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February 24, 2009
An omission in a law set to protect homeowners from predators has caused a snag. Real estate professionals have been unable to help homeowners who are facing foreclosure due to the faux pas that was developed to help prevent mortgage fraud.
The Mortgage Fraud Prevention Act (Act 137) passed last year through the Hawaii legislature places restrictions on companies and individuals that promise to stop a foreclosure or modify the loan. While the law reads that it exempts lenders, attorneys, and credit counseling services, it does not exempt real estate agents or Realtors.
The Hawaii Legislature is working to correct the verbiage to reflect clarification so that real estate professionals can feel confident in assisting homeowners with counseling on the foreclosure process.
Read story at Hawaii Reporter
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