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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Replies to This Discussion
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Permalink Reply by randall james dye on
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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
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Permalink Reply by Jack Straw on
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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
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Permalink Reply by 0ym9x5ag7ury2 on
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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
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BP defects for mortgages is their way of saying they don't want to take your lease.
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