Texas Foreclosure Law Primer – Part 2

So you are a Texas home owner and you received a foreclosure posting – what do you do next?

This article is the second in a series of articles designed to help Texas home owners who face the threat of foreclosure.

Texas is a non-judicial foreclosure sale for non Texas equity mortgages. That is, the Trustee can conduct the sale on behalf of the lender without any court intervention. This means that the foreclosure time line is accelerated and can be completed well within 60 days if the calendar fall right.

Texas equity loans do require a court order and that process is longer.

Texas law provides that your mortgage lender must adhere to certain notice requirement contained in Texas Property Code, Section 51.002. The notices in Section 51.002 are keyed to the status of the property as a residential property, as opposed to a non-owner occupied property. Properties that serve as a primary residence receive an additional 20 day notice to cure.

While these tips are designed to Texas home owners, its helpful to home owners in other states as well. Home owners in states other than Texas are cautioned to consult their own state law.

You’re now on the clock. You must take action. This is one of those times you need to speak to someone – a confidant, a trusted family member, an attorney, a CPA, a minister – someone that will listen to you and help you through this difficult decision.

Emotions seem to taint a lot of real estate decisions. You need to speak with someone so you can bounce ideas off of them, listen to their feedback. Believe it or not, the decision you make here may not also save your home, but you may be able to save some money in the process. Each day you delay cuts down on your options and increase the costs of that decision.

Key Point 1 – Calm down and understand that you can salvage the situation. You’ve got some difficult decisions here but you can take of this situation.

So what are some of the options you should be considering?

Try to work something out with you lender.

Key Point 2 – Anything you agree to with your lender must be in writing. Do not believe a phone representative’s claim that the foreclosure will be stopped if you make a payment. It will not be stopped and you’ll lose the opportunity to save this situation. Don’t trust the lender in this situation.

File an Application for a Temporary Restraining Order

Key Point 3 – Assuming you have no other financial problems, this may be a consideration. But, the legal fees are expensive and you must provide a bond to the court. More importantly, there is no guarantee that your application for a Temporary Restraining Order will be granted. This risk-reward payoff here is not good. Texas judges are more likely to rule that bankruptcy court is a more proper forum for this action.

File Bankruptcy.

Key Point 4 – Absolutely the best option available for most people. Just get you case filed. It will give you at least 60 days breathing room, even if you filing is kicked back for some reason. It also seems to get the attention of the lender to allow you to work some out with them.

Do nothing and abandon you home.

This sounds harsh but it may be the right thing to do if you have no equity in the property. Save your money and lock up a rental before the foreclosure.

Key Point 5 – Lenders are not pursuing deficiency judgments now. Take care of your old home, don’t remove fixtures, clean it up, and make it easy for the lender to take over the property.

Under Texas law, lenders have the option of pursuing a judgment, if they so desire. This is not happening with regularity right now, but it is something that you should be aware of.

Also, under Texas law, a foreclosure of a Texas equity loan is judicial process. Also keep in mind that there is no personal liability on a Texas equity loan.

You may receive a 1099 from the lender for forgiveness of the debt. Consult with a tax professional to consider the impact on your personal return.

Foreclosure is a tough process for your entire family. Educate yourself as to your options.

Texas Foundation Repair and Soaker Hoses

There is a lot of smoke and mirrors behind watering your foundation with soaker hoses. First let’s review the background related to using soaker hoses as a form of foundation repair.

It has been well established that foundation failures and foundation repairs are widespread, especially in the State of Texas. Many experts claim that in most cases foundation failures are the result of an unregulated building industry, unskilled labor and builders cutting corners for the sake of higher profits or pure ignorance. For all those who live in a home built by a tract home builder this will not come as a surprise.

In recent years numerous experts around Texas have testified extensively about the increasing problem of home builders cutting cost corners and that the homes foundation is the first example given. It has also been acknowledged by engineers that home foundations are being designed to less stringent standards in order to build them cheaper. This lack of quality control has lead to unprecedented foundation repair work being needed.

Because of widespread homeowner complaints describing foundation failures, the American Society of Engineers (ASCE) asked for comments and recommendations from engineers across Texas. The consensus of those engineers who participated was to improve foundations by designing stiffer slabs. The results were astounding; the recommended guideline changes would increase foundation strength by 27% at an estimated cost of only a $1,000 for a 2,500 square foot one story home.

However, the disgraceful response by the building industry, to its critics, is that homeowners have a maintenance responsibility to “water their foundations” to protect the structural integrity of their homes. As if watering a foundation replaces sound engineering.

