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
Please add me to this class action lawsuit, as well! I was lied to when the sales guys said my property tax payments would only be $120 a month. It went up $1980 a month and it is choking me! Please help!
Call Attorney General of CA Public Inquiry Unit
8009522525
They’ll direct you
I just received multiple mail that says my house has a lien because of ygreen,i did noy know if it was like that, ygreen lied to us we don’t have to pay for it’s mistake. If i had known the pace loan was effective as a sesond mortgage i would not take it. Please help us.
Add me to this Class Action. I live in Pasco county, Port Richey Florida. Call on phone to make payment and waited 45 minutes before pushing #1 for call back. Ha…
My escrow more than Doubled because of them.
Please add me to this lawsuit..
is there anything to this lawsuit against ygreen . we found ourselves in a desperate situation when we found ygreen my wife had just had heart surgery when our home heating and cooling system failed and couldnt afford a new system , after a search someone recomended ygreen to us ,the representative who came out to talk with us about it was a very smooth talker .everything he told us was a lie . we were never aware that this loan would attatch to our home taxes or that we wouldnt be able to pay itt off early without a huge penalty to do so . we were also sold a ten year warrwenty on all parts throught the manufacturer and a ten year labor warrenty from the instalation company .we were assured the labor company was a chain and that the warrenty would always be covered because even if an individual company that represented our county went out of buisiness a neighboring county installer would pick up the contract .this was a lie the other companies of the same name from surrounding companies refuse to pick up the contract as the one assigned to us under contract was sued and filed backruptcy went out of buisiness . our system has broken 5 times to date and we have had to cover all the expemse out of pocket for parts and labor . please help us the reason for gettuing the full extended warrwenty is so we wouldnt have to worry and its been nothing short of a bnightmare since it was installed ..
Call Attorney General of CA Public Inquiry Unit
8009522525
They’ll direct you
Please add me to this class action lawsuit. Ygreen told me there would be no Lien put on my house and I was never informed how the interest rate accumulated. I used $60k for solar, windows, turf and after 6 years of paying $8k per year I still owe over $50k?! Seriously!!?? How is this legal!?
I would like to join in the class-action.
They told me it was no penalty if I paid early in the loan my light bill will go down
Good morning.
We were also deceived by Y Grene, never did they tell us a Lien would be placed on our property and that our taxes would go sky high. Also they told us electric bill was going down. Never gas happened. This is so bad.
I called them. A recording stated that they were not taking new funding. I found that they are being legally challenged for exactly what I wanted to do. I wanted to pay off my loan ahead. When I signed my loan with Ygrene I spoke to different people assuring myself that there would no penalties for paying off my loan ahead of time. The interest incurred would be exigent. I want to join this class action lawsuit.
I just logged into my Ygrene account and there is nothing in it. The contract is missing, the payment schedule is missing, the amount due is missing, and there is nothing referencing the terms.
I am trying to sell my house with a ygrene solar loan. It seems to be a big problem plus buyers are not interested in assuming the loan. I dont see how they justify raising my property taxes super high like they did only for my property to be less desirable.
If there is a class action suit, sign me up.
Refer to Federal Trade Commission and the People of the State of California v. Ygrene Energy Fund Inc.;FTC Matter/File Number 1823182; Docket Number 2:22-CV-07864 @https://www.ftc.gov/legal-library/browse/cases-proceedings/1823182-ygrene-energy-fund-inc-ftc-v
I need to sign up…just found out they placed a lieb against home. My taxes have doubled and i am 82yrs old on fixed income
We purchased a home that was in foreclosure. The county sold the house at auction. They didn’t rectify problem with pace . We went to pay taxes and were told we couldn’t pay our taxes until we paid over 5000 .00 plus our taxes which came to over 11000 dollars. They couldn’t or wouldn’t give us any information except we must pay it all. We called pace and they wouldn’t give any information until we showed the deed and license.
I signed contract whit Ygrene pace to repair my roof and send to contact me a contractor approved for ygrene pace “”Elite renovation”” after the ygrene approve my loan one later ygrene cancel my loan I found that company have lawsuits and the contractor trying to scam me putting lien on my property because they says I have signed contract whit then
I was told by the salesperson that I can make payments towards my ygrene account whenever I wanted that I could pay it off early if I wanted he even charged me an extra $150 so that I could be able to make payments or pay it off when I wanted they never told me there be a lien on my home they just told me my taxes will be a little bit higher and then when I sold my house the new homeowner would take over the loan. My taxes went up from $800 a year to $2,500 a year I am barely able to pay those taxes on the verge of losing my home the company that did my roof did a terrible job the back part is all coming apart they put two so-called hurricane windows in the front of my home and come to find out they are illegal because there is no Escape Route so it’s basically a fire trap. Now I am unable to sell my home because I am stuck in this huge loan with the lien on my home I so need help I am 64 years old I worked all my life for this house and I believe I can’t continue paying these large taxes I feel like ygrene has stolen my home.
I had hurricane windows put in and they said electric bill would go down and it didn’t just keeps going up. Insurance would go down and that didn’t either.
Have you found out how to join? Im interested as well please let me know as my mother a veteran who completed 13 tours and 2 wars at the age of 70 should be retired but thanks to the scams form ygrene she cant