Haw. Code R. § 15-308-87 - Release by the corporation of right to purchase
(a) The
corporation may release the right to purchase as set forth in section
201H-47, HRS, if the property is
financed under a federally subsidized mortgage program and when fiscal
considerations will not allow the repurchase of the dwelling unit.
(b) The corporation's right to repurchase
prescribed in sections
201H-47 to
201H-51, HRS, shall be
automatically extinguished and shall not attach in subsequent transfers of
title when a mortgage holder or other party becomes the owner of the dwelling
unit pursuant to a mortgage foreclosure, foreclosure under power of sale, or a
conveyance in lieu of foreclosure after a foreclosure action is commenced; or
when a mortgage is assigned to a federal housing agency. If requested by the
owner, the corporation shall at the owner's expense execute a written release
in a form which may be recorded.
Notes
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