Texas House Bill HB831

Texas 2015 - 84th Regular

Caption

Relating to disclosure of home mortgage information to a surviving spouse.

Impact

The enactment of HB 831 will amend the Texas Finance Code, introducing new provisions that directly impact how mortgage servicers manage requests for information from surviving spouses. This bill is anticipated to streamline the process for these individuals, ensuring that they have timely access to vital mortgage information that can affect their financial planning post-loss. The requirement for proof of status—such as a death certificate and an affidavit—also lays out a clear and structured approach that servicers must follow, potentially mitigating confusion for both parties involved.

Summary

House Bill 831 aims to facilitate the process of disclosure of mortgage information to the surviving spouse of a deceased mortgagor. Specifically, it requires mortgage servicers to provide pertinent information about the mortgage within 30 days of receiving a request from the surviving spouse, including current balance details, payment status, loan numbers, and escrow deposits. This legislative change aims to ensure that surviving spouses are not left uninformed about critical mortgage details after the death of their partner, thereby enhancing financial transparency and support during a difficult time.

Sentiment

Overall, the sentiment surrounding HB 831 is largely positive. It has received overwhelming support in the House, reflecting a recognition of the challenges faced by surviving spouses in managing shared financial obligations after a partner's death. Advocates for the bill argue that enhancing access to mortgage information is a necessary consumer protection measure that empowers spouses to fulfill their financial responsibilities without unnecessary barriers. The bill’s support reflects a greater societal trend toward safeguarding the financial rights of individuals who are navigating grief.

Contention

While the bill appears to have garnered strong support, there are aspects of contention related to privacy and the potential burden on mortgage servicers. Some stakeholders may express concerns regarding how these new requirements could complicate the processes already in place for mortgage servicing, or fear that they may inadvertently lead to breaches of privacy. However, the bill includes provisions that mitigate liability for mortgage servicers who comply, aiming to alleviate concerns while protecting the rights of surviving spouses.