 Act 48 - Hawaii's new Foreclosure lawThursday, June 9, 2011 - Article by: Lance Owens -
Act 48, Hawaii's new Foreclosure law - will it help homeowners or hurt them in the long run? I just wanted to bring a few things to light about it.Glass Half Empty: The banks are going to close up office and stop doing loans in Hawaii, it's going to drive down property values, 80% of foreclosures are non-judicial, switching them to judicial will just backlog the already "backlogged" courts, Who needs government getting their hands into another project, we already have furlough Fridays as it is,........ Glass Half Full: The banks have taken advantage of homeowners long enough, something has to be done, it will help stabilize neighborhoods, it will be good for the local community, it doesn't do anybody - any good, to have a bunch of empty foreclosed homes sitting around,Me: Well as recipient of the HAMP program myself, I feel for both sides.1: The fastest way to screw something up - is to get the government involved!2: But - The Banks have bullied homeowners around long enough - knowing first hand all the games they played, during the YEAR it took to get my loan modification, something had to be done.3: Having personally closed over 35 short sales, and our team closing over 150 - I would estimate that approximately 10% of our clients, would have even met the requirements, to move their foreclosure from non-judicial, to Judicial. Of those 10% - probably 70% should have qualified for the actual final modification. Knowing this - how could one argue against this new "act 48"? I can tell you from the heart, if I could have saved those family, their home - i would have walked away from my commission in a heartbeat - I know, because I did! And Really? Thats, just a handful of properties, you have to remember, the majority of homes in trouble here were purchased as investments, or for future retirement homes.It's pretty straight forward, you have to have an income, and you have to be owner occupied? This is not for the investor that made a bad choice - this is for the family that lives, works, and plays in our community - I think we need to take the glass half full attitude with this new Act, and give it a chance.Here are a few bullet points from the new Act:
|
|
aiss_518_207 January 19, 2012 at 3:24pm PST
Sir, with all due respect you are totally wrong in your assumptions. 1.) When a so-called home purchase is made...there are two major documents ( among lessor one) that are endorsed by the alledged "borrower" In the most simply terms thay are the "note" and the "Mortgage"2.) The person who then signs the "note" then becomes the "Principle"3.) ALL interest that is accrude (sp) belongs to the PRINCIPLE4.) It is never disclosed that the NOTE ( a 100% negotiable instrument) is actually accepted and then deposited into the general ledger of the "so-called lender"What is truth is that the gawd damn banks never lend a penny to anyone. Wealth is created by the signature of the peron on the note!5.) THEN the banksters sell the note for additional profit.6.) THEN they sell the mortgage on a discounted rate against it's pretended value of the term of the "loan" be it whatever "years"7. ) Then after not loaning one single penny, selling the note and the mortgage, these *ssh*l*s then start sending "Payment coupons" which most people will try to pay. TH E POINT HERE is the there never was any lending taking place. The "signer" (homeowner) is the PRINCIPLE and the banksters laugh all the way to their ever increasing coffers...and do not now, nor have they ever given a sh*t about who or when they rip somebody else off.DO YOUR RESEARCH