(a) If the default is cured as required by the notice of default and intention to foreclose, or if the parties have reached an agreement to resolve the nonjudicial foreclosure, the foreclosing mortgagee shall rescind the notice of default and intention to foreclose. Within fourteen days of the date of the cure or an agreement to resolve the nonjudicial foreclosure, the foreclosing mortgagee shall so notify any person who was served with the notice of default and intention to foreclose. If the notice of default and intention to foreclose was recorded, a release of the notice of default and intention to foreclose shall be recorded.
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Terms Used In Hawaii Revised Statutes 667-24

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgaged property: means the property that is subject to the lien of the mortgage. See Hawaii Revised Statutes 667-1
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagee: means the current holder of record of the mortgagee's or the lender's interest under the mortgage or the current mortgagee's or lender's duly authorized agent. See Hawaii Revised Statutes 667-1
  • Nonjudicial foreclosure: means foreclosure under power of sale. See Hawaii Revised Statutes 667-1
(b) If the default is not cured as required by the notice of default and intention to foreclose, the parties have not reached an agreement to resolve the nonjudicial foreclosure and no report of noncompliance has been issued against the mortgagee under section 667-82, and the mortgagor has not elected to convert the foreclosure to a judicial action, the foreclosing mortgagee, without filing a court action and without going to court, may foreclose the mortgage under power of sale to sell the mortgaged property at a public sale.

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