Hawaii gets a BIG cut of mortgage settlement

So happy to see a relief for homeowners looking at a possible foreclosure.

Hawaii will recieve an estimated $71million as part of a $25 billion joint federal-state settlement with the nation's five largest mortgage servicers over foreclosure abuses and fraud.

The money will help not just the borrowers who will get mortgage relief, but the overall housing market in Hawaii. Which is great news for buyers, sellers and Realtors!!!

It will also be a good time to start thinking about refinancing. This will also reduce  the number of new foreclosures that are happening.

About $50 million will be available to Hawaii borrowers in the form of loan modifications, including reducing your principal, $9.3 million will allow borrowers to refi the current loans, $3.2 million will be available for one time direct payments of up to $ 2,000 to borrowers who lost their homes to foreclosure between Jan1, 2008 and Dec 31, 2011.

Great news on the horizon for the Hawaii housing market.

Take a peak at these great areas Kailua, Kaneohe, Kapolei, Hawaii Kai, Waimanalo, Pearl City, Aiea, Waianae, Waialua.