Consumer complaint received 2024-04-09 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Confusing or misleading advertising or marketing
Company: Ygrene Energy Fund Inc.
State: CA

Complaint narrative:
YGRENE : Work Never Completed. Contractor Deceptively Had Me Sign on His XXXX, Misleading Me to Believe I Was Authorizing Work Commencement. In Reality, I Was Confirming Completion. Despite Providing Evidence of Incomplete Work, Ygrene Denied Responsibility, Yet Approved the Contractor. They Engaged Outside Counsel : XXXX XXXX XXXX, XXXX XXXX XXXXXXXX XXXX XXXX XXXX, Who Asserted No Basis for Complaints, Despite the FTC 's Successful Case Against Ygrene for Deceptive Practices. I've Requested Loan Cancellation and Full Refund Due to Exploitative Practices, Unfinished Work, Inflated Costs, and Deception. Ygrene 's Exploitation of Vulnerable Individuals Without the Means to Fight Back Is Unjust. I've Sought Resolution from Ygrene Multiple Times, to No Avail. In reality, no Contractor Supervision, Deceptive Practice by Ygrene and Ygrene Approved Contractor. By the way, how can Ygrene want to get paid that works was NEVER completed? 


Subject : Urgent Matter - Request for Full Refund and Lien Removal - Project ID : XXXX | Case # XXXX Dear Ygrene Energy Fund, I trust this letter finds you well. I am writing to bring to your attention a serious matter concerning the project with Project ID : XXXX, conducted at my property located at XXXX XXXX XXXXXXXX XXXX XXXX XXXX CA XXXX. I appreciate your prompt attention to this matter, as it is of utmost importance to me. By the way, Ygrene is thriving, and the surface is good... BUT I have recently discovered that the contractor approved by Ygrene Energy Fund, who received full payment before completing the work, is no longer in business and is no longer associated with Ygrene. Moreover, there is no evidence to support the claim that I signed off on the completion of the work. I believe it is crucial to note that the rules for payment to contractors were different in 2018, and it appears there may have been a lapse in the verification process that led to the approval and payment of the contractor.

Regrettably, the contracted work, as specified in the approved agreement, was not completed as agreed upon. Despite being assured that the payment made was not a lien and that I could refinance at any time, the contractor failed to fulfill their obligations, leaving several critical components of the project incomplete, including : 1. Windows ( 10 ) - {$10000.00} 2. Insulation - {$8000.00} 3. Tankless Water Heater - {$9000.00} 4. Roof - {$15000.00} The elevated prices charged for these unfulfilled services raise concerns about potential price gouging, and the incomplete work is a matter of deep concern. Additionally, the roof permit remains open, and no city inspector has signed off on the completion of the roofing project. 

Given these circumstances, I am formally requesting a full refund for the entire loan amount, taking into account the incomplete work and the absence of proof of completion. This includes, but is not limited to, the following : XXXX. Closing Costs- {$2300.00} 2. Capitalization Interest- {$1900.00} 3. Underwriting - {$460.00} 4. Recording Fees- {$200.00} 5. Grand Total : {$4900.00} I also request a refund for all payments made through property taxes and any associated penalties and/or interest paid. Furthermore, I urgently seek your cooperation in canceling the existing loan agreement and promptly removing the lien from my property. 

To aid in the resolution of this matter, I have attached photographs of the incomplete work, including the windows, water heater, and evidence of the open roof permit. I am prepared to provide any necessary documentation, including proof of the contractor 's closure, the absence of signed completion documents, and any other information that may assist in clarifying the situation.

Please be advised that a copy of this letter will be forwarded to the Federal Trade Commission ( FTC ) to ensure that the appropriate regulatory authorities are aware of this situation.

Moreover, I am deeply concerned about Ygrene 's practices, including the hiring of contractors with no training, lack of checks and balances, and the failure to confirm the completion of work. It appears that Ygrene has operated in a modern-day " wild wild west, '' amassing millions of dollars on the backs of the disadvantaged. 

The power to secretly inflate property taxes, turning a {$48000.00} investment into a {$130000.00} profit, is alarming and unjust. It is disheartening to learn that Ygrene was allowed to run wild with no recourse, and I share these concerns with the broader public.

I would have lodged a complaint earlier, but I did not believe I had a chance, feeling trapped in a money pit of a loan. It was only when a family member informed me about the FTC that I considered raising my voice against these major infractions.

In the interest of transparency and justice, I am compelled to go public with my experiences and let everyone know how Ygrene has lied and manipulated the system for ill gain. It is essential that consumers are informed about these deceptive practices, and I believe that shedding light on these issues will contribute to a fair and accountable marketplace.

I trust that Ygrene Energy Fund will conduct a thorough investigation and take immediate action to address and resolve this matter. I appreciate your cooperation in rectifying this situation promptly. If you require additional information or clarification, please do not hesitate to contact me at XXXX. 

Thank you for your attention to this matter. 

Sincerely, XXXX XXXX XXXX : Federal Trade Commission ( FTC )

Company response to consumer: Closed with explanation