Learn about Act 48 Relating to Mortgage Foreclosures
Authored By: Legal Aid Society of Hawaii
Act 48 gives homeowners facing a non-judicial foreclosure an opportunity to meet face-to-face with their lenders to possibly modify their loans or to devise a payment plan to keep their homes (“dispute resolution”). The act also gives homeowners the option to switch from a non-judicial foreclosure process to a judicial foreclosures process (“conversion”). Homeowners can choose either dispute resolution or conversion, not both. Act 48 also includes rules Condominium Associations must follow when a homeowner defaults on payment of their Association dues and gives homeowners the right to enter into reasonable payment plans with the Association.
This brochure covers 3 components of Act 48:
1) Non-Judicial Mortgage Foreclosure Dispute Resolution
2) Non-Judicial to Judicial Conversion
3) Default on Payment of Condominium Association Dues