Release of lien to sell mineral rights question.....plz explain
Hello,
I am looking to sell off a part of my mineral rights. (most of them). I was contacted by the purchaser representative and asked if I could call my bank and have them fax over a "Release of Lien". As strange as that sounded, and I was assured by the fact she told me everyone else does this without problem. I couldn't imagine my bank cooperating at the moment i called and asked for this. Well, a phone call and the question to them "Can you please fax a release of lien to this number", well, you can guess the answer as much as I was guessing it...."You have to pay off your mortgage to get that"! Well, that is my intention once I have money in hand........I'm stuck between a rock and a hard place and I don't know the process or if the request was reasonable of the gas rights investor rep or if my bank is an idiot. I didn't already like the responses from my bank, as I told them 6 weeks ago what I was doing it and had particular questions regarding my mineral rights, and low and behold I never got an answer, still under review from June 9th. $@!$&$*^%*^$
I'm certain there is an (hopefully) easy answer to this so I may go to this arranged meeting sometime next week and give them title to mineral rights and collect my check. Please help me understand my conundrum.
Blessings
Views: 468
Replies to This Discussion
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Permalink Reply by evan on
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Most banks won't let you sell mineral rights now unless you use it to pay off your loan and it sounds like that what your doing. I suppose people were buying properties selling mineral rights and walking away from the loan. I'm sure there's paperwork from the bank that will clear this up . Probably something stating that you will use that money to satisfy your loan.. I know people that had to do this.. all depends on the bank though.
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Permalink Reply by Dexter Green on -
You need them to subordinate the mortgage. It may involve using a % of the proceeds from a mineral sale to cover part of the existing mortgage. Physically go to the bank and speak with someone who deals with their residential real estate and start from there.
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Permalink Reply by James Foster on
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You need an attorney. Your mortgage was based on your house and probably the half acre around it. We have thirteen acres but according to the bank they are not considered when we have refinanced twice and tried one other time after economy tanked. We also had an sba loan with a lien on our home. In Ohio mortgage is automatically subordinated. Subordination of mortgage can cause sba loan to be called. We talked to our banker and he did release our mortgage on our sba loan. We still have a house mortgage. You will still have your home and land surface rights and portion of mineral rights which technically have no value until extracted so how could they have been considered in mortgage. Will they do if check is payable to you and them. Cant hurt to ask.
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