wells fargo home mortgage on release of mineral rights for money

does anyone know the policy wells fargo has for releaseing the mortgagor his or her mineral rights so they can collect money

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Eric - as of 30 - 60 days ago, Twin Cities as agent for CPK told a group of S. Hills l/o, m/o that signed mortgage subordination was required to seal the deal. This included signed subordination for HELOC's, too. If you go to SHGLC blog, you'll see their steering committee's posts regarding this.

http://shglc.blogspot.com/

sesport
JPD Leasing required the same thing of the group that signed leases in my dads groups at United Methodist church back in December 2008. Thier costs varied anywhee from$100.00 to $600.00 and a few of Wells-Fargo clients were refused subordinations. So, there lies the question were those people refused a lease? I will take a look at the blog-spot. Thanks for your help and staying up with us.

Eric
Eric,

With rates as low as they are those fees could go toward closing costs of a new loan.
Eric, Standard Mortgage requires a $500.00 non-refundable fee. They used to be Aulds Horne & White, so they are not some fly-by-night mortgage company. In this next round of leasing, which will be more populated and less rural, subordination will become more of a problem. I think it's important to get the word out, especially to our elderly, who likely don't have an extra $500.00, BEFORE they sign a lease. They are already skimping on food and medicine.
Good to see you, Renee! You're correct, we need to let the neighbors know so they can start checking on thiese issues. And to especially keep up with the elderly, who may or may not have mortgages paid off, but more likely may not be in touch via the internet with websites with pertinent information.
Thanks sesport, I check in once in awhile to make sure you guys are behaving. Some folks say the elderly don't have mortgages, but that was in the past.
Renee - It just occurred to me, speaking of the elderly ... will there be any issues for land/mineral owners that have reverse mortgages?
sesport - I know a lady in the Highland area who has a reverse mortgage - she said they told her she will be able to keep the lease money. As a matter of fact, she recently leased for a small amount to Twin Cities. She said she knew she could wait until the Shreve Centre Coalition came up with a deal down the road, but her health is not good and she felt like in three years she might not be around.
Renee - My question is whether she had to get a mortgage subordination for the reverse mortgage.

Anyway, here's hoping she enjoys/gets benefit from that money, that she now has peace of mind, and prayers that her health improves.

'night - sesport
I'll ask her and let you know.

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