Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Ygrene Energy Fund Inc. and Ygrene Energy Fund Florida LLC are facing a class action lawsuit alleging they engage in deceptive sales practices to entice consumers into obtaining Property Assessed Clean Energy (PACE) loans.
According to the Ygrene Energy class action lawsuit, PACE loans are a type of financing structure that allows residential property owners to opt in to a special assessment district to receive financing for energy improvements and retrofits. These loans are reportedly repaid through a yearly assessment on the owner’s property tax bill.
The Ygrene class action lawsuit was filed by plaintiffs Grachian L. Smith and Mary Jane Smith of Broward County, Fla., and Alejandro Marcey and Felicia Marcey of San Diego County, Calif. The plaintiffs claim that the Ygrene Energy defendants enlist ill-trained and self-interested home improvement contractors to sell PACE loans to homeowners.
“Ygrene aggressively markets PACE loans through a network of 3,200 home improvement contractors,” the PACE loan class action lawsuit states. “It provides little to no training to these individuals before they are set loose on unsuspecting customers.”
According to the Ygrene class action lawsuit, once the contractors receive their Ygrene certification, they are pressured to maximize their own profits.
“Through this sales force, its marketing, and loan documents, Ygrene deceives consumers into believing the PACE loan is a risk-free, no-strings-attached program, backed by government support that allows immediate energy efficiency improvements to a home in exchange for nothing more than increased tax assessments,” the Ygrene class action lawsuit says.
The plaintiffs allege that, as part of its sales efforts, Ygrene markets its PACE loans as a “smart alternative” to traditional loan products, such as a Home Equity Line of Credit (HELOC).
“In reality, the loans act just like second or third mortgages,” the Ygrene class action lawsuit claims.
According to the Ygrene Energy class action lawsuit, the defendants also conceal important information about the PACE loans, including prepayment penalties and/or fees assessed by Ygrene to avoid prepayment penalties. The Ygrene Energy class action lawsuit alleges Ygrene’s marketing materials and other sales approaches inform consumers that the loan will remain with the home and not the borrower.
However, the PACE loan does not actually remain with the home, and the PACE loans “make it impossible or nearly impossible for consumers to sell their homes without first paying off the loan and incurring a large prepayment penalty,” the Ygrene class action lawsuit says. Therefore, the PACE loan is an encumbrance that allegedly functions much like a HELOC.
The plaintiffs claim that they would not have entered into an agreement through Ygrene if they had known that the PACE loan was effectively no different than a second mortgage.
By filing the Ygrene class action lawsuit, the plaintiffs seek to represent themselves and other consumers who entered into a PACE loan facilitated by Ygrene.
The PACE loan class action lawsuit asserts claims against Ygrene for violation of the Consumer Legal Remedies Act, violations of California business law, violation of the Florida Deceptive and Unfair Trade Practices Act, fraudulent inducement, negligent misrepresentation, unjust enrichment and negligence.
The plaintiffs are represented by Kenneth S. Kasdan, Graham B. LippSmith and Jaclyn L. Anderson of Kasdan LippSmith Weber Turner LLP and Jeffrey D. Kaliel of Tycko & Zavareei LLP.
The Ygrene PACE Loan Class Action Lawsuit is Grachian L. Smith, et al. v. Ygrene Energy Fund Inc., et al., Case No. 3:17-cv-01258, in the U.S. District Court for the Northern District of California.
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
Honda, Hyundai, Kia, Subaru vehicle data collection class action lawsuit investigation
May 17, 2024 | Legal News
139 thoughts onYgrene Class Action Says PACE Loans Are Bad For Homeowners
I am in a similar situation on Northern California, If anyone could tell me how to be added to this case, I can gladly provide any information. please contact me via text 209-800-4478
Crooks! I am beyond pissed!!
I am also a victim.
I was never informed that a lien was going to be place on my property even though I repeatedly inquire about it.
I have a friend in the same predicament. We are interested in joining the class action sue.
Please provide me with the attorney’s contact information.
I find myself in a very similar situation but I live in Northern California. Does anyone have resources or information for Ca residents? I have been forced to file bankruptcy. Losing my home may be next.
If you are in Dade or Broward County, FL Lets get together and fight this Corporations and our MAYORS. Shame on them!
