Honolulu Hawaii Foreclosure Help, Defense, Laws and Process

 


In life there are certain things that we value and when they are threatened we feel also threatened. It could be argued that the dream of the majority is to be affluent, property wise which is why most people take on the burden of taking out a mortgage help. Despite the fact that we are determined to clear the mortgage halfway through we may encounter a stumbling block that prevents this from happening.

This is may be occasioned by job loss or a sky rocketed cost of living. Which just adds on to the burden of pending energy bills, health insurance costs, family needs and the list continues. It becomes almost impossible to meet all these obligations. This is the point where all your dreams of prospering are shattered and you are left bereft with nowhere to turn to.

Despite the gloomy outlook, it can be very easy to overcome a foreclosure. All you need to know are the rules and regulations. Foreclosure prevention services are freely provided by a non-profit housing consultancy agency in partnership with the federal government. This includes the government assistance program funded by HUD. Thus there is no need to pay private companies to stop a foreclosure for you. Through the government agencies a homeowner can be provided with a legal opportunity to file for bankruptcy where applicable.

It is worthwhile to note that filling for bankruptcy may not be the better option in some cases. It could in fact be suicidal. You could ruin your credit image or even risk being barred from taking out another such mortgages for as long as 7 years or more. Therefore you should think fast and smart and probably involve a legal attorney or better still an advice agency.

Our financial capabilities and inabilities differ as much as our personalities, so it is better to look for an experienced attorney that can offer you tailor made solutions to your problems. Although foreclosure may appear very probable there are some instances where you can avoid it or stop it altogether.

Stop Foreclosure in Honolulu, Hawaii

  • Involve other parties –It is always advisable to involve attorneys for the best results. But you must also be wary of quacks that may worsen your situation.
  • Look for other sources –All you need is a source to look for funds to clear your outstanding mortgage payments. You could request for loan modification from your lender. Your retirement benefit could come in handy. Additionally, you could sell any unnecessary valuables in short sales to source for funds. The idea here is to try and comply with the policies in the agreement while at the same time saving your property. Most importantly you should cost cut to ensure that at the end of the month you have saved a substantial amount of money that will go towards offsetting a portion of your mortgage.
  • Contact your lender – Most people once in such predicament tend to shy away and are afraid of exposing their sorry state and this often leads to avoidance of the lenders as well, which doesn’t help matters. The best thing is to come clean and strike an agreement with the lender which could help you in clearing your outstanding mortgage payments. You may be surprised but this could work wonders. The aim is to push the foreclosure as far as possible to give you time to redeem yourself.

Honolulu, Hawaii Foreclosure Process

Foreclosure process in Hawaii can be done through judicial and non judicial avenues. The primary documents used are deeds of trust and mortgages. The time frame is approximately 60 days. Unfortunately in Hawaii there are no rights of redemption, but one is always given a notice.