Need to know who your morgage is held by when you have a gaslease?

Is this common practice for gas lease to need to have your mortgage lender info in case your property would go into foreclosure while under their lease?

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Permalink Reply by Chris on April 20, 2015 at 9:34am

yes, usually they will want to do a subordination but your mortgage is public record and is filed at the county recorder so they have access to it.

Permalink Reply by Glenda Klempay on April 20, 2015 at 10:29am

That is what i thought, so why did they not have the info? I received a call on the matter.....stating if for some reason the property would go into foreclosure, they would make royalty payments to mortgage holder.....I would get an attorney to look at this form before any signature.

Permalink Reply by Chris on April 20, 2015 at 2:23pm

usually the only time they would need a signature from you would be if the bank requires a consent.  The actually subordination is an agreement between the lender and the OG company.

Permalink Reply by Glenda Klempay on April 20, 2015 at 2:47pm

Thank you. I will check with my attorney if need be.

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