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Solar panels = you can lose your home if it's a loan.

By FortWayne following x   2018 Apr 12, 8:37pm 1,089 views   12 comments   watch   sfw   quote     share    


Just wanted to share folks. Saw this lawsuit on the news today.

http://www.latimes.com/business/la-fi-pace-lawsuits-20180411-story.html

Solar loans are liens against the property, if you screw up, you can lose your home to a solar company. CA usual...
1   BloodyBhole   ignore (0)   2018 Apr 12, 9:20pm   ↑ like (1)   ↓ dislike (0)   quote        

FortWayne says
Just wanted to share folks. Saw this lawsuit on the news today.

http://www.latimes.com/business/la-fi-pace-lawsuits-20180411-story.html

Solar loans are liens against the property, if you screw up, you can lose your home to a solar company. CA usual...


This is generally the case with any contractor working on your home. Is this news to you? Pay things in full and you don't deal with this.
2   FortWayne   ignore (2)   2018 Apr 12, 9:28pm   ↑ like (0)   ↓ dislike (0)   quote        

It is.
This lawsuit is about deceptive marketing, etc... I don’t know all details. I can tell you that average solar customer has no idea.

BloodyBhole says
FortWayne says
Just wanted to share folks. Saw this lawsuit on the news today.

http://www.latimes.com/business/la-fi-pace-lawsuits-20180411-story.html

Solar loans are liens against the property, if you screw up, you can lose your home to a solar company. CA usual...


This is generally the case with any contractor working on your home. Is this news to you? Pay things in full and you don't deal with this.
3   Tenpoundbass   ignore (11)   2018 Apr 13, 5:24am   ↑ like (0)   ↓ dislike (0)   quote        

The same with the "Green Energy Loans."

They tack the cost of the upgrades to your property taxes. Don't pay taxes you're out of there.
Pocahatas talking about the CFPB while Obama was dreaming up home losing scams left and right.

The Mortgage I got in 2010 was at a time they were making it look like they gave a fuck.
My terms make my house look practically free, compared to what coworkers are going through today buying a house.
$225 for MIP for the life of their loan.
4   MrMagic   ignore (11)   2018 Apr 13, 7:38am   ↑ like (0)   ↓ dislike (0)   quote        

FortWayne says
if you screw up,


THEY screwed up! Period.

From the article:

...."The suits seek class-action status for borrowers who took out loans between March 2015 and March 2018 and that had excessive debt-to-income ratios or were left with very little residual income after making their loan payments. The lawsuits said the class size is unknown, but argued PACE has been a "disaster for thousands of vulnerable homeowners."

He took out a Renovate America loan for solar panels and attic insulation in 2016. Nemore said before a contractor handed him a smartphone to sign, the individual didn't explain to him exactly how much he would be paying. He said he was told he'd qualify for a $7,000 government check for going green, but found out it isn't available to him."


Why do stupid people need to be protected from themselves. This reminds me of the housing bubble..

YOU'RE responsible for understanding the contracts you sign , if you can afford the loan and knowing all the Terms and Conditions. Because these people are such fucking idiots, they now need Big Brother to undo their personal fuck-ups.

When will PERSONAL RESPONSIBILITY for your own actions return?? Probably never!!
5   FortWayne   ignore (2)   2018 Apr 13, 8:30am   ↑ like (0)   ↓ dislike (0)   quote        

Sniper says
were left with very little residual income after making their loan payments


I totally get it, that was stupid by those home owners to do. I always said, don't buy a house you can't afford if your income drops... but responsibility is these days a conservative thing, not a CA thing... I see so many irresponsible people, they spend a lot, they live paycheck to paycheck, they borrow what they can't pay back, and always blame it on others. Honestly it's just shocking to see that. And I think it's liberal policies that lead to this, because liberals reward irresponsibility and lead to more of it.
6   ForcedTQ   ignore (0)   2018 Apr 13, 9:13am   ↑ like (2)   ↓ dislike (0)   quote        

FortWayne says
Sniper says
were left with very little residual income after making their loan payments


I totally get it, that was stupid by those home owners to do. I always said, don't buy a house you can't afford if your income drops... but responsibility is these days a conservative thing, not a CA thing... I see so many irresponsible people, they spend a lot, they live paycheck to paycheck, they borrow what they can't pay back, and always blame it on others. Honestly it's just shocking to see that. And I think it's liberal policies that lead to this, because liberals reward irresponsibility and lead to more of it.


