PACE Loans Interfere With Home Sales
Green Building Elements, Oct. 25, 2015–Hanley, Stephen
Because the PACE loan is included in the taxes on the property, it has priority over the first mortgage in the event of default. “There is a general principle in mortgage banking: first in time, first in line,” said Pete Mills, senior vice president with the Washington-based Mortgage Bankers Association. “Taxing authorities are always a risk of jumping ahead, but that’s a far different matter than a private company selling energy improvements being able to jump ahead.”
