How to Buy Foreclosure Property on Maui – Part 3

At a judicial foreclosure auction, you will be required to show the Commissioner at least 10% of your highest bid.  This means that if you intend to bid, you must appear with cash or a cashier’s check.  For example:  if you have calculated that your maximum bid for the property will be $100,000, you must show the Commissioner $10,000 cash or a cashier’s check for the same amount.  Experienced investors will bring several cashier’s checks of different amounts that total 10% of the their highest bid.  This technique ensures that you do not submit more money than necessary to an escrow account. 

If you are the highest bidder for the property, the Commissioner will take 10% of your highest bid, give you a receipt and open an escrow account.  Shortly after the auction, the Commissioner will file a report with the Court detailing the sale of the property and the auction to give the presiding judge enough information to decide whether to confirm the sale. 

A Confirmation Hearing will be scheduled after the auction for the Court to hear any opposition or argument regarding the auction and sale of the property.  It is common practice for the Court to reopen bidding at the Confirmation Hearing.  The Court is not required to reopen bidding so if you are intent on obtaining the property, you should bid at the initial auction. 

If you intend to bid on the property at the Confirmation Hearing and the Court allows additional bidding, you must bid at least 5% higher than the winning bid at the auction.  After the bidding process has concluded, the Court will typically confirm the sale of the property.  The proceeds of the auction will be distributed to the lender of the property who is owed money.  Any remaining funds will be distributed to other lenders with lower priority who have a claim to the property and also the former owner. 

Real Estate Short Sales on Maui

A short sale can be attractive for the investor, the lender and the homeowner. Short sales can also be complicated and risky for the ill-advised. 

There are several reasons why a homeowner might consider a short sale.  Typically the owner has encountered financial difficulties and has defaulted on mortgage payments.  An owner may consider a short sale if a buyer is available and if the lender agrees. 

Most mortgages have a due-on-sale clause which allows the lender to "call" the entire amount of the loan due if the owner sells the property.  In a short sale, the lender agrees to let you sell the property to someone else and accept less than the amount of the whole loan. 

Lenders will carefully evaluate if you just want to get out of your loan or if you are truly unable to make your mortgage payments.  To this end, mortgage companies will usually require some evidence of financial hardship before agreeing to a short sale.  If it appears that you are actually going to walk away from your mortgage and give up the house, despite the risks, a lender may agree to accept less than the original amount of the mortgage to recoup at least some of the money it has loaned you.  The foreclosure process can be time consuming and expensive, particularly in Hawaii, and smart lenders will try to avoid foreclosing on a property if possible, even if it means taking a loss on the loan. 

Homeowners should carefully consider the whether a short sale is appropriate.  A short sale will harm your credit rating.  Possibly as much as a foreclosure.  However, a short sale can also allow you to obtain another mortgage sooner than if your house is foreclosed upon.  Seeking legal advice may be wise if you have any questions at all regarding a short sale because unwary homeowners may still be required to pay the remainder of the loan. 

Homeowners also face the challenge of finding a buyer willing to purchase their property.  The short sale buyer is typically an investor who is willing to negotiate with a mortgage company and has the experience and funds necessary to make a complicated real estate transaction occur smoothly and quickly.  Attorneys who are experienced in foreclosures, short sales and other real estate transactions are often in contact with investors who may be willing to purchase a short sale property. 

Haleakala National Park's Economic Impact on Maui

The National Park Service has released a report detailing the economic impact Haleakala National Park has on Maui.  Almost 1.1 million people visited Haleakala in 2012 bringing in over 64 million dollars.  Visitors and residents alike know that the Park is an extraordinary place and is one of many natural resources on our island that generate tourism revenue. 

For more information on the National Park's impact on Maui click on these links. 

Maui Now Article on Haleakala's Visitors

National Park Service Information on Visitor Economic Impact

Personal Injury Claims

Personal injury claims in Hawaii encompass a tremendous variety of incidents including boating and pool accidents, slip and fall injuries, negligence involving dog attacks and car accidents. 

Even though injuries vary widely, methods to preserve your personal injury claim are similar no matter how your accident occurred.  The following steps will help ensure that you are compensated for your losses and medical expenses.

The first step, and your highest priority after an accident, is to obtain medical treatment.  See a doctor if you have not already and thoroughly explain your injury.  Follow through with treatment and be sure you medically stable before you proceed with step two. 

