HRS §201H-110
What the housing corporation can do when a loan is not paid
This section says what the housing corporation may do if a borrower defaults on a loan. It can renegotiate, refinance, or foreclose, and can also take over or sell the property that secures the loan. It may also take legal action to protect its rights.
borrowerslandowners
The statute, as written — Loans; default
The corporation may: (1) Renegotiate, refinance, or foreclose any loan in default; (2) Waive any default or consent to the modification of the terms of any loan or security agreement; (3) Commence any action to protect or enforce any right conferred upon it by any law, mortgage, insurance policy, contract, or other agreement; (4) Bid for and purchase the property secured by the loan at any foreclosure or other sale, or acquire or take possession of the property secured by the loan; and (5) Operate, manage, lease, dispose of, or otherwise deal with the property secured by the loan.
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