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Judicial foreclosure available: Yes
Non Judicial foreclosure available: Yes
Foreclosure in Hawaii takes one of two forms: (1)
judicial foreclosure by a lawsuit much like any other lawsuit or (2) sale under
a power of sale clause in the mortgage.
Preferred Method:
Judicial foreclosure is the preferred method in Hawaii.
Although trust deeds are available, they are not commonly used.
Judicial Foreclosure
In a judicial foreclosure, the Circuit court may assess
the amount due on a mortgage, without a jury, and render judgment for that
amount and an order of foreclosure on the mortgage. The actual sale of the
property will take place in the same way as normal execution sales.
Non-judicial Foreclosure
Preliminary Notices
Advertising
Out-of-court foreclosures must be published, in English
once per week for three consecutive weeks. The last publication must be run no
less that 14 days before the sale date.
Mailing
Mortgage creditors having a mortgaged lien against the
property that another mortgage creditor intends to foreclose on under a power
of sale clause may, if a written request is given to the foreclosing mortgage
creditor, receive notice of the lender’s intent to foreclose. The
foreclosing lender must mail the notice to the other mortgage creditors at
least seven days prior to the date of the sale.
Sale
The highest bidder at the foreclosure sale buys the
property.
Post-Sale Matters
A buyer at the foreclosure sale holds title subject to
the existing liens. Any surplus from the sale shall be paid over to the owner
of the mortgaged property.
Special Procedures
A notice of any foreclosure on a condominium apartment
must be sent certified or registered mail to the association of the
condominium. This notice must be sent at the time the lender begins foreclosure
proceedings. This provision may not be waived.
Redemption
Redemption rights have been abolished in Hawaii.
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