Haw. Code R. § 15-216-38

Current through November, 2024

Section 15-216-38 - Foreclosure

In the event of a foreclosure, any law to the contrary notwithstanding, a mortgagee under a mortgage covering a reserved housing unit and land or leasehold interest subject to the restrictions of sections 15-216-35 (term of reserved housing requirements), 15-216-36 (first option to purchase), and 15-216-37 (sale of transfer of reserved housing units), shall, prior to commencing mortgage foreclosure proceedings, notify the authority of:

(1) Any default of the mortgagor under the mortgage within ninety days after the occurrence of the default; and

(2) Any intention of the mortgagee to foreclose the mortgage under chapter 667, HRS.

The authority shall be a party to any foreclosure action, and shall be entitled to all proceeds remaining in excess of all customary and actual costs and expenses of transfer pursuant to default, including liens and encumbrances of record. The person in default shall be entitled to any amount remaining provided the amount shall not exceed the lower of the amounts computed in section 15-216-35 (term of reserved housing requirements).

Haw. Code R. § 15-216-38

[Eff OCT 27 2012] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)