Mortgage Loan Workouts

texas mortgage foreclosure alternativesLenders and borrowers often prefer to avoid foreclosures. Short sales and deeds in lieu of foreclosure are two methods that may be employed to accomplish this objective. Workouts are a third option.

A major premise of a workout is that institutional lenders would rather receive loan repayments than engage in foreclosure and/or litigation proceedings.

A workout is just that — the lender and the borrower work out an agreeable alternative to foreclosure. Upon request of the defaulting debtor, the lender may be willing to reasonably accommodate the debtor. This accommodation can take many forms including, but not limited to, temporarily suspending mortgage payments, waiving accrued costs, fees, or penalties, or extending the loan’s repayment period.

In our Law 101 posts, we define terms, phrases, or concepts with the goal of conveying core information in order to set the stage for more complex discussions.

Risk of Unknown Site Conditions on Construction Projects

Sometimes parties to a construction contract encounter conditions on the site that were unknown at the time they entered into their contract. Who bears the risk and expense of dealing with those conditions?texas construction unknown differing unforeseen site conditions

The general rule in Texas: a contractor who is paid on a lump-sum basis is not entitled to additional payment because differing site conditions are encountered and must be addressed.

Exceptions to the general rule may arise where there was fraud or mutual mistake, or the parties expressly agreed in their contract how to allocate such risk and expense.

In our Law 101 posts, we define terms, phrases, or concepts with the goal of conveying core information in order to set the stage for more involved and complex discussions.

TREC’s Basic Consumer Guide for Buyers/Sellers of Texas Real Estate

texas real estate commission guideThe Texas Real Estate Commission makes available a rudimentary guide for consumers interested in buying or selling real estate.

It includes information on dealing with qualified real estate professionals, a consumer checklist, material about choosing a broker or salesperson, dispute resolution information, and contains references to additional resources.

The guide can be found here.

Our Tips & Resources posts are intended to provide general educational information. Like all other material on this blog, it is not a substitute for legal advice.

Sixth Anniversary

Six years ago our daughter Sofia was born, and I opened my law firm. Both events were positively and unmistakably transformative. It’s with great pride that I’ve watched them both grow.

Inspired by our fifth anniversary, last year we aspired to increasing our rendition of free legal services to those who meet federal poverty guidelines. On behalf of one such client, we tried a property damage/constructive eviction case to jury verdict this year. Results vary case by case, but our firm (and our client) were happy with the outcome in this particular case. I’m happy to report that we met our goal of increased pro bono work and strive to do even more this upcoming year.

We have some other exciting changes planned for the year ahead, too.

I believe that those who are called to work in the law are called to serve a purpose higher than themselves. On behalf of all Americans, we are charged with the vital responsibility of pursuing “liberty and justice for all.” I personally believe this duty will be more successfully discharged through, and in conjunction with, the exercise of other virtues, such as prudence, courage, fortitude, and temperance. These are ideals to which I aim, the cornerstones of my law practice, and some the values I try to instill in our children.

Land Surveying in Three Sentences

The Board of Professional Land Surveying is charged with licensing, regulating, and disciplining land surveyors in the state of Texas.texas land surveyor land surveying

Professional surveying includes any work involving the application of “special knowledge of the principles of geodesy, mathematics, related applied and physical sciences, and relevant laws to the measurement or location of sites, points, lines, angles, elevations, natural features, and existing man-made works in the air, on the earth’s surface, within underground workings, and on the beds of bodies of water to determine areas and volumes for: (i) locating real property boundaries; (ii) platting and laying out land and subdivisions of land; or (iii) preparing and perpetuating maps, record plats, field note records, easements, and real property descriptions that represent those surveys.”

According to the Bureau of Labor Statistics, perhaps unsurprisingly, the industries that employ the most land surveyors are architectural and engineering, government, and construction.

In our Law 101 posts, we define terms, phrases, or concepts with the goal of conveying core information in order to set the stage for more complex discussions.

The Texas Residential Construction Liability Act in Three Sentences

texas residential construction liability

Chapter 27 of the Texas Property Code is the Texas Residential Construction Liability Act.

The RCLA applies to any action by a homeowner (and subsequent purchaser of a residence) against a contractor arising from a construction defect, except for claims of personal injury, survival, wrongful death, or damage to goods.

The RCLA imposes pre-lawsuit notice, inspection, and settlement procedures, limits contractors’ liability and damages in defined circumstances, and establishes legal-fee shifting for frivolous claims, among other things.

In our Law 101 posts, we define terms, phrases, or concepts with the goal of conveying core information in order to set the stage for more complex discussions.