16-144 Pohaku Place, Keaau, Hawaii 96749 - Foreclosure Notice

 From Hawaii Tribune Herald 1/3/24:

Notice #: 0001442470-01
Foreclosures

---

NOTICE OF FORECLOSURE SALE Pursuant to the Findings Of Fact and Conclusions Of Law; Order Granting Plaintiff’s Motion For Summary Judgment Against All Defendants And For Interlocutory Decree Of Foreclosure; Filed August 10, 2022, Exhibit “A”, in , Case No. 3CCV-21-0000344. Commissioner will sell at public auction the following: PROPERTY DESCRIPTION: Tax Map Key No. (3) 1-6-064-181 consisting of 3 bedrooms, 2 baths, 1,592 square foot dwelling on 2.0020 acres, more or less, per the records of the County of Hawaii Real Property Tax Office. Property should be unoccupied. Interested persons should do their own investigation. PROPERTY ADDRESS: 16-144 Pohaku Place (Orchid Land Estates) Keaau, Hawaii 96749 2022 TAX ASSESSED VALUES: Land: $64,800.00 Building: $441,600.00 The Commissioner does not warrant the accuracy of information. Persons interested in bidding should do their own investigation. PUBLIC AUCTION DATE: Public auction will be held on JANUARY 31, 2024, at 10:00 a.m., at the front entrance of Hale Kaulike, 777 Kilauea Avenue, Hilo, Hawaii 96720. TERMS AND METHODS OF SALE: The property will be sold ?AS IS? to the highest bidder at public auction with no upset price. SALE IS NOT FINAL UNTIL APPROVED AND CONFIRMED BY THE COURT. The highest bidder for the property is required to make a down payment in cash, certified check, or cashier’s check at the time of the bid in an amount equal to ten percent (10%) of the bid price. The balance of the price shall be paid in cash, certified check, or cashier’s check to the Commissioner after approval and confirmation of the sale by the Court. The purchaser shall pay closing costs, including, but not limited to costs of escrow fees, title insurance premiums, conveyance document preparation fees, conveyance tax, recordation and costs of securing possession after closing. The ability of the purchaser to secure title insurance shall not be a condition of closing. FOR FUTHER INFORMATION: Contact Commissioner KATHLEEN KENTISH LUCERO, Attorney at Law, Telephone: (808) 933-1252. Fact Sheet will be emailed upon request to sha.lucerolaw@gmail.com (HTH1442470 1/3, 1/10, 1/17, 1/24/24)

See all open houses and auctions on the calendar.

Subscribe to receive these notices via email. 

Kyra Bronson R(B) 23930

LUVA Real Estate

76-6247 Kupuna St. - An 'error' with the bank's credit bid, a tied-up insurance payment, and a burned-out house with squatters!

As you know, I love these interesting ones with their twists and turns.  On 10-14-23 I posted the foreclosure notice for 76-6247 Kupuna St., and you may have noticed that on 12-19-23 I posted it again with a new auction date.  

This is a really unique one!  The home is a burned-out mess with squatters.  There are cars and trucks everywhere and people coming and going all the time.  It's so scary that I didn't even want to get out of the car to take a picture.  These photos and video are from a quick drive by!  

Kupuna is one of the main drags to get from the highway down to Alii Dr. so I'm on that road often and was very familiar with this house.  Because of the burned out condition and all the squatters, I was absolutely not interested in pursuing this at auction so I didn't do my usual research on it.  I had no idea what was owed.  However, I was curious, so on November 16th, I attended the auction.  I had expected there would be many bidders, but only 3 third-party bidders and the bank showed up.   There was another agent there representing a buyer client and she and I got to talking.  She told me only $18k was owed!  What?!  I rushed over to the commissioner and asked to see the Findings of Fact and Conclusion of Law.  Sure enough, the bank was owed $495,633.67 but was holding an escrow account of insurance money from the fire worth $486,842.01 so their net amount owed was only $18,061.23.  I was kicking myself for not doing the research sooner and was trying to remind myself that even at $18k, I didn't want to take on this burned out mess of a home with squatters in it, but the deal was sure enticing!!  

However, when the bidding started, the bank shocked everyone by bidding way up in the $400s.  None of the third party bidders outbid the bank, and the commissioner closed the auction.  While the other agent was squawking about how crazy it was that the bank would bid so high when they were only owed $18k, I quietly asked the commissioner how the bank was able to credit bid that much.  If they are only owed $18k, that is the amount of their "credit", which is their 10% that everyone else has to bring in a cashier's check.  If the bank's credit was only $18k, their max bid would be $180k.  They bid well over that.  The commissioner looked flustered and said it was for the court to decide, but I think he realized he should not have accepted the bank's bid.  I emailed him later that day to ask to be informed of when court confirmation was - since I wanted to hear if they would get away with their bid - and he responded that the bank messed up their bid and it would likely be reauctioned.  

