Terms Used In Hawaii Revised Statutes 480E-13

• Contract: A legal written agreement that becomes binding when signed.
• Fully performed: means :

  (1) In the case of relief requiring the consent of any lending party, the distressed property consultant or attorney has:

  (A) Carried out and provided all of the services the distressed property consultant or attorney contracted to perform or represented would be performed; and

  (B) Obtained from the lending party a written offer for mortgage assistance relief that the consumer has accepted by executing the written contract. See Hawaii Revised Statutes 480E-2

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage assistance relief service: means any service, plan, or program that is offered or provided to the consumer in exchange for consideration and is represented, expressly or by implication, to assist or attempt to assist the consumer with any of the following:

  (1) Stopping, preventing, or postponing the loss of any residential real property, whether by mortgage or deed or trust foreclosure sale or repossession, or otherwise saving any consumer's residential real property from foreclosure or repossession;

  (2) Stopping, preventing, or postponing the charging of any lien or encumbrance against any residential real property or reducing or eliminating any lien or encumbrance charged against any residential real property for the nonpayment of any taxes, lease assessments, association fees, or maintenance fees;

  (3) Saving the owner's property from foreclosure or loss of home due to nonpayment of taxes;

  (4) Negotiating, obtaining, or arranging any modification of any term of a residential loan, including a reduction in the amount of interest, principal balance, monthly payments, or fees;

  (5) Negotiating, obtaining, or arranging any extension of the period of time within which the consumer may:

  (A) Cure the default on a residential loan;

  (B) Reinstate the residential loan;

  (C) Redeem any residential real property; or

  (D) Exercise any right to reinstate a residential loan or redeem a residential real property;

  (6) Negotiating, obtaining, or arranging, with respect to any residential real property:

  (A) A short sale;

  (B) A deed-in-lieu of foreclosure; or

  (C) Any other disposition of the property other than a sale to a third party who is not the residential loan holder;

  (7) Obtaining any forbearance or modification in the timing of payments from any residential loan holder or servicer;

  (8) Obtaining any forbearance from any beneficiary or mortgagee, or any relief with respect to a tax sale of any residential real property;

  (9) Obtaining any waiver of an acceleration clause or balloon payment contained in any promissory note or other contract secured by a mortgage on any residential real property or contained in the mortgage;

  (10) Obtaining any extension of the period within which the owner may reinstate the owner's rights with respect to the owner's property;

  (11) Obtaining a loan or advance of funds while the consumer is in foreclosure or at risk of foreclosure due to nonpayment of any obligation related to a residential real property, including but not limited to one or more loans, taxes, lease assessments, association fees, or maintenance fees;

  (12) Obtaining a loan or advance of funds during any post-tax sale redemption period;

  (13) Considering or deciding whether a consumer should continue making payments on any loan, taxes, lease assessments, association fees, or maintenance fees or any other obligation related to a residential real property;

  (14) Exercising any cure of default;

  (15) Avoiding or ameliorating the impairment of the property owner's credit resulting from the recording or filing of a notice of default or the conduct of a foreclosure sale or tax sale;

  (16) Drafting, preparing, performing, creating, or otherwise obtaining a forensic loan audit, a forensic securitization audit, or any other type of audit, report, summary, affidavit, or declaration involving an opinion, determination, or analysis of whether a lending party has an enforceable mortgage or lien, predicated upon claims that a lending party that is a party to a pooling and service agreement failed to adhere to the terms of that agreement, or that errors occurred after the signing of the mortgage loan, or disputing whether the lending party is the holder of the promissory note, or any argument that the lending party has failed to comply with federal or state mortgage lending laws;

  (17) Drafting, preparing, performing, creating, or otherwise obtaining any documentation used or intended to be used to advance any legal theory in defense of a foreclosure or ejectment action, regardless of any disclaimer as to providing legal advice; or

  (18) Understanding any legal theory that may be used in defense of a foreclosure or ejectment action, regardless of any disclaimer as to providing legal advice. See Hawaii Revised Statutes 480E-2

• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}