Losing your home is one of the worst things that can happen to anyone, and now the Texas Legislature has voted to make it easier for banks and other lenders to foreclose on homeowners who have taken out a home equity loan. This new amended legislation would change the section of the Texas Constitution that protects homes from forced sale for payments of debts, and it would apply to home equity loans and home equity lines of credit made or refinanced beginning on January 1, 2018.
The Texas Home Equity Loan Amendment, also known as Senate Joint Resolution 60 (SJR 60), will be on the ballot in Texas in November. If SJR 60 is allowed to pass into law, the banks and other home equity lenders will be able to foreclose by putting a notice in the mail just three weeks before they come to take your house, and it can also take away a homeowners’ constitutionally-protected right to a trial on an alleged default.
To oppose this legislation and preserve the protection that every Texas homeowner deserves, vote NO on November 7, 2017.
Learn more in this recent news article from the Houston Chronicle.
You can also get full details about this pending legislation on BallotPedia.