Then the bastards come in with this KeepYourHomeCalifornia bullshit...... Prolonging the reign of idiocy....

It's ok YOU FUCKED UP, we'll make your neighbors pay through taxes up to $100,000 of your loan principal. Home valuations in the neighborhood got that way because fucktards were taking out loans they can't afford and the houses would have otherwise sold for 20% less? To fucking bad, faux value will keep responsible potential home buyers from buying. 20% Down MINIMUM, 25% of monthly net MAXIMUM monthly payment.
7   zzyzzx   ignore (1)   2018 Apr 13, 9:51am   ↑ like (1)   ↓ dislike (0)   quote        

Only a moron takes out a loan for solar panels, or any other home improvement.
8   WookieMan   ignore (0)   2018 Apr 13, 9:55am   ↑ like (0)   ↓ dislike (0)   quote        

zzyzzx says
Only a moron takes out a loan for solar panels, or any other home improvement.


Some home improvements can make sense to finance. Solar panels? Just don't fucking get them and pay your electric as you would. It's probably similar to the interest on the loan for the panels and install. It's really stunning how uneducated most are about money and finances. Oh who am I kidding, we get to see it here everyday from a select few (not referencing you).
9   SunnyvaleCA   ignore (0)   2018 Apr 13, 10:49am   ↑ like (0)   ↓ dislike (0)   quote        

If the solar panels are supposed to "pay for themselves" in 10 years, then get a 10 year loan. By matching duration, your increase in loan payments will be exactly offset by a decrease in payments to the electric company. Then, after 10 years you will just have the benefits of free electricity.

If you lose your job during that period, you'll probably lose your house. However, you were probably going to lose your house anyway because you aren't able to pay the main house purchase mortgage. To the extent that you can fight being evicted over a home purchase mortgage, you should have probably figured out how to roll the costs of the solar system into that home mortgage. For example, if you re-fi you could take out a larger loan so that you have the money for the solar panels without needing a second loan.

It should go without saying, but maybe you should put off solar system purchases until you have a financial cushion. Putting off the purchase might actually make sense financially (even with a cushion) because the price of these systems keeps coming down. Suppose I only spend $500/year on electricity but the costs of a system decrease $500/year ... then there's really no point in rushing out to get a system. I can wait 2 years (and spend $1000 on electricity), but when I finally get the system, it will cost $1000 less.
10   Hircus   ignore (0)   2018 Apr 13, 11:50am   ↑ like (1)   ↓ dislike (0)   quote        

zzyzzx says
Only a moron takes out a loan for solar panels, or any other home improvement.


I'm of the opinion that solar is usually not a good investment. However for some people (usually high electricity users), it's a great deal. Taking out a loan can make a lot of sense in a case like that.

If the monthly loan interest is less than the monthly savings the solar system provides, the loan should probably be taken and the improvement to your finances enjoyed. This assumes you will pay off the loan before the systems useful life is likely to expire.
11   APOCALYPSEFUCKisShostikovitch   ignore (32)   2018 Apr 13, 5:31pm   ↑ like (3)   ↓ dislike (0)   quote        

The lien is the whole motivation behind these scams.

If someone comes to your house with this offer, shoot them in the face and piss on the gushing wound. The cops will give you a medal.
12   MrMagic   ignore (11)   2018 Apr 13, 7:45pm   ↑ like (0)   ↓ dislike (0)   quote        

CapraHircus says
zzyzzx says
Only a moron takes out a loan for solar panels, or any other home improvement.


I'm of the opinion that solar is usually not a good investment. However for some people (usually high electricity users), it's a great deal. Taking out a loan can make a lot of sense in a case like that.

If the monthly loan interest is less than the monthly savings the solar system provides, the loan should probably be taken and the improvement to your finances enjoyed. This assumes you will pay off the loan before the systems useful life is likely to expire.


A system financed should pay for itself within 6 years. If it takes longer, someone got screwed.




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