Hawaii Foreclosure: Homeowners in Default Getting to Meet Directly with Lenders — An Option Very Few Facing Foreclosure Get

Hawaiian homeowners facing foreclosure may get the opportunity that few other people around the country have – a sit-down meeting with their lenders. There is going to be a new Hawaii foreclosure dispute resolution procedure that attempts to minimize the number of foreclosures in the “Aloha State.”

Foreclosures in Hawaii: Why Homeowners in the State Get to Meet with Lenders While Others Across the Country Don’t

In other parts of the country, homeowners spend hours chasing down lenders via telephone and email, trying to plead their cases. Very often, they will speak to someone new every time due to a lack of organization in foreclosure departments.

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Hawaii is in the middle of a huge foreclosure law overhaul meant to make it easier for homeowners to save their homes. You will even get the choice to take your case in front of a judge, which increases your chances of getting a loan modification.

Hawaii Foreclosure Law: Negotiation Process That Helps Homeowners Stop Foreclosure to be Made “Official”

Every homeowner in crisis deserves the chance to contest a foreclosure by negotiating a new payment plan, and Hawaii is going to make it official. During the Hawaii foreclosure negotiation process, you will be able to stay in your home.

The new foreclosure laws require borrowers in default to meet with credit counselors to see what they can do to repair their credit and save money for their mortgage payments. This process is expected to take around three months.

Opponents of Newly Proposed Hawaii Foreclosure Law Say It Will Make Buying a Home More Difficult

Not everyone, however, loves the new legislation. Opponents claim the longer foreclosure process will actually raise down payments and increase new borrower qualifications. The reason is that lenders will have to wait for their money from borrowers in default.