independent landman inquiring with a paper to contact mortgage holder and needs permission to speak with them regarding in case property would go into foreclosure......is this legit? also left me with a consent to lease and assignment of royalties ....with the Mortgage Electronic Registration Systems, INc as nominee for my mortgage company, consent to the following gas and oil lease.states in paragraph pursuant to a mortgage from me to mortgage electronic registration systems inc as a nominee for my bank dated with my original mortgage date . the mortgagee3 agrees to provide Lessee with resonable advance written notice of the date of payments to it and are to begin and to which the payments are to be mailed. Is this legit or should i be concerned? a penny for your thoughts.
yes sir it sure does ! where might i find this sec filings and conference calls ?
Try Seeking Alpha or Yahoo Finance or even the investors relations tab on each companies website.
Having worked in the mortgage industry and being mortgage licensed in the past and now working in the Land Services business for the past 9 1/2 years, running both title and leasing in the field as well as procuring Sub-ordination affidavits. I can tell you that this is a common practice for the oil & gas companies. It does protect the O&G companies interest in the event of a foreclosure and the mortgage company would be aware of the oil & gas lease if they did foreclose on the property. (Guess who may be entitled to the royalty if they did foreclose)? Many in the banking industry do not have a clue as to why this important document is needed unless they are dealing directly with mortgages. Once they understand what this document is for they generally will accept it without a problem. As for the need of a lawyer to review, if you like to pay money for piece of mind then go ahead but I would contact the mortgage company directly first (The actual company who holds the mortgage, this may be different than who you originally took the mortgage through) before spending money on a lawyer. That may save you time as well as money.