Rivera desire summation judgments and only Countrywide Mortgage brokers, Inc

When you look at Lake Clarke Shores loans the 1998 , the brand new Tx Composition are amended to allow home owners to help you voluntarily encumber its homesteads which have liens in return for extension out-of borrowing, i

Wilfredo RIVERA and you may Ines Del C. Rivera , Appellants v. Nationwide Home loans, INC. , Landsafe Appraisal Services, Inc. , and you will Shirley Burchett , Appellees .

Kirsten Meters. Castaneda , James Yards. Wortman , Robert T. Mowrey , Wear C. Clayton , Locke Lord Bissell & Liddell LLP , Dallas, Jennifer Pettit , Gay, McCall, Isaacks, Gordon, Will get & Roberts, P.C. , Plano, getting appellees .

Wilfredo and Ines Del C. , Landsafe Appraisal Services, Inc. , and you may Shirley P. Burchett . In the 9 affairs, this new Riveras complain this new trial courtroom erred within the giving summary wisdom towards the constraints, granting zero evidence motions getting sumages, granting Burchett bottom line judgment on Riveras' claim regarding deceptive misrepresentation, and you can awarding attorney's costs so you can Burchett. We affirm simply and you will opposite and you may render to some extent.

e., "family collateral financing." TEX. CONST. ways. XVI, 50 (a) (6) (A) - (Q) . " TEX. CONST. artwork. XVI, 50 (a) (6) (B) .

The mortgage were to be protected because of the the homestead. Countrywide called a subsidiary, Landsafe, to get an appraisal of the property. Landsafe consequently asked Burchett carry out the assessment. Burchett appraised the fresh new reasonable market value of the home in the $350,000 since this new closure go out. Nationwide loaned the fresh Riveras $280,000, eighty per cent of your $350,000 fair market value assessment. During the closure, this new Riveras gotten a copy out of Burchett's assessment. These were and considering and you can signed an enthusiastic "Acknowledgment concerning Fair Market value off Homestead Assets" saying new fair market value of the home since new closing date is actually $350,000. That acknowledgment, as well as finalized from the Nationwide, says the lending company "doesn't have education or need to trust your fair sector worth of brand new Homestead Assets stated in it composed acknowledgment was wrong," together with lender's receipt of your own $350,000 reasonable market value of the property by new closing day for each the brand new appraisal review. Within the mortgage data files within closing was an evaluation assessment gotten of the Nationwide and you will Landsafe served by Jeff McGregor, Jr. Which appraisal expressed the fresh $350,000 fair market value by Burchett appeared exaggerated and reasonable market value of the house is ranging from $261,040 and $293,580. Good "Family Guarantee Note Texas Household Security Safety Means (Basic Lien) " has also been performed contemporaneously to the house guarantee mortgage.

The new Riveras dropped at the rear of inside their financing costs, together with possessions try planned to own property foreclosure by trustee 's selling into the , if you find yourself talking to next-door neighbor John "Patrick" Bain, Wilfredo Rivera discovered Bain are a keen appraiser on home loan world. Bain reviewed this new Riveras' mortgage data and you will produced McGregor's review assessment to help you Wilfredo's interest.

Inside 2001 , the fresh new Riveras questioned a loan regarding Nationwide

Within their modern petition, the Riveras believe common law factors that cause action facing Nationwide, Landsafe, and Burchett to have neglect, scam, and you may conspiracy, looking to damage to have rational anguish and you can with your own money costs. step 1 On top of that, the Riveras allege Nationwide broken blog post XVI, area fifty (a) (6) (B) of Texas Composition by the lending more eighty per cent off this new reasonable market price of your homestead property. 2 In the course of the latest Riveras' financing closure, the new forfeiture provision of the home equity constitutional supply mentioned the financial or people owner of your own notice having property guarantee loan

should forfeit every prominent and focus of your expansion off credit in the event the financial otherwise owner fails to adhere to the fresh lender's otherwise holder's loans according to the extension from credit within this a fair go out pursuing the bank otherwise manager is actually notified by the borrower of the lender's inability in order to comply.