Bank owned foreclosure

[Ampster]

As it turns out you can only delete your posts and if anybody quoted you that will remain unless they delete their posts. I would be happy to delete my posts but remember there are sites that cache these kind of forums so it may be futile. This is not about your intent but I can understand why the title company would want to be conservative until the legal issues are resolved.

[BoloMKXXVIII]

Unfortunately I have to delete this post. I tried to delete the entire thing, but it hasn't happened yet. So i deleted each of my responses/posts. The title company came across it in their investigation, which means later down the road Tesla would be likely to too. Sorry

Understandable. Maybe when it is all over you can come back and let us know the outcome. Best of luck.

[Crash]

Any update? It has been a while.

[Ampster]

As you say, the details may change with state law. ..... But this is the case of a system owned by another party which is installed on the home under a contract. That leaves a lot of room for different treatment by state.

That could be a possibility depending on the Uniform Commercial Code in MA.
If that is the Law in MA, then the title company should have shown that interest on the title report. In that case the title company would be responsible for making the OP whole.

[inetdog]

I am not sure it is a point of contention which would change the outcome. Whether ownership or security interest that interest was subordinate to the bank mortgage. All other interests were foreclosed by the bank. That is, except tax liens. Again, that is based on how things work in California. MA may be different..

You are correct, Tesla could have removed the system before the foreclosure. That was probably why the bank gave them notice. That notice was probably required by law and Tesla did nothing as far as we know. I think that may constitute a waiver and if the foreclosure followed the rules I still believe Tesla no longer has any rights to the system. They can still try to chase the former owner.

As you say, the details may change with state law. If construction materials are incorporated into a home, they usually immediately become part of the home whether paid for or not, and the only protection for the material seller would be a lien, subject to mortgage or other liens. But this is the case of a system owned by another party which is installed on the home under a contract. That leaves a lot of room for different treatment by state.

[Ampster]

The only interesting point of contention is that with a PPA instead of a lease or installment purchase, they have an outright ownership interest in the system rather than a lien against it. .......

I am not sure it is a point of contention which would change the outcome. Whether ownership or security interest that interest was subordinate to the bank mortgage. All other interests were foreclosed by the bank. That is, except tax liens. Again, that is based on how things work in California. MA may be different..

You are correct, Tesla could have removed the system before the foreclosure. That was probably why the bank gave them notice. That notice was probably required by law and Tesla did nothing as far as we know. I think that may constitute a waiver and if the foreclosure followed the rules I still believe Tesla no longer has any rights to the system. They can still try to chase the former owner.

[inetdog]

That is great news. Unless there is something different in MA law or title policies you should see this resolved as soon as they inform Tesla.

The only interesting point of contention is that with a PPA instead of a lease or installment purchase, they have an outright ownership interest in the system rather than a lien against it. Probably they could have removed it during the foreclosure without hindrance, but not enforced the provisions of the PPA. The presumption that anything attached to the house goes with it at a sale does not necessarily apply to things owned by other parties.
I cannot see any way they can enforce the PPA though.

[Ampster]

Update: The title company received the foreclosure documents and tesla was notified of the foreclosure .......

That is great news. Unless there is something different in MA law or title policies you should see this resolved as soon as they inform Tesla.

[Ampster]

I know you would like closure but these things take time. Title insurance insures against past events affecting your title. Claims take a while to resolve because of the research needed. Unlike life insurance where a simple death certificate usually satisfys the insurance company that a "policy event" has ocured.

[Ampster]

Unless they have some type of court order of repossession, how are they going to take the panels off your home? I would not worry about it, waste time, or money thinking about it....
.

Yes, Tesla will presumably have to battle with the title compny first, then if they are successful they will have to enforce their rights of possession by court order. It is a long and tedious process for them.

[Ampster]

Has the title company come back with how they are going to protect your property?

My experience with title company's suggest two scenerios. One they will correspond with Tesla, prove to Tesla that the security interest in the panels has been lost. Based on that Tesla will walk away. If not, they will litigate or settle at no expense to the current owner.
Two, if they determine that the foreclosure did not eliminate the security interest, or they lose in litigation, then they will have to compensate the current owner for damages according to the title policy.
We still dst't know the outcome of the title company research about the effectiveness of the foreclosure. We also don't know about about any fine print limitations. My father was a Title Officer before WW2 and he always said that in any contract, the big print giveth and the little print taketh away.

[john phillips]

Has the title company come back with how they are going to protect your property? Until then sleep well.

[HoodOffGrid]

Unless they have some type of court order of repossession, how are they going to take the panels off your home? I would not worry about it, waste time, or money thinking about it. Just tell them no....


Regards.

[peakbagger]

The OP may get real lucky but SRECs are tracked via a NEPOOL GIS number. Messing with the means of communication of generation may deny the registered owner of the SRECs from getting SRECs they can sell, but unless the GIS account registration is swapped to the new owner , the new owner is not going to have SRECs issued in their name and therefore will not be able to sell them.

[ButchDeal]

You may be able to replace the inverter so you could register your system. It is very easy to plug a cat 5 wire into the new inverter and then the other end into your router. The problem would be to run the cable between the two. Then you need an account set up for the new inverter. .

Op does not need a new inverter to do thus but does need to disconnect the serial port to the inverter from the existing monitor system as others have stated.
OP wants to take possession including SRECs and new equipment can complicate that.