Texas approved a proposed constitutional amendment that includes, but is not limited to, establishing a lower amount for expenses to borrowers and removing certain financing expense limitations for a Home Equity Loan (HEL), authorizing certain lenders to make HELs; changing certain options for the refinancing of HELs; amending the threshold for advances on an HEL; and expanding HELs to loans on agricultural homestead properties. These changes in Senate Joint Resolution 60 are effective on January 1, 2018.
Maryland Prescribes a Model Form for Expedited Foreclosure Proceedings for Vacant and Abandoned Properties
Effective November 6, 2017, the state of Maryland has amended regulation .08 under COMAR 09.03.12, Foreclosure Procedures for Residential Property.
The state of California has recently enacted the Building Homes and Jobs Act, effective January 1, 2018. The purpose of the Act is to establish a permanent, ongoing source of funding for affordable housing development. This funding will go to existing state programs that provide assistance for emergency housing, multifamily housing, farmworker housing, home ownership for very low and low-income households, and down payment assistance for first-time home buyers.