Legal Question in Real Estate Law in California

Facing foreclosure. Can we take our solar system?

In 2004, my wife and I installed 6kw of solar panels on our home with financing from TriCounties bank. Our arm loan mortgage for the home purchased in 2002 was through Ameriquest. In 2007 we refinanced the home with Countrywide. They required $18,000 down payment even though our credit score was over 700. We now pay to Countrywide a 1st of $1100 and a 2nd of $300. We are facing financial crisis, are delinquent in our mortgages, and have moved to a rental with roommates intending to rent our home in order to preserve ownership for the long term. Not being able to rent the property yet, we are considering other options. Question. Can we take our solar system with us and sell it? Should we move back in the home and fight foreclosure? Should we declare bankruptcy and fight for loan modification? We don't want to lose our home and are very confused about our rights and options. We feel like we were taken advantage of by both mortgage lenders and don't know where to turn. Please help.


Asked on 2/19/09, 12:54 pm

1 Answer from Attorneys
Lyle Johnson Bedi and Johnson Attorneys at Law

Re: Facing foreclosure. Can we take our solar system?

You will not get a helpful answer on the internet. You will have to meet with an attorney to review the facts of your case. Only then will you get an answer that is meaningful.

Read more
Answered on 2/24/09, 9:36 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in California