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Is Foreclosure the Only Way Out of Colorado?What About Tesla?

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    Question Is Foreclosure the Only Way Out of Colorado?What About Tesla?

    I am wondering if a sudden and total breakdown of all the houses' systems prevents us from selling this home in 2022, could Tesla force us to file a second BK13 to rid us permanently of this solar panel lease which in effect until sometime in 2033? If we let the house go into foreclosure,would we still be responsible for the balance on the lease?
    These panels already will complicate the sale and if the furnace, swamp cooler,sprinkler system, etc. all need repair or replacement at the same time, what can we do?( I know many will say just live out your lives here and spent 10+ years fixing everything for somebody else LOL)
    Are we truly doomed? Is there a way out besides walking away with nothing?
    Last edited by Barbisi; 09-14-2020, 10:13 PM.

    #2
    If you purchased the solar panels prior to filing bankruptcy, you could discharge it in the bankruptcy. While my issues weren't related to solar panels, I got rid of my home before my Chapter 13 concluded. It sold for a smidgen less than what I paid, which wasn't bad, but also wasn't good. It needed a bunch of work. I could not see myself trying to rehabilitate the home or the mortgage.

    Sometimes walking away with nothing is actually something. If you do the math and calculate the amount you could put into a failing home, the answer may be clearer. After the leak in the inground pool and the $21K bill for new A/C units, not to mention about $6K in exterior paint (very large home), about $6-9K interior paint, about $4K in new carpeting, and some other general upkeep ($5K), you could see the trend. That would have been after I spent $12K fixing the apartment alone (new appliances and a total floor to ceiling remodel).

    So it was $41-48K of needed postponed maintenance (due to the Chapter 13)... or just get a new one. If I had stayed, that would have been $60K sunk cost.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.

    Comment


      #3
      We don't own the panels - we bought the lease with the home, jb!
      That's why it is going to be so hard to sell this house : people are too smart to get stuck with a solar panel lease until 2033!
      As for the rest ,what do you think about selling as is? (The sellers spent virtually nothing on repairs , why can't we do the same?)
      We do have $50+K in equity now- does that matter?
      We know a huge crash is coming - we had hoped we could sell out before this house is worth less than we owe!
      Last edited by Barbisi; 09-14-2020, 10:20 PM.

      Comment


        #4
        I just learned about the panels myself. I was going to purchase a house that had panels and it was another $27K for the panels. I just couldn't do it even though I want and would like to have Tesla Powerwall (with or without panels).

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.

        Comment


          #5
          We pay $75 a month for the panel lease and I personally hate them and would have them removed were it only possible!
          They don't save anything and they prevent home sales!
          I wish you could buy this house and enjoy them to your heart"s content! LOL

          Comment


            #6
            No than you. I didn't buy the last house because it had a $27K solar contract. It put the home about $30K above market. My purpose for them is not to save, but for power failure related (which is why I could go with just PowerWall by itself). There are many people in my neighborhood with solar panels adorning their rooftops.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.

            Comment

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