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Implications of Foreclosure in Hawaii

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corinnebrown23 Joined: 02 Mar 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Mar 02, 2010 6:00 pm    Post subject: Implications of Foreclosure in Hawaii Like 0 Dislike 0 I have a second home in Hawaii. Hawaii is a deficiency state. If I go to foreclosure, what is the possibility of being pursed for the amount of the eventual deficiency in California and is Wells Fargo a company that typicaly pursues to person in default? Will there be a judgement that will stand against me "forever" or until paid or is there a 7 year limit? Does any entity have the power to take money from me in my bank accounts, other than the IRS for the taxes? Will I owe income tax on the amount of the mortgage?
elnoralittle Community Expert Joined: 01 Oct 2008 Posts: 285 Location: Maryland 26.35 Dollars($)	Posted: Tue Mar 02, 2010 7:03 pm    Post subject: Like 0 Dislike 0 hawaii the foreclosure will more than likely proceed with in 60 days. The lender would have to pursue the deficiency amount. Working closely with Wells Fargo in the past, they will probably proceed with the collection if they can. from the information i have searched it looks like the debt can be be collected up to 10 years, however, hawaii also allows a creditor to renew a judgement if the judgement has not been paid. So in essense, the judgement could be enforced indefinately. I cannot answer the question about the bank statements. I would assume that the judge would decide the collection method. The best advice i could give you is to contact an attorney that is familar with the law in Hawaii. The second bit of advice I can offer is, communication is key. Not all lenders are the big bad wolf. You should contact the loss mitigation department of Wells Fargo. It is their job to try to help you through this. You can speak with them about the options of short sale. A realtor could help you with this also. You would want to contact a realtor that has experience in the short sale process. discuss with the realtor your concerns about the judgement. Typically when a short sale offer is accepted, the lender has agreed to sell the property for less than what its worth and has agreed to take the loss. I don't see why you would owe income tax on a mortgage. It's not income. _________________ Elnora Little First Home Mortgage First in Customer Service! 301-437-5605

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