POSTED: 04:20 a.m. HST, May 06, 2011
Hawaii Gov. Neil Abercrombie has signed a bill overhauling the state's foreclosure laws.
The legislation aims to help residents keep their homes. The governor signed it Thursday.
The new law establishes a dispute resolution process that would allow homeowners to meet their lenders in face-to-face meetings overseen by a neutral third party.
The meetings could result in loan modifications that allow residents to keep their homes.
Residential owner-occupants also would have the option to convert their nonjudicial foreclosures to a process overseen by the courts
The program is due to begin no later than Oct. 1 and continue until Sept. 30, 2014. The state Department of Commerce and Consumer Affairs will administer the program.