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  • Comment Detail

  • Date: 01/29/20
    First Name: George
    Last Name: Ballew
    Organization: Member Options / UVA Credit Union
    City: N/A
    State: N/A
    Attachment: N/A
    Number: 2020-N-1

  • Comment

    This lien will not only cause problems for lenders, but it will ultimately hurt the consumers. My understanding is the homeowner has to be 55 years old to apply for the PACE Loan, but once it is attached to the property as a type of tax lien then it can transfer to anyone buying that home whether they are 55 years old or not. I recommend that if a homeowner is selling their home they must pay off the PACE Loan at the closing of the sale of their home. If this isn't done then a young couple buying the home will be left with a PACE Loan against the home they just purchased. If they are a First-Time Homebuyer who is already having a hard time of qualifying for the mortgage loan and they are left with a PACE Loan that they Attorney or Settlement Agent didn't find this may cause them not to be able to make their mortgage payment or PACE loan payment. If they do not make the PACE loan payment then they could be foreclosed on and lose their home. This may be a good way to promote energy efficient homes, but I believe it will ultimately hurt the borrower, lender, realtor and housing industry in general. If Fannie, Freddie, FHA, V.A. and USDA lower their lending Loan To Values, it will hurt the buyers, sellers and for sure the First-Time Homebuyer.