At a Texas building standards public hearing, a committee member described how homeowners are instructed by builders to put a soaker hose around the perimeter of the home, and never turn it off in order to keep the foundation from cracking, and to keep it stable. He then asked how much water was needed to maintain a foundation. The well respected engineer responded; you cannot maintain a foundation by watering because “you can never water enough.”  

The engineer went on to say that the cost of water over even a relatively short period of time would far exceed the cost of the $1,000 needed to stiffen the foundation significantly when it is initially built.

So finally we have it on good authority that the excuse for foundation failures caused by too much rain, lack of rain or trees is a fairy tale, and that these so called “Acts of God” are really acts of man in order to increase builder profits. Remember the Texas Home Builders Association has a very large lobbyist organization in Austin.

Texas has highly expansive soils, as well as many other states however, no other place but Texas are homeowners instructed to “water their foundations.” Other states officials and foundation experts laugh when they hear that in Texas homeowners are blamed for foundation repair issues because they didn’t properly water their foundations. The solution to expansive soil problems is to properly engineer foundations to withstand the adverse effects of expansive soil. This can be accomplished during construction as well as after construction is complete by trained professionals under the guidance of independent foundation engineers.

In the meantime, if nothing is done, new homebuyers are at risk, and the new home foundation problem will continue to worsen while builder profits take priority. While continuing down this road will make the new home building and foundation repair industries very profitable, the consumer will suffer.  

One solution for existing homes, that are having foundation problems, is to have proper foundation repairs done by trained professionals. There are several foundation repair methods that will solve current problems and they all have certain things in common.  

First, they install deeply beyond the active soil layers. Whether it is helical anchors or steel push piers, depth is the first priority. Secondly, correct foundation repairs use engineered systems to install. Simple bottle jacks and shims are not engineered systems, they are cheap techniques for temporary repairs. Lastly, quality foundation repairs are performed by trained foundation repair professionals under the supervision of independent engineers. Using these guidelines homeowners can be assured that they have a properly designed deep foundation system supporting their home.

In summary, do not rely on smoke and mirrors. Consult with a foundation engineer who will help develop a plan to solve your unique foundation problem.  

A Review of the Texas Holdem Layout 36in x 72in Poker Table Top

The Texas Holdem Layout 36in x 72in is a small piece of layout ideal for home use. Let us review the Texas Holdem Layout 36in x 72in and see why this product is god for home use.

The Texas Holdem Layout 36in x 72in is professional layout, the one that you can use on your home table top. A weekend poker game in the house can be done if you have this Holdem poker layout. We know that Texas Holdem is one of the most common poker games that is played and keeping the Texas Holdem Layout 36in x 72in in your house will surely help you entertain your friends better.

The layout is designed for the popular casino game of Texas Holdem Poker that is the same game that is played on ESPN “World Poker Tour and the Travel channel’s “World Series of Poker”. With these two tournaments driving up the popularity of poker to newer heights it makes all the more sense to keep this layout handy. You can easily carry it in your car when going out for the weekend getaway with your family and friends.

Another great thing about this layout are the gaming instructions that are given with the layout. If you have friends who are not adept at the game of Texas Holdem Poker, you can ask them to quickly read through the manual before hitting the poker table. The green colored felt layout makes the poker table look attractive and you will surely hear that “WOW” from your friends. They will surely tell you that it is better to spend time in the house than at the poker club.

What makes the Texas Holdem Layout 36in x 72in more attractive is the price. The price point allows us all to get this product in our homes. It is not always possible for us to buy a poker table for our homes but if we want to create the poker club aura in our houses the Texas Holdem Layout 36in x 72in is the best buy.

People who have bought this product say that their worries about the weekend poker game has since disappeared. When I saw this product for the first time I felt that this layout is the best one that I have seen for a home game. Small though it may be, but it has all the features that is required to have a good game of Texas Holdem.

The layout is designed very nicely with “Holdem Poker” nicely etched on the layout. It gives the players the real feel of a Las Vegas Casino even if they are sitting inside their house in Tampa. The quality of the product is also very with Casino quality felt being used. As a result, if this layout is well maintained it can go on for years. There should not be any further doubts about the Texas Holdem Layout 36in x 72in.

If you still have any doubts you can check out the product yourself. Once you have it in your house, I am sure that you will not have any complains. So move ahead with confidence and invite your friends for that game of Texas Holdem. You have the Texas Holdem Layout 36in x 72in handy.