Are You Having Trouble Getting Out of a Ygrene or HERO Program? In theory, the overall objective of the HERO or Ygrene loan programs under the PACE program seems like a helpful and beneficial way to incorporate environmentally friendly green products into your home. The Ygrene is available to residents of northern California while the HERO home loan is available to those living in Southern California.
Many homeowners have gotten into these programs with the belief that they would be helpful and provide a way for them to incorporate green features into their homes when they otherwise could not afford to pay for these items out of their pocket.
HERO is a local government program that offers up to 100% financing to a homeowner wanting to make energy-efficient home renovations. When you hear 100% percent financing it seems like a promising program. Likewise, the Ygrene program also offers 100% financing with no money down as the balance of the loan is added to property tax payments.
Upgrading your home to be more energy efficient gives a homeowner the ability to save on energy bills and having help to finance these items can seem promising. But there are some drawbacks to these programs. One is how the payments actually work. If a payment is missed on these loan programs it could cause the homeowner to lose their home. Unfortunately, these programs did not communicate clearly upfront all of the terms and conditions and there are many homeowners under these loan programs finding it hard to get out from under them.
One attribute of these loans that makes them particularly tricky is they can take on the first pay-off preference on your home. This means that should you sell your home this loan program puts a lien on the property stating that this creditor must receive first pay off before the actual mortgage that you purchased your home with.
Getting out of a Ygrene, PACE, or HERO loan program
It can be very difficult to get out of these loan programs. The best way to get into a better loan situation is to work with an experienced mortgage broker that is well-versed in all of the terms of these types of loans and how you can work around them. What many people do not realize is that with the right financial expert you can quickly and efficiently get out of what feels like a heavy and stressful loan program that was meant to be helpful.
For information on programs that can help you to be free from these government assistant programs meant to help but only end up causing headaches please contact me anytime. I am very knowledgeable in the Ygrene, PACE, and HERO loan programs and have the knowledge to help you get into a healthier financial situation.
For more information on all of your loan options in Mission Viejo and California please contact me anytime.
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How to Get Out of the YGRENE HERO-PACE Loan
