Rep. Riviere Addresses HB 1875 – Mortgage Foreclosures

Legal Aid Society of Hawaii: They oppose HD1 because it would repeal HRS §667-60 which states that any violation of the mortgage foreclosure laws an automatic UDAP violation. This waters down protections for consumers; they prefer the original version. Hawaii Bankers’ Association (HBA): Repeal of HRS §667-60 should be permament, not temporary; allowing filing of an action to void the foreclosure sale, up to 6 months after the sale is recorded, will chill the real estate market; the provision requiring lenders to hold 2 open houses is unrealistic, as the lender does not have any legal right to take possession of the property and could be liable for trying to do so. Requesting amendments (1) during nonjudicial foreclosure process, we are required to do 2 open houses—please strike this. (2) planned community association. The documents suggested that they have priority over everyone else . We’ve come up with wording to address this. Community Associations Institute Legislative Action Committee: Condominium associations perform quasi-governmental services. It would be detrimental to prohibit foreclosure based on nonpayment of association fees; associations need money to maintain their level of services to homeowners. Paying homeowners would need to pay more, to make up for the delinquent homeowners’ share.

Contact: Excerpt from Capitol TV

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