Lawmakers Discuss New Mortgage Foreclosure Law
By Wendy Osher
A joint informational briefing will be held this week to discuss the state’s new home mortgage foreclosure law.
“The foreclosure issues are complex. Assuring fairness and transparency in the mortgage foreclosure process is very important for so many families here in Hawaii,” said Senator Roz Baker of Maui, Chair of the Senate Committee on Commerce and Consumer Protection.
Sen. Baker said the bill, signed into law by the Governor on May 5, will help the situation for many homeowners in the state. “Our intent is to share with the public the status of implementation of the new law and clarify any ambiguities in Act 48,” said Sen. Baker.
Under the new law, a task force will establish a temporary mortgage foreclosure dispute resolution program. The program is aimed at providing owner-occupants of residential property in Hawai’i who are facing foreclosure, the opportunity to meet face-to-face with the mortgagees to possibly resolve their differences.
The public is invited to attend the briefing, hosted by the Hawaii State Senate and House of Representative Committees on Consumer Protection and Commerce. It will be held at the State Capitol, Conference Room 325, beginning at 1 p.m. on Wednesday, June 29, 2011.
Speakers invited to participate include: The Hawaii Mortgage Foreclosure Task Force; The State Department of Commerce and Consumer Affairs; The State Judiciary; The State Attorney General’s Office; The Hawaii Banker’s Association; The Hawaii Financial Service’s Association; The Hawaii Association of Realtors; The Hawaii Land Title Association; The Legal Aid Society of Hawaii; Faith Action in Community Equity (FACE); Kirk Caldwell, an attorney and former Mayor of Honolulu who specializes in Real Property; Ron Margolis, one of the isle’s best known foreclosure experts; and Representatives from Condominium and/or Homeowner Associations.
A question and answer will follow the presentations.