This is in Pennsylvania but it’s only a matter of time, a few more people who just walk away from their homes, and a few more pipeline accidents until…
Some properties may need to be re-mortgaged if gas leases signed
Potential environmental damage to properties could affect their future value, Berrish said.
Because gas drilling devalues property, some borrowers will have to get a new appraisal and re-mortgage their homes.
Also…
Freddie Mac and Sallie Mae — specify in their mortgage contracts that if a borrower signs or sells a right to a mortgaged property, the mortgage holder can demand immediate payment in full.
Bet the landmen never mentioned this part.
About Sharon Wilson
Sharon Wilson is considered a leading citizen expert on the impacts of shale oil and gas extraction. She is the go-to person whether it’s top EPA officials from D.C., national and international news networks, or residents facing the shock of eminent domain and the devastating environmental effects of natural gas development in their backyards.
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In researching this issue for my neighborhood, what we found was that the mortgage companies did not allow surface use, and would not accept any change in lien position.
Our deal with the driller was for no surface use, and no lien subordination. We also asked for and got the driller's assurance that they would assist our homeowners with any paperwork or releases required by the mortgage companies.
Yeah, and you do this and you do that. Now what about when you want to sell your home and the buyer wants to get a gov. backed loan–problems arrise and the new buyer can't buy? Huh!
I believe it will be just a matter of time before this becomes a issue here in the Barnett Shale. Look at Dish. Do you think anyone wants to buy a home or a lot there?
WhosPlayin to your defense, I know the gas companies can make many promises of "assistance" etc. but they have proven to be liars. They are masters at the art of "bull%#@&". The landman from Cherokee lived in our neighborhood. Guess what, his house is for sale!!! He is getting out because he knows what is about to happen. We live very close to where a new well is going in (we have not signed and will not ever sign) and now this gives us more validation to never to sign. They will have to force pool us to get our minerals. The lawyer has been hired and we are ready and waiting.