Lein on property

CKH HAS A LEIN ON MY PROPERTY FOR 500 MILLION THEY SAY ITS AGAINST GAS OIL RIGHTS BUT THE WHEN YOU DO TITLE SEARH COMES UP WITH LEIN OM YOUR PROPERTY TRYED REFINACE AN NO BANK WILL TOUCH ME BECAUSE OF THIS AN YES I BEEN ON PHONE WITH THEM AN THEY SAY ITS COMMON FOR THE TO DO THJIS BUT ITS AGAINST GAS OIL RIGHT I FAX THEM THE LETTER I HAVE THEY SAID THEY WOULD LOOK INTO IT I AM IN BEAVER COUNTO OHIOVILLE BOR 15059- 724 643- 1803  WIL THIS ATTACHED TO MY HOME I CAN NOT DO ANYTHING SELL OR REFINACE  THE 500 MILLION IS CREDITLINE ALSO SO EVRYONE SHOULD DO TITLE SEARCH I HAVE FREIND IN FREEDOM PA SAME THING ON HIS LAND

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Permalink Reply by Frank Nesmith on November 21, 2013 at 4:32pm

That is the best suggestion yet. Contact the Attorney General.

Permalink Reply by Frank Nesmith on November 22, 2013 at 4:14am

Here's a question for us all.

What if Chesapeake defaults on the loan? What would happen? What could happen?

Permalink Reply by Trapper on November 23, 2013 at 5:28am

Chesapeke must be pretty sharp or Deutsche Bank pretty dumb (yeeeaaahh right) to conive a way to use as collateral leases they are going to lose anyhow. What kind of collateral is that?

This whole thing smells a little fishy to me. The bank must smell CHK blood in the water and sees an opportunity to get into the gas biz when CHK defaults. The problem is the timeline to expiration of leases , unless CHK leases standardly have the re-do option for another 5yrs...? That would buy more time. Who knows , maybe Royal Dutch Shell would be happy to take them off of the banks hands......they have been rumored to be looking at a CHK buyout.......

Permalink Reply by Frank Nesmith on November 23, 2013 at 4:15am

I commend you for going public with this, Garry. The fact remains that all of the folks that have their properties tied up in this $500 million dollar line of credit are in a real pickle. If they are making enough on the royalties to pay cash for home repairs and perhaps can hold the mortgage for a buyer, it's not a big deal, but I doubt many are in that boat. That leaves the smaller landowner hung out to dry. You can't get a loan on the property you worked long and hard for and you can't even sell it, because no one will mortgage a buyer. 

At first, it was just Aubrey McClendon doing this, but now that Chesapeake is also doing it, what does that say for their finances and their future. This makes me wonder if it's just Chesapeake, or if other drillers are doing the same thing. Sure wish they would have outlined those possibilities when people signed leases. 

The public needs to know that this is going on. You are doing the right thing by outing them for this practice.

Permalink Reply by Garry L Miller on November 23, 2013 at 4:42am

The people from the times are comeing out an i hope the put it in the paper what is going on an i agree they should told everyone about takeing money out against leases that attach to property i just hope they dont release with me i dont want it

Permalink Reply by Frank Nesmith on November 23, 2013 at 11:29pm

I'm so glad you are doing that with the times. Everyone needs to check their own leases now. That should be criminal, what they are doing to you. Here you go and enter into a contract thinking both of you are on the up and up, and they do this to you, without even so much as telling you. Best of luck to you.

015334grltd9mPermalink Reply by 015334grltd9m on November 24, 2013 at 2:41am

I can't believe how many panties are bunched up over this non issue.  For the record I have these liens all over our properties and you guys are not understanding this form of banking.

015334grltd9mPermalink Reply by 015334grltd9m on November 24, 2013 at 3:20am

Same.  CHK and the German bank. 

What's missing here, is the need to separate our minerals with a deed, keep a distance.

Permalink Reply by Garry L Miller on November 24, 2013 at 7:00am

YES

Permalink Reply by Frank Nesmith on November 24, 2013 at 11:56am

I don't understand why everyone keeps saying that it's the banks that need educated. I would think they have their fair share of educated people on board.

I think the landowner needs educated that these problems can crop up in this area and often do with Chesapeake. I have a friend that tried to buy an investment property, but the banks wouldn't touch it because the property had a lease on it. Don't you think that should be part of what the land man should let you know when you sign a lease? It's not fair for folks to willingly enter into a lease with a company and find out the hard way that they cannot get a loan, remortgage, let alone sell their home

I can accept if this is normal operating procedure, but I think the company or land men should be required to tell you this prior to leasing. What they have done is left the landowner high and dry here. Leases are pretty much forever, as long as the well is producing, so the landowner needs to enter into that lease knowing he may never be able to get a loan or sell the property.

I'm not bashing the companies here, but what happened to Garry and others is just not fair.

Permalink Reply by Garry L Miller on November 24, 2013 at 1:49pm

DECEPTION  BY  Chesapeak  what do they care they get what they want anyway you look at it hurray for big guy screw little people an i agree we should been told they would borrow money an this could happen i for one would said no knownly what they were going to do i just hope my lease expi..... i will not sign again ....... dont need money that bad know here is question can i borrow money from same bank as Chesapeak same way  as they did against my lease i will take 500 mill an default what do i care

Permalink Reply by Garry L Miller on November 24, 2013 at 7:00am

It is issue when you go to sell or refinace your home in my case reff ///////thats the issue again the banks need   to be  educated

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