So the court scolded both the bank and the commissioner and it has been re-advertised for auction.  I still haven't pulled a preliminary title report because I'm still not interested in this property at any price, but the 2nd auction could be very interesting.  The bank could still bid well over $180k if they send their representative with a cashier's check for the difference of their 10%.  I wonder if the insurance funds in the escrow account remain in limbo if a 3rd party bidder takes the property.  It seems there is a 2nd mortgage and it is possible the insurance funds cannot be touched because they are also tied to the 2nd mortgage?  If those funds were easily releasable to the lender, you would think they would just write off the additional $18k and be done rather than potentially take on this nightmare property, so I don't think it is that simple.  I suspect those insurance funds will be tied up in litigation well after this foreclosure is complete.  This will be a fun one to watch, but definitely one to stay far away from.  

 

15-1474 9th Avenue, Keaau, HI 96749 - Foreclosure Notice

 From Hawaii Tribune Herald 12/27/23:

Notice #: 0001440139-01
Foreclosures

---

NOTICE OF FORECLOSURE SALE Pursuant to the Findings of Fact, Conclusions of Law and Order Granting Plaintiff’s Motion for Summary Judgment Against All Defendants and for Interlocutory Decree of Foreclosure; Exhibit “A,” filed on September 26, 2023, in The Bank of New York Mellon F/K/A The Bank of New York as Successor Indenture Trustee to JPMorgan Chase Bank, National Association for CWHEQ Revolving Home Equity Loan Trust, Series 2005-J v. Marietta Nallos Wallace; William Charles Wallace; Hawaiian Paradise Park Owners Association; State of Hawaii-Department of Taxation; U.S. Bank National Association as Trustee for RASC 2005KS8; John Does 1-20; Jane Does 1-20; Doe Corporations 1-20; Doe Entities 1-20; and DOE Governmental Units 1-20, Civil. No. 3CCV-23-0000034, Circuit Court of the Third Circuit, State of Hawai’i, the undersigned Commissioner will sell the following described property at public foreclosure sale at the date and time set forth below: PROPERTY: All of those certain parcels of land situate at Keaau, District of Puna, Island and County of Hawaii, State of Hawaii, described as follows: -PARCEL FIRST:- Lot 1725, acre 1 acre, more or less, Block 7, as shown on Map 58, filed in the Office of the Assistant Registrar of the Land Court of the State of Hawaii with Land Court Application No. 1053 (amended) of W. H. Shipman, Limited. -PARCEL SECOND:- An undivided 1/5750 interest in Lots 60, 62, 8297, 8363, 8385, 8387 and 3115 in Block 7, and Lot 1 in Block 10; as shown on Maps 10, 10, 55, 56, 56, 57, 58 and 65, respectively, of said Land Court Application No. 1053 (amended); and Lot 4-B, as shown on Map 2 of Land Court Application No. 1689 of W.H. Shipman, Limited, to be used in common with others entitled thereto, for roadway and utility purposes only. TAX MAP KEY No. 2-1-5-052-167. STREET ADDRESS: 15-1474 9th Avenue, Keaau, HI 96749. LAND USE DESIGNATION: County Zoning: Agricultural. IMPROVEMENTS: 1,818 sf, 3 bedroom, 2 bath single family dwelling, per County of Hawai’i records. Other unpermitted structures may be present on the property. TERMS: The property will be sold “as is” at public auction with NO UPSET PRICE, and with ten percent (10%) of the highest bid payable in cash, certified or cashier’s check at the fall of the hammer; balance is payable upon delivery of documents transferring title; purchaser shall pay all costs of escrow, conveyancing, recordation and conveyance tax, and shall be responsible for securing possession; SALE SHALL NOT BE FINAL UNTIL APPROVED AND CONFIRMED BY THE COURT. The purchaser shall pay closing costs, including but not limited to costs of escrow fees, title insurance premiums, conveyance document preparation fees, accrued and unpaid real property, conveyance tax, accrued and unpaid ground rent payments, recordation and costs of securing possession after closing. The ability of the purchase to secure title insurance shall not be a condition of closing. OPEN HOUSE:* Saturday, January 27, 2024, 11:00 a.m. 1:00 p.m. Sunday, January 28, 2024, 11:00 a.m. 1:00 p.m. * The property structures have been sealed and inside access will not be provided. SALE DATE: The lot will be auctioned for sale on Thursday, February 1, 2024, beginning at 12:00 noon, at the front entrance of Hale Kaulike (Hilo Judiciary Complex), 777 Kilauea Avenue, Hilo, Hawai?i. For legal description of property to be conveyed and for further details about the sale, contact MASON M. YAMAKI, Commissioner, P.O. Box 7649, Hilo, HI 96720; phone: 808.935.4394; email at mmyamakilawlllc@hawaiiantel.net. ALL INFORMATION IN THIS NOTICE SHOULD BE INDEPENDENTLY VERIFIED BY THE PURCHASER BEFORE BIDDING. MASON M. YAMAKI Commissioner (HTH1440139 12/27/23, 1/3, 1/10/24)

See all open houses and auctions on the calendar.

Subscribe to receive these notices via email. 

Kyra Bronson R(B) 23930

LUVA Real Estate