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
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