Posts Tagged ‘ HOA ’

Hawaii Act 182 – Revamping the Foreclosure Process

Signed into law by Governor Abercrombie on June 29, Act 182 received little media coverage yet its effect on the foreclosure process in Hawaii is sure to have significant ramifications. The new Act is meant to resolve unintended consequences (‘flaws’, as scrutinized by the media and public) of Act 48. To provide a brief background, Act 48 was intended as a solution to protect owner-occupants at default from facing what was widely considered to be antiquated non-judicial foreclosure procedures. However, lienholders chose to skirt the new protections afforded by Act 48 by implementing policies whereby all new foreclosures were processed judicially. Hence, although some owner-occupants were ‘saved’ from non-judicial foreclosure, now through judicial foreclosure they can face deficiency judgments – not to mention that under-staffed, under-funded courts are now backlogged by the wave of judicial foreclosures.

With that said, the 2012 legislative session included efforts to address/remedy concerns from consumers, lenders, title companies, and HOA’s. As such, let us look at what Act 182 encompasses:

  1. Act 48 had placed a one-year moratorium on Part I of the non-judicial foreclosure law, now Act 182 has been completely eliminated Part I.
  2. Mediation, which is only available for non-judicial foreclosures of owner-occupant residential properties by lenders, has now become permanent.
  3. Borrowers can convert a non-judicial foreclosure to judicial. This protection becomes permanent under Act 182, whereas it was temporary under Act 48.
  4. Establishes a separate non-judicial foreclosure and assessment lien process for AOAO and HOAs. Very critical.
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Posted by: Alex Cortez on July 16th, 2012 under Guest Bloggers, Regional

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Buying the Land for Your Future Dream Home

With the real estate market at or near the bottom, now may be the perfect time to buy the land for your future dream home. It’s important to do your due diligence before making an offer on any piece of land. You don’t want to end up with an asset that is a hassle, doesn’t meet your building requirements or that causes you unforeseen expenses. As a home builder, I have a checklist that I go through prior to purchasing any piece of land. Let’s go through some of these as they can save you a bundle of money and help keep you out of trouble.

Check Zoning: The zoning basically tells you what can be built on the property and what can be built around it. Obviously you want to make sure you can build a house on your property so it should be zoned residential. You will also want to check what the zoning is for neighboring properties as you don’t want a big industrial building being built next to your home. Your real estate broker can typically give you this information. If not, it is readily available at the local zoning or building department. The zoning will also tell you the distance required between your future home and the lot lines (called setback requirements) and any height restrictions for the home.  Once you have the zoning setback requirements, you can start to get an idea of what size home you can build.

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Posted by: Michael Luckado on February 14th, 2012 under Buying or Selling a Home

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