Consumer complaint received 2024-02-22
Product: Mortgage — Other type of mortgage
Issue: Trouble during payment process — Paying off the loan
Company: Solar Mosaic LLC (CA)

Our names are XXXX XXXX and XXXX XXXX and we are members of XXXX. In XXXX of XXXX XXXX XXXX XXXX was hired to carry out a construction project in my house. At XXXX 's suggestion we applied for XXXX home improvement loans ( XXXX & XXXX ) with Solar Mosaic XXXX, each for {$45000.00}. XXXX XXXX XXXX. Solar Mosaic disbursed a total of {$45000.00} & {$5500.00} to XXXX XXXX XXXX without complying with federal regulations before disbursing money to their installer/merchant, which would confirm the expenses and details of the allocation of the money. Due to this negligence and irregularities, it gave ample opportunity for XXXX to abandon the construction project and flee with all the advance money. They have not responded to our multiple messages regarding refunds or a remedy to our situation. We are victims of fraud committed by XXXX XXXX and Mosaic. 

Solar Mosaic LLC permits and relies on home-improvement contractors, such as XXXX XXXX XXXX XXXX XXXX explain and sign consumers up for its novel and complex financing process, but they failed to implement adequate fraud or theft prevention measures. Due to this negligence, we have been a victim of unfair and misrepresented business practices, as well as alleged fraudulent business practices by XXXX and potentially by Solar Mosaic LLC. 


We discovered that federal regulations stipulate that no loan XXXX be insured if the lender knows that any participant in the transaction, such as a dealer, home manufacturer, XXXX, supplier, or broker, has been suspended or debarred or is ineligible to participate in the XXXX XXXX program. On XX/XX/XXXX, XXXX, associated with Mosaic as a XXXX who received the advance home improvement loans money, received citation ( Violation # XXXX ) from the California XXXX XXXX XXXX XXXX XXXX ), which states that the XXXX has received/requested more money than work completed and their license revoked on XX/XX/XXXX. According to XXXX regulations, contractors are prohibited from receiving more than a certain percentage of the total contract price upfront. Despite this information, Mosaic continued practicing business with XXXX, ignoring all the risks customers would experience. 

Mosaic is supposed to act in good faith, and there was an expectation that Mosaic and XXXX, as a financial platform/lender, would exercise a duty of care towards their customers, including flagging down XXXX XXXX ( California State XXXX XXXX XXXX XXXX to prevent fraud and criminal activities. Unfortunately, this duty was not upheld. It's worth mentioning that XXXX has at least XXXX police reports against them for fraud, theft, grand theft, and theft by false pretense for narratives similar to ours. 


We find ourselves in debt for a construction project that was never completed, and Solar Mosaic LLC is not taking appropriate action or offering assistance to us. Despite the numerous complaints about XXXX XXXX XXXX, Solar Mosaic Inc. allegedly continued to do business with them, putting many others at risk of being financially affected. Despite my numerous requests, Solar Mosaic Inc. has not canceled my loan.