RE Agents Refuse Listings

November 14, 2008


A Hawaii state law designed to protect consumers from predatory mortgage lenders is impeding the progress of listing the homes of those who have fallen behind in their mortgage payments.

Some real estate agents are refusing to take the listings because of the new law, under the state Mortgage Rescue Fraud Prevention Act, which considers the property distressed if the homeowner is 60-days delinquent on payments.

If the homeowner is delinquent, the listing agent could be labeled as a “distressed property consultant,” which would require they follow a separate set of the law’s guidelines.

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