Texas Country Mortgages

The location of a homestead determines the application of homestead exemptions. Property located within cities is subject to an urban rule, based primarily upon equity value, while country real estate is subject to a rural homestead rule measured by acreage. The difference for residents with a Texas country mortgage can be startling.

In the past, the Federal Bankruptcy Code allowed each state to determine the value of homestead exemptions. As of October 17, 2005, federal law preempts state law and establishes an upper limit for all homestead exemptions. This law was enacted at the insistence of lobbyist representing large commercial lenders. The effect of this limitation is to eliminate homesteads as a haven for equity when filing bankruptcy, and instead, places all debtors at risk of losing their when filing bankruptcy.

Texas Country Mortgages in practice

Consider filing a homestead designation if you own multiple tracts of real estate. Homes, business property, and second homes may all be covered by the homestead exemption, however, each debtor who files bankruptcy may only designate one property as a homestead. This option to choose your highest vale tract only exists before filing bankruptcy.

For more information regarding special provisions of Texas bankruptcy law, see also:

1. Housing Laws Texas
2. Good Samaritan Law in Texas
3. Trials Pending in Texas
4. Filing a dba in Texas
5. All Texas Counties Listed
6. Texas State Labor Laws
7. Texas Real Estate Breach of Contract
8. Texas Court Records Search Online Free

The availability of Texas court records online remains in it's infant stage of development. Counties containing the largest cities frequently provide internet access to public records. Many smaller and/or rural counties do not maintain websites and court records, real estate records, deeds, liens and conveyances must be obtained either in person at the County Clerk's Office or by mail. In all counties, certification of records requires the payment of an additional fee, yet may be required as a condition of admissibility in Texas Bankruptcy Courts. Alternatively, records may be offered as evidence in Texas Bankruptcy Courts by stipulation upon the agreement of all parties in interest.