Hawaii Foreclosure Law
Hawaii foreclosure law is divided into two categories: judicial and nonjudicial. According to Lloyd Segal, a foreclosure law expert and author of "Stop Foreclosure Now," the two differ in that judicial foreclosures are supervised by the county court and nonjudicial foreclosures are overseen by lenders.
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Notification
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In a judicial foreclosure, the court will send the borrower a notice of complaint filed by the lender. In a nonjudicial case, the lender is in charge of notifying the borrower of the intent to foreclose.
Notice of Sale
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According to Hawaii foreclosure law, in both judicial and nonjudicial foreclosures, a notice of sale will be issued. The notice should contain the date, time and place of the foreclosure sale.
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Reinstatement Period
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The borrower may stop a nonjudicial foreclosure process up until three days before the scheduled sale by bringing the mortgage payments current and paying any required foreclosure costs and attorney fees.
Sale
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Judicial and nonjudicial foreclosure houses are sold at scheduled public sales. An appointed commissioner oversees a judicial sale. A nonjudicial foreclosure sale is conducted by a representative of the lender.
Deficiency
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Hawaii foreclosure law allows the lender to sue the borrower after the sale to obtain a deficiency judgment. The "Barron's Real Estate Handbook" defines deficiency as the difference between the amount the lender gets from a foreclosure sale and the amount owed by the borrower.
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References
- Photo Credit powerful red courthouse image by Barcabloo from Fotolia.com
