The bill essentially requires lenders to meet face-to-face with borrowers via a neutral third party, to assure that compromising on a loan – instead of simply foreclosing – is a primary option.
Act 48 also forces lenders to actually show proof that they have the legal right to foreclose on a home – something that consumer advocates claimed was skirted in certain non-judicial foreclosure processes.
Act 48 places a moratorium on all new “Part 1” non-judicial foreclosures until July 1, 2012 with the hopes of keeping Hawaii homeowners in threat of foreclosures from quickly losing their homes.
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