The State of Hawaii has just been granted a further $204,000 from Washington to help avert foreclosures. That’s good news for the citizens of the Aloha State. The Hawaii Finance and Development Corporation under Executive Director Karen Sneddon will be working with non-profit organizations to turn this into reality for those distressed home owners in need of counseling or more.

The funds come from the National Foreclosure Mitigation Counseling Program, whose grants have already helped over 800 Hawaii families stay in their homes since February 2009.

Honolulu foreclosures jumped 24% between 2009 and 2010 first quarters to hit 1,564 this year – not good compared to the national average of 16%. Yet Honolulu was still way back off the lead in position 110 with just 1 out 216 housing units foreclosing. This compares well with league table leader Las Vegas that saw I in 28 in trouble, but badly with many other metro hubs that posted improvements.

Meanwhile back in Springfield, Illinois draft legislation aims to prevent foreclosures completely – at least as long as distressed owners are seeking help from HAMP.

“Those attempting to come to an agreement with a mortgage company during the foreclosure process should not have their home sold out from under them,” said State Representative Al Riley, who’s spearheading the Bill in association with Senator Maggie Crotty. “This federal program is giving hope to many people who otherwise would have no way to keep their homes.  We should provide these homeowners time to figure out a solution that lets them stay in their house while continuing to pay off their mortgage.”

Illinois House Bill Nr. 5735 will require Illinois Courts to defer judicial sales for as long as distressed households are negotiating assistance under HAMP. The underlying objective of the Draft Bill is to re-stabilize the local housing market by empowering households to obtain more affordable loans.

“Keeping people in their homes is not only good for the families that would otherwise not have a place to live, it also is good for our communities as a whole,” Riley believes. “Empty houses lower surrounding property values and can create a feeling of despair for entire neighbourhoods. Helping homeowners will strengthen the economy and put our communities on the path of recovery.”

Bill 5735 passed the Illinois Senate unanimously on Tuesday – the measure now just needs approval by the State Governor to carry the full weight of the law.

It’s good to know that legislators are fighting back on behalf of citizens. News leader www.foreclosureconnections.com keeps you up to date with the latest news – why not visit us to find out more?

Hawaii foreclosure rate may have increased compared to the previous year but they are still below the national average. This only means that you can purchase a property for a fraction of what they cost but would still enjoy instant equity. Aside from a lot of real estate market activity, Hawaii has a positive employment growth as well as a household income that increased in the past year, making homes very affordable for families.

You can expect that these Hawaii foreclosed properties would generate a lot of consumer interest. The best way you can keep yourself updated with foreclosure properties for sale is to subscribe to reliable foreclosure listings compiled by reputable real estate brokers like ForeclosureConnections.com. You can guarantee regularly updated and complete foreclosure listings which you can utilize to search for the perfect Hawaii foreclosure.

Since you would be retiring in one of these lovely Hawaii foreclosures, you should make sure that it is great physical condition. Any considerable repair costs can be shouldered by the seller as long as you have pointed it out before closing the deal. A professional inspector can provide you with a full report on the property's condition and you would also be able to determine whether the asking price was fair. From here on, you and your broker can negotiate with the seller. Just remember to document all agreements to avoid misunderstandings and confusions during the sales transaction.

Once everything is sorted, you can now begin enjoying a new life in your new Hawaii retirement home.