01-29-2011, 08:34 AM
I am 100% supportive of foreclosure reform in Hawai'i. Hawai'i is a bad state to face either foreclosure or bankruptcy. It's really failed to follow the lead of other states that have responded to the national crisis.
This article confuses me, because any site you use to look up deficiency judgments with non judicial foreclosure in Hawai'i will say that it's already not allowed.
Here is a legal article on the topic that's Hawai'i statute specific.
http://www.attorneyinhawaii.com/Nonjudic...sures.html
It clearly says there cannot be a deficiency judgment. For one thing, a judgment is the product of a court case, so without a court case, how can there be a judgment? Second, it says that the non judicial foreclosure documents will specify that the debt is fully satisfied with the foreclosure alone.
It's a good article, and not long or full of legalese, recommend reading it.
I am aware that homeowners who pursue short sale alternatives do typically retain liability for the unpaid balance of the note, as well possible tax liability for forgiven debt.
Maybe Bob Orts will offer his legal expertise on this one?
This article confuses me, because any site you use to look up deficiency judgments with non judicial foreclosure in Hawai'i will say that it's already not allowed.
Here is a legal article on the topic that's Hawai'i statute specific.
http://www.attorneyinhawaii.com/Nonjudic...sures.html
It clearly says there cannot be a deficiency judgment. For one thing, a judgment is the product of a court case, so without a court case, how can there be a judgment? Second, it says that the non judicial foreclosure documents will specify that the debt is fully satisfied with the foreclosure alone.
It's a good article, and not long or full of legalese, recommend reading it.
I am aware that homeowners who pursue short sale alternatives do typically retain liability for the unpaid balance of the note, as well possible tax liability for forgiven debt.
Maybe Bob Orts will offer his legal expertise on this one?