Inside 1998 , the brand new Texas Structure is actually amended to allow homeowners so you can willingly encumber their homesteads having liens in exchange for extension out-of borrowing from the bank, i
Wilfredo RIVERA and you may Ines Del C. Rivera , Appellants v. Countrywide Lenders, INC. , Landsafe Assessment Qualities, Inc. , and you may Shirley Burchett , Appellees .
Kirsten Meters. Castaneda , James Yards. Wortman , Robert T. Mowrey , Wear C. Clayton , Locke Lord Bissell & Liddell LLP , Dallas, Jennifer Pettit , Gay, McCall, Isaacks, Gordon, Get & Roberts, P.C. , Plano, for appellees .
Wilfredo and you may Ines Del C. , Landsafe Appraisal Features, Inc. , and you will Shirley P. Burchett . In nine issues, the brand new Riveras whine this new demo judge erred when you look at the giving summary view to the restrictions, granting no proof motions to possess sumages, granting Burchett realization judgment for the Riveras’ claim away from fraudulent misrepresentation, and you can awarding attorney’s costs in order to Burchett. We affirm simply and you can opposite and render to some extent.
e., “house collateral financing.” TEX. CONST. artwork. XVI, fifty (a) (6) (A) – (Q) . ” TEX. CONST. artwork. XVI, fifty (a) (6) (B) .
The borrowed funds was to be secured from the their homestead. Countrywide called a part, Landsafe, to track down an assessment of the house. Landsafe consequently requested Burchett carry out the assessment. Burchett appraised this new reasonable market price of the home in the $350,000 by the latest closure big date. Nationwide loaned the new Riveras $280,000, eighty percent of $350,000 reasonable market price assessment. Within closing, the new Riveras gotten a copy away from Burchett’s assessment. These were also offered and you will signed a keen “Bill concerning Reasonable Market price from Homestead Assets” stating the fresh fair market value of the home at the time of brand new closing date is actually $350,000.
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