Hawai’i homeowners facing foreclosure would get a little more time, and perhaps more assistance, to help them avoid losing their property, under a bill introduced at the state Legislature.
The bill aims to help reduce Hawai’i foreclosure cases which soared last year and are expected to keep rising amid the economic downturn and softening real estate market, though the bill’s result may only be a delay of foreclosures by a month or two.
Senate Majority Leader Gary Hooser, who introduced Senate Bill 1623 with support from eight other legislators, said it’s a modest but meaningful effort to stem the rising foreclosure tide.
“I’m hopeful it will provide some meaningful help for people in tough times,” said Hooser, D-7th (Kaua’i, Ni’ihau).
Other bills introduced this year at the Legislature also are attempting to address the foreclosure issue along similar lines, a clear sign that lawmakers believe people in danger of losing their homes could use additional consumer protections.
SB 1623 would prohibit a lender from starting the foreclosure process until they contact a homeowner either by phone or in person with an offer to discuss their financial difficulties as well as options available to avert foreclosure.
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