title defecttitle defect

I received my title defect letter stating I needed a consent to lease from my mortage company.My mortage is with bank of america.I faxed them the papers and was told I would have something in 20 business days.Today I received a letter stating I need to pay 150 for admin. fees and proof no surface damage will occur on my property plus some other things.The problem is once I get this stuff all together and sent back they said I would be notified in 30 business days.I only have till 12-18-12 to return the defect papers back to bp.Anyone else having problems with their mortage companies?Thank you

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Permalink Reply by randall james dye on December 3, 2012 at 1:38pm

I am waiting for a call from bp.Hoping they will work with me on this.It's only 11 acres but its better than none.After I talk with bp I am planning to call the bank.The bad thing is I faxed the papers to them on 11-2 and called them asking what was happening and kept getting the run around.Hope something good comes of this.Thanks

Permalink Reply by Jack Straw on December 3, 2012 at 1:50pm

With only 11 acres (and an occupied dwelling I assume), it is highly unlikely that BP would need to disturb the surface of your property.

If you explain to BP that your Mortgage Holder requires "proof no surface damage will occur", you may be able to get BP to agree to  modify the lease with a "no surface" clause.

It might help to explain that you are (and have been) working hard to resolve matters with your Mortgage Holder and ask for their patience and any assistance that they might provide.

Sorry to hear about your predicament, I fear that such hiccups may become ever more common.

Good luck to you.

 

All IMHO,

                    JS

0ym9x5ag7ury2Permalink Reply by 0ym9x5ag7ury2 on December 9, 2012 at 3:22pm

Randall,    Only 11 acres?  You have a lot to learn about what you own. I know people with 3 acres who are saying they are going to be rich. I agree that they will be rich when production starts. People who don't know what they have are at risk for being taken by those who know what an acre of mineral rights are worth, like the mineral purchasing companies.

Refinance with Farm Credit Services in Alliance OH, then let Bank Of America know how much you didn't appreciate their lack of personal service and lack of timeliness when you needed their help.  

When production starts you'll be your own bank.       Ron

0i7okn54zwbdoPermalink Reply by 0i7okn54zwbdo on December 3, 2012 at 2:51pm

BP defects for mortgages is their way of saying they don't want to take your lease.

Permalink Reply by Donald on December 3, 2012 at 3:50pm

Sounds like time to refinance, BOA is a lousy bank to deal with.

Permalink Reply by Tim Tarr on December 4, 2012 at 7:48am

Donald, My thoughts exactlly. I wouldn't do any business with them.

   

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