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Foreclosure in Maui County : Real Estate Advice

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  • Home Buying10
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Activity 11
Tue Jan 7, 2014
Michael Emery answered:
If you are saying you are letting your investment property go into foreclosure, as long as you are the owner of the property you are the recipient of any rental income regardless of whether or not you are making payments to your lender.

Once the foreclosure goes into effect and the bank takes possession, rent would be paid to the bank as you would no longer be the legal owner of the property. Since Hawaii does not have a right of redemption period, you would no longer own the property on the day of the foreclosure /sheriffs sale.
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Wed Jul 11, 2012
Frank Diaz answered:
Mr. Mahmood,

There are multiple reasons this could happen:
1. Awaiting appraisal from the bank
2, Awaiting BPO or computer appraisal
3. Awaiting short sale approval.
4. Etc....


Here's an excellent similar question with details:
http://www.trulia.com/voices/Home_Buying/How_long_does_a_BPO_on_a_short_sale_usually_take_-90541

In the meantime, the agent wants to keep their options open. Typically in the agent's remarks on the listing (not visible to the public), the agent will update the status periodically, e.g. it will say "1 offer accepted, two backups in hand. Awaiting BPO."

Aloha,
Frank
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Mon Sep 19, 2011
Georgie Hunter answered:
Hi Tanya,
If a buyer and seller have a binding contract to sell the property, that will usually delay the foreclosure auction. Each bank handles things a little differently though, so it all depends on which bank you're dealing with and their procedures.
Purchasing a home by way of a short sale can be very frustrating for everyone. You might want to talk to your agent about this, and even get some legal advice from a lawyer.
Best wishes for a quick sale!
Aloha,
Georgie Hunter

Georgina M. Hunter "Georgie" R(S) e-Pro SFR
Jim Sanders Realty Inc. Paia Maui HI 96779
cell: 808 283-0635
toll free fax 1-888-875-1918
www.EastMaui.com
www.MyMauiBlog.com

"I want to help you reach your Real Estate goals."
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Mon Mar 29, 2010
Jeffery Griffin answered:
Not according to my personal data base, I go to the foreclosure auction everyday. You might want to check the county and state tax records to be 100% sure! Mahalo, if you have questions just call me Jeff 808-280-3442 ... more
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Thu Dec 3, 2009
Frank Diaz answered:
Hi Barbara,

Deutsche Bank is a huge operation. They have dozens if not hundreds of REOs, foreclosures and short sales in Hawaii. If you have a specific property address I can try to locate the right person.

Aloha,
Frank Diaz, MBA (RA)
East Oahu Realty
808.723.0900
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Mon Dec 7, 2009
Sarah Solomon answered:
Call the Public Trustee and see when the sale is. You can show up to the auction and buy the property- if no one including the bank doesn't outbid you. Otherwise you will have to wait until the bank puts it on the market. ... more
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Thu Dec 3, 2009
Merry Colbert answered:
The second trust deed will be paid with any funds that are made over what is owed on the first mortgage. In this market, however, most sales fall short of paying off the first in full, and the second is wiped out. The holder of the second can start foreclosure proceedings by following all the legal requirements, and possibly negotiate with the holder of the first. I am currently working with someone who carried back a second for the buyers of his property, had to foreclose, got property back, and is trying to work with the new lender for the first mortgage to modify that loan. I hope this helps answer your question.

Merry
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Mon Apr 6, 2009
Georgie Hunter answered:
Hi Gabe,

It's unfortunate that you have to walk away from your home. You should check the guidelines for your HOA to see what it says. Contact the person in charge of your HOA with this question. I would think you are responsible as long as you are the owner on title.
Good luck with your move.

Aloha,
Georgie Hunter
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Mon Dec 7, 2009
Walt Berhalter answered:
Aloha Jennifer,
Some of the reasons you need to take the situation to an attorney would be a determination of what the relationship was when set up, what the inducements were and by whom, were these inducements relied upon, were the false and did the proponent have or could have had a reasonable opportunity to discover they were false. Where was the relationship established (Hawaii or on the Mailand), When was it established, were any of the parties domiciled in a community property State and, if so, were community funds pledged by both spouses or just one? Was this to be a valid gift? Was ther over-reaching? Did either party consult an attorney or CPA and rely on the professional's advice?

Is this a "distressed property" under Act 137? If so, only a few classes of professionals can give you the advice you may need. At this time, Realtors are not in that class.

I could go on, but you should be seeing by now that this matter is far too involved to get an off - the - cuff answer. Take this to a good lawyer.

BTW, I am an attorney but don't practice law in Hawaii. Good luck in sorting this out.

Walt Berhalter, RB Century 21 All Islands, Education Director
walt.berhalter@hawaiimoves.com
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Wed Mar 4, 2009
Georgie Hunter answered:
Hi Jennifer,

This is probably a question you should ask your lawyer.

Aloha,
Georgie Hunter
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Sat May 28, 2011
Deborah Madey answered:
I have buyers who look for second homes in various locations, and particularly in the high end. But, they are particular, and a bit inconsistent in their patterns. While they are qualified and sincerely interested, it is not a top priority. Their interest levels move up and down the latter and one must be ready on the day it is on the top of their page. For tomorrow, it might not be. Again, not that they are not qualified or serious, it's just that it depends on what else is taking their time on a given day. But, yes, in the high end, buyers are still buying. In the middle range, not so. Those buyers are waiting for better market conditions. ... more
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