What is the statute of limitations on foreclosure?

In Hawaii, the statute of limitations on foreclosure is six years. This means that a lender has six years to initiate a foreclosure litigation after the borrower has defaulted on the loan (i.e. missed payments). The clock for this six-year period starts on the date the borrower first misses the payment, not the date the loan is taken out or the date the borrower is declared in default. This means that if the borrower has been in default for more than 6 years, the lender cannot file for foreclosure on the property. It is important to note that the statute of limitations only applies to the initiation of the foreclosure process. Once a foreclosure has been initiated, the borrower is still legally obligated to pay back the loan. The statute of limitations does not forgive the debt. However, if the borrower is able to make up the missed payments before the six-year period is up, it is possible to avoid foreclosure. The lender must still be willing to accept those payments, but legally the borrower still has the option. In Hawaii, if the lender is able to secure a judgment of foreclosure during the six-year period, the judgment is valid for up to 20 years. This means that the lender may still be able to legally pursue the borrower for payment after the six-year window has passed.

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What is the statute of limitations on foreclosure?

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