Affidavit of Compliance (Pursuant to Section 50(f)(2),
Article XVI, Texas Constitution)
Date:
Affiant[s]: [name of owner] [include if applicable:, [name of owner’s spouse]]
Lender:
Home Equity Loan: [include recording information]
Property:
Affiant[s] on oath swear[s] that the following statements are true and within the personal knowledge of Affiant[s]:
1.I am a borrower named in the Note or the owner or spouse of any owner of the Property described in the Deed of Trust (which term includes any riders thereto), both dated [date], evidencing and securing a debt payable to the Lender and providing for a lien pursuant to section 50(a)(4), article XVI, of the Texas Constitution upon and against the Property (the “Loan”).
2.The Loan is secured by homestead property as defined under applicable Texas law.
3.All of the following conditions are met in connection with the Loan:
a.The Property is not the subject of a Home Equity Loan that was closed within one year before the date of this Affidavit.
b.The Loan does not include the advance of any additional funds, other than:
i.funds advanced to refinance a valid debt described by sections 50(a)(1) through (a)(7), article XVI, of the Texas Constitution; or
ii.actual costs and reserves required Lender to refinance the debt.
4.The principal amount of the Loan when added to the aggregate total of the outstanding principal balances of all other indebtedness secured by valid encumbrances of record against the Property does not exceed 80 percent of the fair market value of the Property on the date the Loan is made.
5.Lender provided me with the written notice required by section 50(f)(2)(D), article XVI, of the Texas Constitution not later than the third business day after the date I submitted my loan application to Lender and at least twelve days before the date the Loan is closed.
[Name of owner]
Subscribed and sworn to before me on __________________ by [name of affiant].
Notary Public, State of Texas
|
Include the following if applicable. |
[Name of owner’s spouse]
Subscribed and sworn to before me on __________________ by [name of affiant].
Notary Public, State of Texas
|
Include the following if applicable. |
[Name of nonborrowing owner]
Subscribed and sworn to before me on __________________ by [name of affiant].
Notary Public, State of Texas
|
Include the following if applicable. |
[Name of nonborrowing owner’s spouse]
Subscribed and sworn to before me on __________________ by [name of affiant].
Notary Public, State of Texas