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Hawaii Law Impacts Fannie Mae Non-Judicial Foreclosures

According to a notice from ""Fannie Mae"":http://www.fanniemae.com, all future foreclosures in Hawaii must be commenced as judicial foreclosures due to Hawaii's ""recently passed legislation"":http://dsnews.comarticles/hawaii-enacts-foreclosure-mediation-law-2011-05-10, SB 651.

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In addition, the ""GSE directed servicers"":https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2011/ntce061011.pdf to dismiss and convert all pending Fannie Mae non-judicial foreclosures that have not proceeded to sale to judicial foreclosures.

Fannie Mae also established a maximum allowable foreclosure fee for Hawaii judicial foreclosures of $2,200, which applies to all new Hawaii foreclosures as well as any pending Hawaii foreclosures that must be restarted judicially.

The GSE says it may need to eliminate some recent REO acquisitions that resulted from non-judicial foreclosures due to potential title insurance issues. Upon receiving notification of eliminations, servicers must immediately restart foreclosure of the affected properties through Hawaii's judicial process.

Servicers should contact their servicing portfolio manager, servicing consultant, or the National Servicing Organization's Servicer Solution Center with any questions.

About Author: Heather Cernoch

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