Point fifty(a)(6)(H) from Article XVI of your own Tx Composition prohibits property equity financing from are secure by any extra real otherwise individual possessions other than the brand new borrower’s homestead. For example home is commonly referred to as blocked even more collateral. Within memo, i addressed how Texas’ prohibition into the extra security inhibits one who is not an owner and/or partner out-of a proprietor from finalizing the fresh new mention with the a property guarantee mortgage. Just like the intends to repay by such low-citizens are believed sureties otherwise guaranties, both are thought even more security and you may blocked not as much as Part fifty(a)(6)(H).

Inside memo, we coverage other common circumstance you to definitely enhances the problem of banned a lot more collateral into a home guarantee loan: whether or not a home guarantee financing can get close that have a loan warranty provided by the latest U.S. Agencies of Veterans Affairs (VA) or one that is covered of the Government Property Administration (FHA). Читать далее →