HRS §206E-123
What the authority can do when a loan is not paid
This section lists the actions the authority may take if a loan it made is in default. It can renegotiate, refinance, or foreclose the loan, waive the default, or change the loan terms. It can also protect its rights, buy or take the property, and manage or sell it.
borrowerslandowners
The statute, as written — Loans; default
The authority 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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