Jul 23, 2016
I receive up to 4 calls a day from this number. Today I answered and spoke to "Robert" who said he was with Power Star and wanted to talk about the PACE program. PACE LOANS (HERO LOANS) are a bad loan product. This loan has no minimum disclosures, no underwriting of the borrower, no proof that the homeowner has the ability to repay, no three day right to rescind, no interest rate or fee caps, and no kickback prohibitions.
HUD announced yesterday that FHA will begin insuring mortgages on certain properties with PACE loans. PACE loans will be placed in a senior position to the FHA mortgage. This places homeowners at risk. PACE is a tax lien against your property. Although they sell it as a loan with no down payment and no monthly payments, you pay an additional amount with your taxes that is applied to that loan. This can put you in danger of losing your home. This loan has NO consumer protections and is aggressively sold to homeowners. See: http://www.prnewswire.com/news-releases/calif ... -300301202.html
Needless to say, I asked Robert to take me off of their list and I reported them to the Do Not Call Registry because I have been on the list for years. To file a complaint go to: https://complaints.donotcall.gov/complaint/complaintcheck.aspx