#foreclosures

Senate Bill 332 Senate Draft 1 would prohibit sellers of foreclosed homes from bundling properties at a public sale. Instead, each foreclosed home would be sold separately. Previous foreclosure crises have resulted in the replacement of owner-occupied homes with investor-owned rentals, prolonged vacancies and unmaintained residential properties.

The Ritz-Carlton Kapalua is scheduled to be auctioned off later this year, as part of a collection of assets to be sold by investment bank firm of Lehman Bros.

Hawaii is one of 49 states that agreed to a $25 billion settlement with the nations 5 largest mortgage lenders, according to the US Dept. of Justice on Thursday.

Starting last Monday, owner-occupants of residential property that find themselves in non-judicial foreclosure will have increased opportunities to resolve mortgage issues.

Who is affected by Act 48 and how will this will impact Hawaii’s housing market and overall economic health?

U.S. Bankruptcy Court statistics show that 2010 filings at the Hawaii District Court are up almost 29% for Maui County and 28% for Hawaii as a whole year-over-year.