Property Assessed Clean Energy (PACE) Loans Investigation
Migliaccio & Rathod LLP is investigating claims by consumers who received inadequate protection and information regarding their Property Assessed Clean Energy (PACE) loans. These loans are authorized by governments but are largely administered and funded by private lenders, like independent solar, plumbing, and roofing contractors, who promote the loans and sign customers up through online software. The purpose of these loans is to help more people finance solar and other energy-efficient projects for their homes. However, if left unpaid, a borrower can be foreclosed upon. Eligibility for PACE loans is based on home equity; however, credit scores and income are not factors.
In recent years, there has been a sharp increase in homeowners seeking legal assistance in relation to PACE loans. Although the primary goal of PACE loans is to allow more people to improve their home energy efficiency, that goal is being thwarted by lack of consumer protection and adequate information. It is becoming more and more evident that independent contractors are selling unnecessary home improvements, sometimes with little connection to energy savings, through misrepresentation or fraudulent means. Because PACE loans are not heavily regulated and because ability to pay is not a criteria for taking out a PACE loan, independent contractors can saddle homeowners with debt they cannot afford, putting their homes at risk for foreclosure.
Have you received a PACE loan that resulted in risk of foreclosure of your home?
If you have taken out a PACE loan and are now at risk of foreclosure or have already been foreclosed as a result of your PACE loan, our attorneys want to speak with you. Complete the form on this page or give us a call at (202) 470-3520.
Attorneys Committed to Consumer Protection
The attorneys at Migliaccio & Rathod have significant experience in representing consumers in class action cases against large corporations, including cases involving unfair & deceptive trade practices. More information about our current cases and investigations is available through our blog.