Mortgages & Foreclosures in Hawaii
A recent article in the Honolulu Advertiser quoted Linda Nakamura of First Hawaiian Bank, who described the Hawaii banks' position toward lending, "We have a relationship with our community and a vested interest in its sustainability."
Even though the number and rate of foreclosures has increased in our state, they are still far below statistics in other states. In the US, 1 of every 475 households filed for foreclosure in September, in Nevada 1 in every 82, and in California 1 in every 189. Hawaii's rate is 1 of every 842 households.
Local banks feel foreclosure should be the last resort, and try to work with borrowers to find another solution. After all, the lenders see their customers at the grocery, their kids play soccer together, they go to football games together - unlike dealing with anonymous mainland lenders. These companies saw mortgages as commodities and the borrowers as numbers.
If you are having trouble making your mortgage payments, be sure and contact your lender. If it is a local bank, they may be able to modify the terms and conditions of the loan, and adjust the repayment schedule.
If this isn't possible, don't wait for foreclosure. Contact a Realtor and get that property on the market - it's better to be a "short sale" and sell the house than experience a foreclosure and have that on your credit rating for years to come.
Let me know if you have any questions about distressed properties. I've been a Realtor in Hawaii many years and seen the up and down cycles come and go. Real estate is still the best investment over time.
Barbara Abe, REALTOR
www.movetohawaiikai.com
www.barbarashawaii.com
barbara@barbarashawaii.com
808-226-2537