Posted by BrendaTX on 5/26/05 1:10am
Msg #40443

Two HELOCs /wrong venue...Bob? Paul?

I know of two situations where a Texas HELOC was closed at the bwr's home...not in the title co., lender branch or a law office.

It was not me...in fact...I turned one down for $150 when I got the edocs and saw it was a HELOC. I referred the TC back to a lawyer in town. HE went to the borrower's house.

The security instrument was not executed properly-- I had to go get it re-signed for correction post funding...bwr said he came by late the night of the signing. Yep...he went to her house.

And, I heard a signing service sent a Texas notary to do a HELOC signing last minute because of the title co's "last minute crunch."

Am I a Pollyanna for thinking this is a problem?

I'd love a shot at making $150.00 rather than to send it over to an atty who is my competition...to do it wrong anyhow... but ,s omething just sticks in my craw about ignoring the Texas Constitution where this HELOC requirement stems from.

Unless I dreamed reading this, the laws are like they are for the protection of the lender so that the HELOC can be foreclosed on if it goes into default.

Hugh thinks it's a stupid law so he won't look into it for me. Does the semi-retired Sage and part-time Oracle named PaulFL have any idea about the WHY of the situation...?

Bob???

(Bob probably won't answer me because my state is the wrong color...and, he's still annoyed about the no suggestive cheerleading uniforms thing in Texas.)

Reply by Melody on 5/26/05 3:57am
Msg #40448

Brenda?

What are you doing up this late on last day to sign?

I am up because my last signing ended at 1am.

Plus I am a sick person.

Reply by Melody on 5/26/05 4:27am
Msg #40449

Re: Brenda?

I have just created a new policy / ritual:

Late at night, at the end of the Last Day to Sign when my nerves are absolutely fried and I know I cannot fall immediately to sleep, I shall start this new tradition:

One perfect Bombay Sapphire Martini, dry, straight up, very cold, with two olives.

Forget about the Fat Lady and her song.

Reply by Bob-Chicago on 5/26/05 7:44am
Msg #40458

Actuallly, if I could get a couple of 8x10 glossies of Brenda in her suggestive cheerleading uniform , I might consider looking into it.
My knowledge of the TX Constitution is limited to the apparent requirement of execution for any offense beyond spitting on the sidewalk. Carnal knowledge of livestock is, I believe , condoned, however.
If you want to inform me as to the relevant sections of the TX Constitution and related laws, I will be happy to give you my sage opinion just as soom as I get my head above the EOM water.

Reply by HisHughness on 5/26/05 8:21am
Msg #40468

Bob-Chicago opines:

***My knowledge of the TX Constitution is limited to the apparent requirement of execution for any offense beyond spitting on the sidewalk. Carnal knowledge of livestock is, I believe , condoned, however.***

The law is a bit broader than that, Bob. Non-Texas women -- for purposes of the Carnal Knowledge Statute, all resident females, not just native Texans, are included -- are classified just below range stock, except for females from New York, Massachusetts, Illinois and San Francisco, who are deemed reptilians. Carnal knowledge with them, including full nudity, is permitted, though not encouraged.

Coitus with a Texas female under coverture to a native Texan with a right-to-carry permit remains a capital offense.

Reply by BrendaTX on 5/26/05 8:35am
Msg #40472

Make it 3 HELOCs & counter-offer a 15 y/o Glamour Shot

Bob, thanks for the offer to opine...no need to spend time on it...one never knows who has heard a blurb here and there that will shed some light.

I am always looking for a way to say YES...but only if Yes is the right answer.

Reply by BrendaTX on 5/26/05 8:58am
Msg #40477

I think I found my answers, or part anyhow n/m

Reply by Katisha/TX on 5/26/05 9:31am
Msg #40490

Re: I think I found my answers, or part anyhow n/m

Brenda,
What did you find?

Reply by BrendaTx on 5/26/05 1:52pm
Msg #40577

Katisha...

This explains a lot:



Hey girl...

Finance Commission:

Section 153.15 interprets Section 50(a)(6)(N), specifying the location of the closing of an equity loan and prohibiting the closing at the place of the homestead. This section specifies that an equity loan must be closed at the office of the lender, attorney, or title company. This provision was intended to prohibit the coercive closing of an equity loan at the home of the owner. The requirement that the closing occur at the physical address of the lender, attorney, or title company eliminates the possibility of the closing occurring at the residence of the owner, and also eliminates confusion on the part of the owner who wishes to rescind an equity loan.
http://www.fc.state.tx.us/Home%20Equity/ch153.htm



Home equity foreclosure synopsis.
On November 4, 1997, Texas voters changed 150 years of history and voted to amend the Texas Constitution to allow “home equity” loans to be secured by a person’s homestead. TEX. CONST. art. XVI § 50a(6). Subsequently, on Oct. 29, 2003, the voters amended the Texas Constitution to allow home equity lines of credit or HELOC loans. However, because 34 consumer protection safeguards are written into the constitutional amendment, Texas home equity loans are very different from home equity loans in other states.

>>>>>Failure to comply with any of the consumer safeguards invalidates the lien against the Texas homestead. Because all home equity loans are non-recourse, if the home equity lien is invalid, the mortgagee can neither foreclose nor sue the borrower on the note. <<<<


http://www.texasmba.org/business.htm
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Not legal advice...just reading up on my job and sharing the results. For all I know I may be completely wrong.

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Heading out for a Rev Mort many, many miles away. Nice fee and nice way to end the month!!

By 3 or 4 I will be traveling, if you want to give me a call.

Brenda

Reply by Katisha/TX on 5/26/05 3:05pm
Msg #40599

Re: Katisha...

It is also stated in the Texas Admin Code: Title 7, Part 8, Chapter 153 Rule 153.15 under location of closing. I am talking to one of the atty I work with and we are looking for the exception to this rule, so far we don't see one.

Reply by BrendaTx on 5/26/05 9:19pm
Msg #40697

Just want to be clear...

Reply by BrendaTx on 5/26/05 9:19pm
Msg #40698

Just want to be clear...

Reply by BrendaTx on 5/26/05 9:28pm
Msg #40702

Apparently REALLY clear...

Sorry about that doubt post action there...Earlier, I chatted with one certain Hugh Nations of Austin, Texas.

I did not quote the statements I made and from what Hugh said, I think it may have seemed as if I pulled that info out of my rear. Not so...this came from the finance commission and the Tx Mortgage Bankers Assn. website.