Texas Bankruptcy exemptions -- homestead -- truck --
The Rick Perry-ACORN connection explained: A primer for non-Texans "......For lower-income first-time homebuyers who did not understand the difference, for those picking through the shattered mess of their lives, they were about to find out the hard way.
If they bought their home under a "Contract for Deed" instead of a "Deed of Trust," being late with just one mortgage payment or failing to adhere to the "terms" of the contract could mean that they forfeited their home. In some cases, the statute required only 15 days to cure any issues. An expedited foreclosure process revoked any claim to the property. Since the title was never transferred to them, the title holder was required to maintain insurance. If the title-holder did not do so (even if the homeowner was paying towards it), there were no funds available to rebuild the homeowner's life. Any money the homeowners put towards building equity in the home was also forfeit.
Their situation caused such outrage that the Texas Legislature took it up during the next session and passed Senate Bill 198, which Governor Perry signed into law on June 13, 2001. It gave homeowners a 60 day window to cure any defaults, required greater transparency prior to purchase, required insurance for the home, and required a check list of assurances that the home had no outstanding liens and was in working order......"
Uhuh.
Bank of America and Countrywide distribute foreclosure funds.
Bank of America and Countrywide are preparing to mail out $7.46 million in funds that are to be used as restitution to Texas families who the Texas Attorney General determined were tricked, lied to, or maybe strongly encouraged to take on risky home mortgages they could not afford the monthly payments on. Most of these homeowners lost their homes to foreclosure, and these funds will provide needed relief and assistance.
Countrywide, which is now part of BOA, will soon be mailing out forms and details of the funds and how to receive a pay out....
http://www.needhelppayingbills.com/html/bank_of_america_countrywide_te.html
"will soon be mailing out forms and details of the funds and how to receive a pay out...."
A pay out?
LOL. Isn't that sort of like knitting the sheep a sweater after inviting the "We'll help you out" wolves to come eat them?
Was giving 20 million Texas Tax dollars to Angelo Mozilo and the Thieves at Countrywide Financial an ERROR; and is that an example of the judgment we can expect from President Perry?
Yes, No, taking the 5th?