New Texas rules about wraps?

[Neil Aggarwal]

I have been told by some people that Texas enacted new rules about wraps.  Some people say they are now illegal.  Others say it not.  Does anyone have a guide on this subject?

[Greg H.]

@Neil Aggarwal

There is a zero percent chance a corporate lender will ever give there consent for a wrap

Wraps are not illegal in Texas.  They do violate the due on sale clause in the Deed of Trust.  However, the option for the lender is to exercise the due on sale and foreclose on the property.  This is a civil remedy