Don’t Hide If You Are In Foreclosure
July 28th, 2010 categories: Rants & Riffs
A recent article in Honolulu’s StarAdvertiser newspaper reminded me how important it is to face your problems. In the story they talk about how Hawaii’s foreclosure law favors lenders.
“The vast majority of residential foreclosures being conducted in Hawaii are proceeding under a state law that is more than a century old, provides no court oversight and is widely panned by consumer advocates for failing to adequately safeguard the rights of homeowners.
One expert who has analyzed foreclosure laws nationally says Hawaii’s 1874 law is among the weakest in the country, partly because it allows a home to be sold relatively quickly without safeguards common in other states.” CLICK HERE TO READ THE ENTIRE ARTICLE
Here a few simple rules if you can’t make your payments or if it looks like you are going to be foreclosed on your home.
1. Talk to the lender. Many people have told me that if you keep a line of communication open with the bank, they may have some latitude in giving you more time to work things out. If they won’t give you more time, then at least you will know their plan and how you will have to work within it.
2. Be realistic. If there is no way you can save your home, then accept that and try to use the foreclosure to your advantage.
3. Get legal advice. A foreclosure is no small thing and it is important that you to speak with a qualified attorney so that you know what rights you might have.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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