Friday, March 15, 2013

Testimony, March 11-14, 2013

SB 1370 SD2 - Relating to Mediation Affecting Judicial Foreclosure.  Expands the application of mandatory mortgage foreclosure dispute resolution by requiring mortgagees, at the mortgagor's election, to participate in mediation to avoid foreclosure or mitigate damages from foreclosure prior to filing a judicial foreclosure action for property that has been the mortgagor's primary residence for a specified period. Applies the dispute resolution requirement to judicial foreclosure actions filed prior to the effective date of this bill and pending an initial court hearing. Exempts the dispute resolution requirement to judicial foreclosure actions if the mortgagee engages in loss mitigation procedures with the mortgagor. Establishes notification requirements for a mortgagee to notify a mortgagor with respect to loss mitigation options. Requires that an attorney affirm that a mortgagee engaged in loss mitigation procedures with the mortgagor when filing for a judicial foreclosure action.

HB21 HD2 - Relating to Condominiums.  Amends procedures for reimbursement for common assessments by condominium associations after delinquency or foreclosure. Authorizes collection of specified amounts for deposit into a reserve account to pay for unpaid common assessments in the event of foreclosure, or unit sale or transfer.

SB 960 SD1 - Relating to Foreclosures.  Establishes a notice of postponement or cancellation of sale requirement under part IA, chapter 667, Hawaii Revised Statutes, relating to judicial foreclosures.