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Texas House Committee Hears Real Property Lienholder Protections Bill
Tuesday, April 11, 2017 7:00 AM

The House Business and Industry Committee heard HB 2832 by Rene Oliveira (D-Brownsville), which would require 10 days’ notice by a property owner to the mortgage servicer before entering into a contract with a property tax lender.

When a homeowner contracts with a tax lien lender, the mortgage holder loses its first lien position. This notice would give the lender a period to pay the taxes on behalf of the borrower or employ alternatives that will protect the lenders priority position. Tax lien lenders assume the priority position of a government entity.

Traditional lenders point out that they offer homeowners better options to deal with back taxes than tax lien lenders do. The tax lien industry opposes the bill, purporting that they offer products that meet consumer demand and that lenders can get information on delinquent taxes if they choose to.

The bill was left pending.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.