Examine latest home equity rules for 2018
Q: What are the new home equity rules for 2018? An addition to our answer in last week’s column is below. : There are quite a few changes in home equity loans. A new constitutional amendment was voted on in November. One can now make a home equity loan on any agricultural property. Fees are limited to 2 percent of the loan amount. A home equity loan can be converted to a traditional lien after one year. Most think this makes home equity loans a lot more available to Texans. There is a new disclosure requirement for lenders set out in article XVI, Section 50 (f ) that lenders have to make in refinancing a home equity loan into a traditional deed of trust loan. It is contained in the Texas Constitution under Article XVI, Section 50 (f )(2) (D) and is about one page long in all capital letters.
Q: I’m leasing a rental house and the potential tenant says they have a security dog and I can’t charge a pet deposit. Does this dog have more rights than I do?
A: Maybe. You do have the right to request verification of the certification of the dog. Just for your information, the rules now include miniature horses. They must be certified, too.
Q: I moved here from Minnesota, am looking for a new house, pretty much on my own. I did not hire a real estate agent. Everyone bombards me with the forms that the state publishes. Is this the only form I can use?
A: No, but the Texas Real Estate Commission forms are good forms, consumer oriented, and simple to use. They are available at no charge on the TREC web site and license holders are required to use them. Get used to them, and welcome to Texas.
Q: My house flooded, and FEMA has fabricated things to me so many times about the amount of damage I suffered I’m at my wits’ end. They first said my damage was $200,000, then they lowered it to $125,000, and their “report” didn’t list two rooms in my house, nor some appliances that the adjuster said had “depreciated”. Then they sent me a check and won’t return my phone calls. What can I do next?
A: This is such a common theme after Hurricane Harvey. We think we’ve heard them all. People with the most success go to the highest authority at FEMA they can find, file very complete appeals with lots of pictures, and never let up. It takes a lot of time, but has been met with the best success. Sometimes the squeakiest wheel gets the grease.
To send a question visit www.AskGeorge.net and select the “Ask A Question” button. Answers to questions do not contain legal advice. If you wish to obtain legal advice, consult your own attorney. George Stephens is the broker of Stephens Properties. Charles J. Jacobus, J.D. is board certified by the Texas Board of Legal Specialization in residential and commercial real estate law.