01-29-2011, 01:30 PM
Correct, there is no deficiency judgment under Hawaii law in a non-judicial foreclosure. That doesn’t mean you can't get legal looking papers for it, if you get my drift.
Foreclosure proceeding and tax consequences are different matters but often are confused as the same or part of the other. Many politicians also confuse them and are really talking tax consequences as if it’s the foreclosure. Even when they know the law, it makes for good citizen protection PR that may amount to nothing in the foreclosure process.
Any person facing non-judicial foreclosure can (according the requirements of HRS 667) move for a judicial foreclosure, but that could trigger a deficiency judgment,
Foreclosure proceeding and tax consequences are different matters but often are confused as the same or part of the other. Many politicians also confuse them and are really talking tax consequences as if it’s the foreclosure. Even when they know the law, it makes for good citizen protection PR that may amount to nothing in the foreclosure process.
Any person facing non-judicial foreclosure can (according the requirements of HRS 667) move for a judicial foreclosure, but that could trigger a deficiency judgment,