Government-Approved Green Loans could be detrimental to your Mortgage – Call #ReginaSingh

solar-panels-1-e1476206160889

In late September, Governor Jerry Brown signed Assembly Bill 2693 into law. Among other things, homeowners taking out such loans will now be provided a disclosure similar to the national “Know Before You Owe” legislation for conventional mortgages. They will also be told that they may not be able to refinance or sell without paying off the PACE loan first. Alex Creel, CAR’s chief lobbyist, told MarketWatch that the PACE loans hadn’t been a problem for homeowners for a couple of years, until early adopters tried to sell, refinance, or take out reverse mortgages. “We’re just seeing the beginning of the problems with these things,” Creel said. “As we roll forward you’re going to see this problem manifest itself more.” Read More.

Advertisements