Gathering information is the second step.  Take pictures, collect contact information from witnesses and talk to other people involved in the accident including rescuers and onlookers.  Save all medical information as well, including bills and copies of prescriptions.  Keep a journal through your treatment to make sure you remember everything. 

The third step is to make an appointment with a personal injury lawyer in your area to preserve your legal rights.  With every personal injury claim there is a time limit to file a lawsuit.  Do not wait until the time limit has almost expired. See an attorney as soon as possible to help investigate your case, evaluate how much your case is worth and to write a demand letter to the person or company responsible. 

Whiplash Injuries in Car Accidents - Personal Injury

The modern term for a whiplash injury is cervical acceleration-deceleration (CAD).  It may also be described as a cervical strain or hyperextension injury.  This type of injury is typically seen as the result of a rear collision and is the most commonly diagnosed injury after a car accident. 

A CAD results from the sudden acceleration and deceleration of the head and neck immediately after impact.  The injury may occur to both the soft tissue of the neck and also the spine.  CAD injuries are common but are sometimes overlooked or mistreated because of a misunderstanding of the injury. 

Common symptoms of a CAD injury include headache, dizziness, jaw pain, arm pain, ringing ears, back pain, shoulder pain and fatigue.  It is important to seek medical treatment as soon as possible after an accident to ensure that you receive a proper diagnosis and treatment. 

Describe your symptoms and give your doctor a detailed account of your accident including the motion of your head and neck. A doctor may take x-rays of your neck and prescribe a cervical collar to prevent further injury.  You may also receive physical therapy and instructions for gentle motion exercises to support the healing process. 

If you have been injured in a car accident and believe you have a CAD injury, see your doctor today.  Call a personal injury lawyer soon after to make sure that you are compensated for your injuries. 

Personal Injury - Traffic Accidents on Maui

Historically, national statistics on traffic accidents have shown a decline in fatalities over the last several years.  The national rate averages to 12.07 fatalities per 100,000 people according to the National Highway Traffic Safety Administration (NHTSA).  National Traffic Statistics

Maui County's traffic fatality rate is slightly higher than the national average at 12.9 according to NHTSA records.  Maui County Traffic Statistics

Available traffic fatality statistics for Maui include many categories.  The following chart visually demonstrates one category: single vehicle crash fatalities in Maui County.  The five years shown on the chart average to 12.8 fatalities per 100,000 people.  Complete information for 2013 is not yet available but preliminary data indicate that traffic fatalities may have declined in 2013. 

If you or your family have experienced a loss due to a traffic accident, call our office today for a free consultation to see if we can help you recover compensation. 

Negotiating a Personal Injury Case

Negotiating a settlement in a personal injury lawsuit can be extremely complex.  Just as you would not try to perform complex surgery on yourself, you should also not try to negotiate your own personal injury case.  Always consult an experienced personal injury attorney to make sure you have considered all of your legal options. 

The following factors are just a few of the many considerations when negotiating a personal injury settlement. 

1. Case Evaluation
How much is your case worth?  A good case evaluation will take into consideration your medical expenses, any permanent injury, your age, ongoing medical treatment and property damage.  You must determine a range of value for your case before you begin negotiating.  If you have not decided on a value, an insurance company will be happy to tell you how much your case is worth.  This value is likely to be much less than what you should actually receive.

2. Timing
Settling a personal injury claim too quickly can result in lost damages.  Your attorney must adequately investigate the possibility of lost earnings and employment, properly evaluate any injury to determine if it is permanent or temporary and make sure you are "medically stationary" before sending a demand letter to an insurance company.  A proper investigation must be completed before settling your case.

3. Statute of Limitations
Every personal injury claim has a statute of limitations.  This is the period of time after an injury occurs within which you must file a lawsuit or you will be prohibited from recovery.  Contact an attorney soon after you have been injured to begin an investigation, make sure you are receiving proper medical care and to preserve your rights. 

4. Demand Letter
Drafting an demand letter is an art.  An effective letter will include relevant facts regarding the extent of your injuries, specific reasons why the insurance company should pay you and it will convey the fact that you are serious about your claim. 

5. The most important factor is whether you should even accept a settlement.  Your case may be worth more than the insurance company is offering in settlement.  An experienced litigation attorney can explain all of your legal options, including your chances at trial.