Hawaii Revised Statutes 667-29 – Authorized bidder; successful bidder
Terms Used In Hawaii Revised Statutes 667-29
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Property: means property (real, personal, or mixed), an interest in property (including fee simple, leasehold, life estate, reversionary interest, and any other estate under applicable law), or other interests that can be subject to the lien of a mortgage. See Hawaii Revised Statutes 667-1
Any person, including the foreclosing mortgagee, shall be authorized to bid for the mortgaged property at the public sale and to purchase the mortgaged property. The highest bidder who meets the requirements of the terms and conditions of the public sale shall be the successful bidder. The public sale shall be considered as being held when the mortgaged property is declared by the foreclosing mortgagee as being sold to the successful bidder. When the public sale is held, the successful bidder at the public sale, as the purchaser, shall make a nonrefundable downpayment to the foreclosing mortgagee of not less than ten per cent of the highest successful bid price. If the successful bidder is the foreclosing mortgagee or any other mortgagee having a recorded lien on the mortgaged property before the recordation of the notice of default and intention to foreclose under § 667-23, the downpayment requirement may be satisfied by offset and a credit bid up to the amount of the mortgage debt.