Rivera appeal summation judgments in favor of Countrywide Mortgage brokers, Inc

Inside the 1998 , the brand new Texas Constitution was revised to let home owners in order to willingly encumber their homesteads that have liens in exchange for expansion from borrowing from the bank, i

Wilfredo RIVERA and you will Ines Del C. Rivera , Appellants v. Countrywide Lenders, INC. , Landsafe Assessment Features, Inc. , and you will Shirley Burchett , Appellees .

Kirsten Meters. Castaneda , James M. Wortman , Robert T. Mowrey , Don C. Clayton , Locke Lord Bissell & Liddell LLP , Dallas, Jennifer Pettit , Gay, McCall, Isaacks, Gordon, May & Roberts, P.C. , Plano, having appellees .

Wilfredo and you will Ines Del C. , Landsafe Appraisal Qualities, Inc. , and you may Shirley P. Burchett . From inside the nine facts, the latest Riveras whine the demo judge erred into the giving conclusion wisdom into the restrictions, granting zero facts actions having sumages, granting Burchett bottom line view into the Riveras’ allege regarding fraudulent misrepresentation, and awarding attorney’s charge in order to Burchett. We affirm to some extent and you will reverse and offer partly.

e., „house equity loan.“ TEX. CONST. art. XVI, fifty (a) (6) (A) – (Q) . “ TEX. CONST. ways. XVI, 50 (a) (6) (B) .

The loan were to getting shielded of the their homestead. Nationwide contacted a part, Landsafe, to locate an appraisal of the house. Landsafe consequently questioned Burchett perform the assessment. Burchett appraised the reasonable market price of the home on $350,000 at the time of the newest closure time. Countrywide loaned the fresh Riveras $280,000, eighty per cent of $350,000 fair market value appraisal. At closure, the new Riveras gotten a copy of Burchett’s assessment. These were in addition to provided and signed an „Receipt regarding Reasonable Market price from Homestead Property“ stating the newest reasonable market value of the house by the newest closing date was $350,000. You to acknowledgment, along with signed of the Countrywide, claims the lender „doesn’t have training or need to think your reasonable markets value of this new Homestead Property manufactured in so it written bill is incorrect,“ and the lender’s receipt of the $350,000 reasonable market value of the home at the time of new closure day each the latest appraisal review. As part of the mortgage documents during the closing was a review assessment received from the Countrywide and you can Landsafe made by Jeff McGregor, Jr. It assessment indicated the brand new $350,000 reasonable market value from the Burchett checked overstated plus the reasonable market value of the home was ranging from $261,040 and you can $293,580. A „Home Security Note Tx Family Equity Cover Software (Basic Lien) “ was also performed contemporaneously into the household equity loan.

The Riveras decrease trailing within financing payments, as well as the property try scheduled to own foreclosure of the trustee is the reason marketing within the , if you are speaking with neighbors John „Patrick“ Bain, Wilfredo Rivera read Bain is actually a keen appraiser about financial business. Bain examined this new Riveras’ financing files and delivered McGregor’s opinion appraisal to help you Wilfredo’s focus.

In 2001 , the latest Riveras asked a loan away from Nationwide

Within brand spanking new petition, the fresh new Riveras believe common-law causes of step up against Nationwide, Landsafe, and you will Burchett getting neglect, scam, and conspiracy, trying problems to possess mental pain and you may with your own money can cost you. step one Likewise, the brand new Riveras claim Nationwide broken blog post XVI, part fifty (a) (6) (B) of payday loan Dover one’s Texas Constitution because of the financing more than eighty percent away from the fresh new fair market value of your homestead property. dos During the fresh Riveras’ financing closing, the brand new forfeiture provision of the home guarantee constitutional supply mentioned the latest financial otherwise any manager of the mention for a house security mortgage

should forfeit the dominating and you will notice of your expansion out of credit if your lender or proprietor does not follow this new lender’s otherwise holder’s obligations beneath the expansion off borrowing contained in this a good go out adopting the financial or manager is actually notified from the borrower of lender’s incapacity so you’re able to comply.