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Texas Finance Code - FIN § 159.002. Inapplicability of Chapter

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In this section, “unimproved residential real estate” means residential real estate on which a dwelling has not been constructed.

(b) Notwithstanding any other provision of this chapter, this chapter does not apply to a wrap mortgage loan:

(1) made by or on behalf of an owner of unimproved residential real estate to a purchaser of that residential real estate if:

(A) the residential real estate purchased will not continue to be subject to any unreleased lien described by Section 159.001(7)(A) that secures a debt that is subject to a due-on-sale clause in connection with which the lienholder may foreclose the lien;  or

(B) the residential real estate purchased will continue to be subject to an unreleased lien described by Paragraph (A) and the holder of that unreleased lien has consented to the sale of the residential real estate;  or

(2) for a sale of residential real estate that is the wrap lender's homestead.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 159.002. Inapplicability of Chapter - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-159-002/

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