Mortgage foreclosure law revisions advised
Foreclosures in Hawaii have plummeted 53 percent since the Legislature passed sweeping mortgage legislation last year, officials said Thursday.
Hawaii had the nation’s 11th highest foreclosure rate in 2010, prompting lawmakers to establish a Mortgage Foreclosure Task Force to look into all aspects of judicial and nonjudicial foreclosures in the state.
The task force’s 2011 findings helped shape legislation that provides extensive protections to residents in danger of losing their homes due to unfair or deceptive practices.
According to a recent RealtyTrac report cited by task force member Jeff Gilbreath, the law has already made an impact.
“(The report) showed a 53 percent decrease in foreclosures in the state of Hawaii that I think we can attribute to Act 48,” he said, speaking Thursday at an informational briefing before the House and Senate consumer protection committees.
The task force’s mandate for 2012 was to conduct further analysis of foreclosure rules and regulations and recommend refinements to make the law clear and equitable to all stakeholders in the foreclosure process.
Panel Chairman Everett Kaneshige, deputy director of the state Department of Commerce and Consumer Affairs, said task force members broke into workgroups to go through Act 48 “line by line,” focusing on issues relevant to specific groups and addressing foreclosure issues unique to condominium and homeowner associations.
I wonder who those “specific groups” are?
Copy of Act 48 below…