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Time and time again, guests on The Real Story talk about how important it is for  homeowners facing foreclosure to talk to their banks or lenders.  Without an open dialogue, the bank becomes the monster under the bed, the worry that keeps you up at night.

Ray Davis, President and CEO of Umpqua Bank, is a firm believer in getting all of the issues out on the table—even if some of the issues seem insurmountable—so that both sides can contribute to some scenario planning that just might work.

The worst thing a consumer can do is to ignore the monster under the bed, because that letter from the lender or the series of phone messages on the answering machine will turn, in a matter of weeks, into a notice of foreclosure.  Davis reminds us all that banks do not want to own homes—and in fact, another source recently shared with us that even when a bank takes back a home and sells it, it may see less than 30% of the home’s value in that transaction.  Keeping a homeowner in his or her home, keeping neighborhoods intact, is a way of keeping communities strong during a long recession.

UPDATE ON SOLAR: NET ENERGY METERING BILL PASSES SENATE EU&C COMMITTEE

Our Sacramento insiders passed along the news last night that the California State Senate’ Energy, Utilities and Communications Committee voted 9 to 1 to pass AB560, the bill aimed at raising the state’s net energy metering cap.  Net metering allows solar energy customers to get full retail value for the electricity their systems generate.  According to Adam Browning from Vote Solar, existing law requires California’s major electric utilities to make net metering available to customers on a first-come-first-served basis until the total program capacity exceeds 2.5% of the utility’s peak demand.  Passing AB560 doubles the net metering program capacity to 5%– but first, the Senate Appropriations Committee must pass it, and then on to a full Senate vote.  This win is important for the continued growth of the rooftop solar market.