Inside 1998 , the Tx Structure was revised to allow home owners in order to willingly encumber its homesteads having liens in return for expansion away from borrowing from the bank, i
Wilfredo RIVERA and you will Ines Del C. Rivera , Appellants v. Countrywide Lenders, INC. , Landsafe Assessment Properties, Inc. , and you may Shirley Burchett , Appellees .
Kirsten Yards. Castaneda , James Meters. Wortman , Robert T. Mowrey , Wear C. Clayton , Locke Lord Bissell & Liddell LLP , Dallas, Jennifer Pettit , Gay, McCall, Isaacks, Gordon, May & Roberts, P.C. , Plano, to possess appellees .
Wilfredo and Ines Del C. , Landsafe Appraisal Attributes, Inc. , and you will Shirley P. Burchett . In the 9 things, brand new Riveras whine this new demonstration courtroom erred into the giving bottom line judgment into limits, granting no facts motions to possess sumages, granting Burchett conclusion view towards Riveras’ allege from fake misrepresentation, and awarding attorney’s charge in order to Burchett. I affirm simply and you will reverse and bring simply.
age., “family equity financing.” TEX. CONST. ways. XVI, fifty (a) (6) (A) – (Q) . ” TEX. CONST. artwork. XVI, fifty (a) (6) (B) .
The borrowed funds were to be protected from the their homestead. Countrywide called a subsidiary, Landsafe, to obtain an appraisal of the house. Landsafe subsequently requested Burchett perform the appraisal. Burchett appraised the reasonable market price of the house at the $350,000 by this new closing date. Nationwide loaned the latest Riveras $280,000, eighty % of one’s $350,000 reasonable market loans Standing Rock AL value assessment. On closure, the new Riveras received a duplicate off Burchett’s appraisal. They were in addition to offered and you will finalized an enthusiastic “Acknowledgment on Fair Market price regarding Homestead Possessions” stating the fresh new fair market value of the home since the newest closing day was $350,000. One acknowledgment, in addition to closed because of the Countrywide, states the lending company “does not have any training or reason to trust that the fair markets worth of the brand new Homestead Possessions manufactured in it created acknowledgment was completely wrong,” while the lender’s bill of $350,000 reasonable market price of the house at the time of brand new closure go out for each brand new assessment assessment. Within the loan documents within closing are a review assessment obtained of the Nationwide and you can Landsafe prepared by Jeff McGregor, Jr. That it appraisal conveyed the fresh $350,000 fair market price by Burchett appeared overstated while the reasonable market price of the property try anywhere between $261,040 and you may $293,580. A “Family Collateral Note Colorado Domestic Collateral Coverage Means (Basic Lien) ” was also performed contemporaneously on house collateral financing.
New Riveras decrease at the rear of within mortgage money, in addition to property are arranged to have property foreclosure of the trustee is why marketing within the , if you’re talking to neighbors John “Patrick” Bain, Wilfredo Rivera discovered Bain is a keen appraiser from the mortgage business. Bain assessed this new Riveras’ mortgage data and you will lead McGregor’s comment assessment so you’re able to Wilfredo’s attention.
During the 2001 , brand new Riveras questioned a loan from Countrywide
Within their unique petition, the new Riveras demand common law causes of action up against Countrywide, Landsafe, and you may Burchett having negligence, fraud, and you may conspiracy, seeking damages to possess intellectual pain and you may up front will cost you. step one At exactly the same time, the new Riveras allege Countrywide broken post XVI, area 50 (a) (6) (B) of Tx Structure because of the credit over eighty % of new reasonable market value of the homestead possessions. 2 In the course of brand new Riveras’ loan closing, the fresh new forfeiture supply of the house security constitutional supply said this new financial or people owner of your note getting a property collateral financing
should forfeit all dominating and appeal of your expansion out-of borrowing from the bank in case your lender otherwise manager fails to follow this new lender’s or holder’s loans in extension of borrowing from the bank contained in this a good date after the lender or holder try notified by debtor of your lender’s inability to follow.