TX Senate bill to protect low income homebuyers passes
AUSTIN, TEXAS (KVEO NEWSCENTER 23) — Senator Lucio, Jr. announced the Senate passage of bill 1334 to assist homebuyers using seller-financed loans.
Bill 1334 would ensure that borrowers get annual account information like that provided to borrowers with traditional bank loans.
In seller-financed loans, the seller of the home is also the mortgage lender, rather than a bank or credit union. Current law doesn't ensure the borrowers using seller-financed loans will receive information about their current repayment status.
"Seller-financed loans are often used by low-income homebuyers who do not qualify for typical bank loans," Senator Lucio said. "Too many Texans have lost homes under these arrangements. Senate Bill 1334 would arm borrowers with the information they need to keep up with their payments and realize the dream of home ownership."