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Houston Consumer Credit Lawyers – Home Equity Loans

Home equity loans are a cornerstone of real estate law and credit in Texas. Although they are most commonly associated with consumers and private homeowners, the size and legal bearing of some home equity loans can have significant impacts for corporate law and business planning. In certain instances, home equity loans may even serve as the basis for civil or commercial litigation.

With this in mind, it is critical for homeowners, small business owners and lenders alike to understand the implications and importance of home equity loans. Such understanding is the best defense against unforeseen consequences, including increased lender liability and foreclosure.

Home Equity Loans in Sugar Land, Stafford and Missouri City

Home equity loans are secured loans that may be issued to any homeowner with sufficient equity and clear title in his or her home. Since small changes in the loan’s term, borrowing limit, interest rate and other factors can have substantial impact on the borrower, it is critical for homeowners to obtain the opinion of an attorney prior to finalizing a home equity loan.

Moreover, a recent Texas Supreme Court decision reduces potential legal hurdles to the modification of home equity loans that have become burdensome for borrowers.

According to the text of the decision in Sims v. Carrington Mortgage Services, LLC, Tex. Sup. Ct. 2014, the Texas Supreme Court does not consider home equity loan modification to be a violation of the Texas State Constitution. In its words, if “the original note is not satisfied and replaced, and there is no additional extension of credit, as we define it, the restructuring is valid and need not meet the Constitutional requirements for a new loan.”

As with new loans, homeowners considering a loan modification should retain a seasoned Houston credit attorney to review potential modifications and advise on their suitability.

Work with an Experienced Home Equity Loan Business Lawyer

A home equity loan is more than a credit vehicle. In many cases, it represents a financial lifeline for the individual or family who obtains and uses it. At the Law Offices of Lambert & Jakob, we understand the sensitive nature of home equity loans and the often serious financial and emotional implications of delinquency, foreclosure and other undesirable consequences of poorly drafted or onerous home equity loans. With more than four decades of experience in various areas of credit law, we have seen a wide range of situations relating to home equity loans and apply our considerable expertise to every new circumstance we encounter.

Whether you are an individual Galveston homeowner who wishes to modify an existing home equity loan or a property owner in Pearland who wishes to explore his or her options, we stand ready to assist in whatever way we can.

Contact Us Today

To learn more about how our Houston credit lawyers can assist with a wide range of business law, consumer law and real estate law needs, including matters related to home equity loans and lender liability in Fort Bend, Waller and Harris County, please schedule a free, no-obligation consultation by filling out the online contact form or calling (713) 640-5700.