrenheit. Even with winter being Hawaii’s wet season, days of clear sunshine remain consistent enough all year round.
Despite the region's densely populated number of islands, only eight of the 132 islands are deemed livable; these include Hawaii, Maui, Oahu, Niihau, Kauai, Molokai, Lanai and Kahoolawe. Hawaii is the largest of the eight islands and has the largest population of all eight islands. Its capital city is Honolulu, with a population of approximately 375,571. Tourism and the service sector are Hawaii’s specialties; both rake in huge revenue that account for nearly 90 percent of the island's overall economy. On the other hand, Hawaii’s agricultural production specializes in greenhouse plants, sugar cane, nuts, coffee and pineapples. Livestock includes beef, dairy and eggs, while flowers are also exported in large quantities internationally.
Honolulu's demographics indicate a majority of married couples currently living in households, as opposed to their single counterparts, with the average household income at roughly $45,112 annually. The common level of education among residents is a high school education with many also being college graduates who earn wages in mind-range managerial positions.
The current housing market in Honolulu is definitely appealing for those looking to buy Hawaii foreclosures, with the median sale price of homes standing at $422,500, while the general value of homes sits at $510,400. Recent trends indicate an increase in the rate of Hawaii home foreclosures being sold, with a percentile rate of 2.6 overall.
In the state of Hawaii, both judicial and non-judicial foreclosures are common.
A non-judicial foreclosure usually occurs when a mortgage or deed of trust contains a “power of sale” clause. This clause states that once the lender notifies the borrower (homeowner) that they have defaulted on a loan payment, the lender is able to schedule a foreclosure sale of the property without the blessing of a court.
A judicial foreclosure occurs when a mortgage does not include a power of sale clause, and begins when a lender files a complaint (known in this case as a Lis Pendens) against a defaulted homeowner. If the homeowner does not respond to the Lis Pendens within 20 days, the court can find the homeowner in default and schedule
a foreclosure sale of the homeowner’s property.
Under Hawaii foreclosure law, the homeowner has the right to file a notice of appeal, as long as it is filed within thirty days of the court's ruling. The homeowner also has the ability to halt foreclosure proceedings entirely by paying the default amount owed and any additional costs accrued before the date of the foreclosure sale.
In the case of either a judicial or non-judicial foreclosure, a notice of sale must provide the date, location and terms of the foreclosure auction. The notice is also required to mailed to the homeowner and posted on the property in question. Besides being sent to concerned parties, the notice must be published in a local newspaper, and scheduled to run weekly for three weeks before the sale is to occur.
On the day of the foreclosure auction, anyone may bid on the property in question, including the lender. After a winning bidder has been determined, that person is usually required to pay a ten percent deposit on their bid, which can be in the form of either cash or a cashier's check. Once the full amount has been paid, ownership of the property is transferred to the winning bidder.
If the foreclosure sale was court-ordered, then the court must first hold a hearing to confirm the sale before transferring ownership. At the hearing, the court compares the sale price with the property's actual market value. If the property is found to have been undersold, the court may order another sale in order to insure the sale price is high enough for the lender to regain their original loan investment. If the sale price is satisfactory, the court confirms the sale and the winning bidder receives full ownership of the property.
Hawaii foreclosure law provides the original homeowner with no right to redemption once a foreclosure sale is confirmed. While a judicial foreclosure can take up 11 months to be completed, a non-judicial foreclosure is generally settled in a period of about six months.
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