Ka Wai Ola - Office of Hawaiian Affairs, Volume 29, Number 6, 1 June 2012 — Hawaiʻi homeowners to receive $72 million to help prevent foreclosures [ARTICLE+ILLUSTRATION]

Hawaiʻi homeowners to receive $72 million to help prevent foreclosures

By Jeff Gilbreath n April, 49 state attorneys general and the five largest hnaneial institutions in the United States signed the National Mortgage Settlement - committing $25 billion to address the nation's ongoing foreclosure crisis

through principal reduction, refinancing, direct cash payments to homeowners, and federal Housing and Urban Devel-opment-approved housing counsel-

ing and nonprofit legal services - all to ensure the dream of homeownership stays alive. For Hawai'i, this means approximately $72 million over the next three years to assist our homeowners prevent foreclosure, and the timing

could not have been better. According to the Center for Responsible Lending, our nahon ean expect a second round of adjustable rate mortgage resets in the third and fourth quarters of this year, increasing families'

monthly mortgage payments and sending millions more homeowners into foreclosure. Nearly half of all homeowners Hawaiian Community Assets currently serves with foreclosure

prevention services identify themselves as Native Hawaiian/Paeihe Islander; however, this event could force even more of our Hawaiian families into homelessness and potentially damage the opportunity for future generations to achieve homeownership.

Fortunately, with the signing of the National Mortgage Settlement, we have a unique opportunity to eome together as families, communitybased organizations, government agencies and homestead associations to launeh a eon-

certed, statewide effort to ensure Native Hawaiian homeowners are provided the attention and resources they deserve to fight foreclosure. Our first and

most powerful resource is ourselves. It should become second nature for us to tell our friends and family who think they may be at risk of foreclosure to not wait and to immediately eall a free HUD-approved housing counselor to see what options are available to them.

Over the next three years, Hawaiian Community Assets will seek to establish broad-based partnerships across the state to launeh targeted community outreach efforts, educate the public on options available for sustaining homeownership, and assist our Native Hawaiian homeowners with free foreclosure prevention counseling and postforeclosure opportunities. Bottom line: nothing is worse than not taking action. Together we ean keep the dream of homeownership alive. If you or someone you know is at risk of foreclosure, eall Hawaiian Community Assets. We ean help prevent foreclosure. Reach us by phone (toll-free) at 1-866-400-1116 or via e-mail at info @hawaiiancommunity.net. ■ Jeff Gilbreath is executive director of Hawaiian Community Assets.

Bottom line: nothing is worse than not taking action. Together we ean keep the dream of homeownership alive.

Gilbreath