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Friday, November 25, 2011

Question If Drilling Leases Will Void Mortgages

Officials Push for Clarity on Oil and Gas Leases
Friday, November 25, 2011

Federal lawmakers, bank regulators and law enforcement officials are broadening their efforts to ensure that the growing number of oil and gas leases being signed by landowners across the country comply with mortgage rules and do not create new risks for lenders, appraisers or landowners.

The efforts stem from mounting concern that mortgages may be invalidated by people's signing such leases without first getting permission from their banks.

Leases often allow certain activities, like storing hazardous waste on a property, that are expressly forbidden by mortgages because they can harm resale values. Such activities also violate rules set by institutions like Fannie Mae, Freddie Mac and Farmer Mac, which buy mortgages from banks.

Banks have become increasingly reluctant to give mortgages for properties with gas leases on them. Lenders have predicted that the conflicts between leases and mortgage rules are not likely to lead to foreclosures, but are likely to result in new rules from local banks and additional hurdles to getting a home loan or refinancing an existing mortgage.

As a result, lawmakers and regulators have called for investigations -- and started their own -- to determine the scope of the problem and potential solutions.

Read more: http://www.post-gazette.com/pg/11329/1192574-84-0.stm?cmpid=news.xml#ixzz1elW9vuuz


Anonymous said...

Looks like greed for some of these land owners. Half Acre, acre plots and even larger are going to get bit in the back side if this is so. Valve of their homes will hit rock bottom. Just over a few thousand dollars. GREED and More GREED!!

Anonymous said...

Karma Baby Karma

Anonymous said...

What a bunch of crap! The banks act like THEY own the property....Should be the landowners right. Banks are getting like government, they are sticking their noses in where they shouldn't be.

Anonymous said...

Too Bad 11:38. Looks like you are one of those described at 10:22.

Anonymous said...

To 5:00 Nope! You couldn't be more wrong. Bad guess.