Home arrow Mortgage Forums arrow Announcements Feedback and Our Pub arrow

Implications of Foreclosure in Hawaii

Author Message
Icon Mini Profile corinnebrown23





Joined: 02 Mar 2010

Posts: 1

1.00 Dollars($)
Post 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?
Icon Mini Profile elnoralittle
elnora.little
Community Expert
Community Expert

best lender badge

Joined: 01 Oct 2008

Posts: 285
Location: Maryland
26.35 Dollars($)
Post 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
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.063 seconds.