LAWFUEL – Law Firm News – The Texas Supreme Court approved 18 members of a new Task Force on Judicial Foreclosure Rules this week. This task force, chaired by Dallas Shareholder W. Mike Baggett of Texas law firm Winstead PC, will be charged with assessing rules for home-equity and reverse-mortgage foreclosures after legislative changes in recent years.
Similar task forces in 1997 and 1999 helped propose foreclosure procedures permitting home-equity loans and reverse mortgages.
Baggett was also the chair of both of these previous task forces. The latest task force will consider rule changes that would incorporate home-equity credit lines (added in 2003), that would correspond to recent Texas Property Code changes for other property foreclosures, that would address transfers of title on reverse mortgage foreclosures, and that would try to solve practical problems with home-equity foreclosures since the constitutional amendment.