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New Texas bill protects active military personnel against foreclosures
May 20th, 2011 6:26am
Texas legislators recently approved a bill that looks out for active military personnel who also own a home.
Senate Bill 101, which was passed by the House and Senate this week and now must be signed by the governor to make it official, would amend the current Service Member's Civil Relief Act to protect these active members against potential foreclosures.
The bill, sponsored by Democratic San Antonio Senator Leticia Van de Putte, comes in response to a well-discussed event last year, when a Dallas-based homeowners association foreclosed on a property owned by an Army National Guard captain that was stationed in Iraq. The foreclosure occurred because the captain apparently owed $3,500 in HOA fees, even though his mortgage had already been fully paid off.
The event sparked national scrutiny from media members regarding the power of HOAs.
The new bill will help protect military members against nonjudicial foreclosures, which involves any method outside of court to foreclose on Texas-based homes.
The number of foreclosed Houston properties declined recently, falling 12.7 percent. The passage of this bill could further reduce the number of bank repossessions.
Mortgage delinquencies move lower in JanuaryAccording to Lender Processing Services, the total U.S. loan delinquency rate fell to 7 percent in January, down from 9 percent in December and from 8.3 percent during the same month in 2012March 11th, 2013 6:03am
MBA: Foreclosures hit four-year lowFewer people experienced foreclosure in the final three months of 2012, according to a new report from one of the foremost real estate industry sources.February 28th, 2013 3:52am
National foreclosure inventory declinesThe national foreclosure inventory thinned in August to the lowest level seen since the middle of 2010, which could be an indicator that the housing market recovery is well underway.October 5th, 2012 9:58am
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