Foreclosure Process In Hawaii

Summary

The Settlement and Forbearance Agreement does not revert the $400,000 promissory note to the original $989,781.73 if Jian defaults. However, the Plaintiff can enforce the larger judgment if payments are missed. The quitclaim transfer to Muyi He remains valid unless separately challenged. CitiSquare cannot directly take the house unless theres a mortgage breach. Foreclosure in Hawaii involves a notice of default, a 60-day cure period, and potential auction if unresolved. To protect Jian, ensure timely mortgage payments and consult a lawyer for advice.

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Is the 400k locked to where if Jian defaults will the amount change to original 989k?
The Settlement and Forbearance Agreement does not specify that the $*,* promissory note would revert to the original judgment amount of $*,*.* if Jian defaults. However, if Jian fails to make timely payments, Plaintiff can enforce the Judgment, which is the larger amount, as per the agreement.
And the quiteclaim will be null?
The Agreement states that Mr. He and Ms. Dai intend to quitclaim their interests in the House to Muyi He upon recordation of the Mortgage. However, Plaintiff agrees not to seek to set aside this transfer. Therefore, the quitclaim should not be null unless explicitly challenged or invalidated under separate circumstances.
What does that mean? Can CitiSquare take Muyi house
Case Rating: *
Based on the document, CitiSquare (Plaintiff) cannot directly take Muyi He's house after the quitclaim transfer as long as the mortgage securing Mr. He's obligations under the Promissory Note is valid and there is no breach of agreement. The Plaintiff agrees not to set aside the transfer to Muyi He. However, if Mr. He defaults on the note, the Plaintiff can enforce the Judgment and potentially seek foreclosure on the mortgage, which could affect the house.
Would you like more information on how foreclosure works in Hawaii?
Yes
Case Rating: *
Foreclosure in Hawaii involves several steps, including notice of default, opportunity to cure, and sale of the property if the default is not cured. Important points:
- The lender must send a notice of default.
- There's a *-day period for the homeowner to cure the default.
- If unresolved, the property may be sold at auction.
Would you like more details about foreclosure laws specific to Hawaii?
Inwant to make sure jian is protected.
Case Rating: *
To ensure Jian's protection, it's important that he understands the foreclosure process and stays current with the mortgage payments. Key actions include:
- Regularly reviewing the mortgage terms.
- Ensuring timely payments to prevent default.
- Consulting with a lawyer for personalized advice.
Would you like more details about foreclosure laws specific to Hawaii?