New Act #137 limits a Realtor from assisting in distressed property sales.
Act 137–The Mortgage Fraud Prevention Act is “to protect Hawaii consumers from persons who prey on homeowners who face property foreclosures, liens or ecumbrances”. As the consumer you may need to seek legal adise on any distressed property sale. What is a defines a distressed property?
1.Property that is in foreclosure or risk of foreclosure-more than 60 days delinquent
2. Property that had a lien or encumbrance charged against it for non-payment of taxes, lease assessments, association fees, or maintenance fees
3. Property at risk of #2 and the fees are more than 90 days delinquent
4.Secures a loan for which a notice of default has been given
5. Secures a loan fro that has been accelerated.
A short sale that has fallen behind in payments by 60 days does apply to this rule. This new law is to protect you the consumer! More tomorrow on how to legally get assistance with your distressed property sale……Title companies, distressed property consultant contracts, etc.
Mahalo
Have a beautiful day! Mary on Maui
http://www.maryonmaui.com
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