Hawaii Foreclosure on the Rise!
Hawaii foreclosures are up 248% as noted in a recent article in the Honolulu Star Bulletin. Unfortunately, with the Act 137 law passed a few months ago, Hawaii realtors are prohibited from assisting homeowners in distress. That eliminates a large population of professionals who could advise distressed property owners of options available to help them. It’s frustrating when you want to help people, but legally cannot. My clients are having to find information on the mainland. The Catch 22 is that the only professionals exempt from this Law are attorneys, and it’s very difficult to even get a return call from most local attorneys, even if you have the resources to pay for their services.
On an incidental note, at a recent Kauai Board of Realtors meeting, a representative from Title Guaranty was giving a presentation on Short Sales, and she said that the inquiries lenders make to title companies prior to foreclosure had gone from about 100 per month, to 100 per day in the past weeks. Unfortunately, we have yet to see the full set of foreclosure waves hit the shores of Hawaii.
Fannie Mae to stop evictions in Foreclosures
Fannie Mae is changing the way they handle foreclosures to allow tenants to stay in the property even if the owner goes into foreclosure. This is a tremendous move to eliminate some very tragic, and unfortunate situations that have happened across the country where innocent tenants have been made suddenly homeless due to their landlord’s foreclosure. Complete Reuter’s article.
Obama HUD Pick Key to Recovery Plan
The news of Obama’s pick for the key HUD executive, and his approach towards the economic recovery plan add a sliver of hope towards a difference on “Main Street” vs. “Wallstreet.” Complete article here.
Foreclosures Become Affordable Housing on Maui
On Maui, a private foundation is putting some creative and amazing solutions together. Na Hale O Maui Project is a private foundation that is buying foreclosed properties, and turning them into affordable housing. A recent article in The Maui News, highlights the foundations’ plans, including what areas of the island are their primary focus.