M.Rossello
954 292 3279
Hi Maria, the same situation happened to me.
I was never informed that a lien was going to be place on my property even though I repeatedly inquire about it.
I have a friend in the same predicament. We are interested in joining the class action sue.
Daikel
786-237-6040
I live in Broward County and I would like to join this lawsuit, can someone tell me how?
The same here. Ridiculous. They make it seem so seemless and then they stick it to you. Will have to see how I can pay off to release lien.Will see if I can get Personal Loan.
My neighbor and I lived in the subsidized senior community of Sunrise Lakes. We were sold 3 storm windows $5,000 by a Home Depot sales rep.who repeatedly mentioned the word subsidized and interest free. He insisted the City of Sunrise had join to support Ygrene and Home Depot to provide this service in the community. We trusted the Home Depot brand and we failed to read the long contract. At over 7% We will end up paying about twice this amount. Our properties are worth about $ 40,000. In addition, our property taxes went from $200 to $800. Needless to say we will probably loose our homes.
I am beyond furious…I am outraged! I’ve always considered myself as methodical, logical, investigative and cautious. But I was DOOPED by this predatory loaner. I am sickened to find out all of this yet, back in Feb 2017 when I was first contacted, I did my usual inquiry into a background search. Mainly it covered Ygrene California background and reviews. I did not find much on SES PACE business, especially any negativities. Now, hindsight is haunting my decision. I have been ultimately deceived. I live in FL in Miami-Dade County. I am trying to locate a class-action group in this region. Please advise.
Desperate, VK
Lets fight together 954 292 3279
I’m in Ft. Lauderdale and had the same experience. I’m calling a lawyer. Also, I suggest you all submit reviews on Yelp and the BBB.org. I submitted one earlier today.
Hello, I was also scammed by this company. I am so sickened and stressed out. My mortgage has increased this of this fraud, not able to remove this charges from property taxes, am so stress out and really think of selling and moving out state but they also have lien on my property not sure where to go or what to do help if any one know what other steps to take, also the the sales rep forged my husband and my signature on documents. they really see you coming when explaining all this information.. so mad so stress please if any one has any information on what step or what to do in order to remove this charges out of my property taxes will help.. Can someone please email I want to be apart of this law-suit. yes please add me to the law-suit
We were also scammed. We just recently pulled our house off the market due to the Ygrene tax lien and were not able to purchase our brand new home that we put a deposit on. And we are currently trying to refi to pay off the Ygrene loan. The sales lady also said this was a tax deductible loan and its not and the prepayment penalty was only 2% of the balance. Now i am stuck between a rock and hard place trying to payoff this loan but then I also have my inflated taxes that are due December. Please add me to your lawsuit.
The case is still moving through the courts and has not yet reached a settlement. Claim forms are usually not made available to consumers until after a court approved settlement is reached. We recommend you sign up for a free account at TopClassActions.com and follow the case. We will update the article with any major case developments or settlement news! Setting up a free account with Top Class Actions will allow you to receive instant updates on ANY article that you ‘Follow’ on our website. A link to creating an account may be found here: https://topclassactions.com/signup/. You can then ‘Follow’ the article above, and get notified immediately when we post updates!
Any updates on this?
I want/need to join this class action!
Totally deceived by this company and not sure I can ever get out of this. So much for trying to do the right thing and be energy efficient.
Can’t refinance.. they totally didn’t disclose this info. Plus was told if ever I sale the house loan goes with it. So disceptive!!! So mad and upset right now!!!!
Hello, I was also scammed by this company. I am so sickened and stressed out. My mortgage has my name as well as my sister name. They told me this was a funded grant. They also told me my sister name wouldn’t need to be used because she doesn’t live with me and I explained to the contractor that I am going to refinance to remove her name within 6 months as she wanted to purchase her own home in Orlando Florida. Then to find out they forged her signature because in order for this so call grant to be approved her name had to be on there. That was not part of the agreement and if I had known that this was a loan instead of a grant I wouldn’t have never agreed to do this. In my city they do home improvement grants and when these people contacted me they made it seem as if it was the same thing. Can someone please email I want to be apart of this law-suit.
Has anyone ever got a call back from the class action?