Forget Batman. This "HERO" is NOT the One the City Deserves Nor Needs

Real Estate Agent with Keller Williams Realty 01702953

Ray Wright is not Batman...just so you know!

"You either die a Hero, or live long enough to see yourself become the villain."

You may or may not have heard about the uproar being dealt with over the famous (and now infamous) H.E.R.O. program.  But it's become more and more of an issue in recent months as home values continue to rise and homeowners are wanting to cash-in on the new equity before it's too late.  It appears for now that the program, which was once hailed as a "hero" to homeowners is being looked at closely as possibly now being...a villain.

H.E.R.O., the Home Energy Renovation Opportunity, came about to assist homeowners in obtaining energy efficient repairs & upgrades to their existing home without large out of pocket expenses.  The total amount for the repairs/additions are attached to the property taxes and are paid for over time.  Sounds good.  But for many homeowners, it can be a problem if they ever want to refinance or sell their home.  The loan takes a first-lien position on the home, meaning that if the home is sold or refinanced, the H.E.R.O. loan stays with the house as number one with the taxes.  Not a problem if you have a great low interest rate and are thinking of staying forever (or long term) at your current residence.  But if you think there's a chance of selling in the near future, I'd be wary of adding a huge 2nd loan.

I recently closed escrow on one of my clients that had a $20,000 H.E.R.O. loan.  Luckily, they were able to sell and pay it off and still walk away with a good chunk of change in their pocket.  But I've also spoken with 2 other sellers who were not so fortunate.  Both were divorce situations, both had to sell, both had large H.E.R.O. loans and both were upside down because of it.

Another issue arising out of the recent rush to add these types of home improvements has been disclosure.  The question of "was the homeowner properly disclosed of the ramifications of obtaining this type of PACE loan?" has been passed around and is now gaining the attention of District Attornies.  Just yesterday, the Inland Valley's Association of Realtors (of whom I am a member) had an open forum about the H.E.R.O. program.  One of the special speakers was, Riverside County Deputy District Attorney Raymond Ramirez.  Mr. Ramirez confirmed and investigation is currently underway on how consumers are being sold energy efficient types of products through the H.E.R.O. program.  

You can check out the entire news article about the meeting by clicking HERE!

Currently, the "jury" is still out on the H.E.R.O. program in regards to how the program is being presented to consumers.  But if you're looking to add energy-efficient products to your place of residence, I suggest you get with me first to discuss whether or not it's a good fit for you.

Posted by

Ray Wright - Inland Empire Realtor

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Ray Wright - Certified Preforeclosure Specialist

Foreclosure Prevention Help!

By the way, if you or someone you know is at risk of losing a home to foreclosure, please know that there are options available to avoid this devastating circumstance. And know that there is someone here you can trust to help. As a Certified Pre-Foreclosure Specialist & a H.E.L.P. Certified Specialist, I understand the "ins-and-outs" of Short Sales and Loan Modifications. I am also a Wachovia and World Bank trained Pre-Foreclosure expert and well educated in the Government’s H.A.F.A. and H.A.M.P. programs for helping homeowners facing foreclosure.  Contact me NOW!  951-312-3133 or email:


Ray Wright - Realtor

Ray Wright

Wright Team Realty

Direct: 951-312-3133


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Tamra Lee Ulmer
Arizona Resource Realty - Payson, AZ
FORCE~NRBA ~ Over 1000 REO Assets SOLD!

Ray, I enjoyed this post. I like your enthusiasm and analogies. Have a great day!

Jun 04, 2015 06:50 AM #1
Deena – HERO Property Advisor

Hi Ray, We agree that proper disclosure and transparency are critically important with the HERO Program and that’s why we work hard to make sure homeowners fully understand exactly what is involved with a HERO assessment. So in addition to featuring disclosures very prominently in all of our financing documents, we perform random terms confirmation calls, and closely monitor activities between contractors and homeowners. 


We are here to assist homeowners for as long as they have a HERO Assessment on their property and during any property transactions as well. When a HERO property is involved in a buying, selling or refinancing transaction, we have a dedicated team of HERO Property Advisors who work with the professional team (real estate agents, appraisers, mortgage lenders, title reps, etc.) along with the homeowner, to successfully complete these transactions.


We also work closely with multiple lenders who are able to close sales and refinances without requiring subordination or payoff of a HERO assessment. In addition, our team has worked on a variety of solutions (including subordination) that can be tailored to unique circumstances. 


We believe the HERO Program provides more consumer benefits and protections than any other financial product in the industry, and we invite you to call our HERO Property Advisors Hotline at 1-855-CAL-HERO (1-855-225-4376) so we can personally answer your questions and concerns. We are looking forward to connecting with you. -Deena

Jun 11, 2015 03:01 AM #2
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Ray Wright

- Inland Empire Realtor
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