I am wondering if anyone else has experienced the FHA mortgage changes required for the surface owners when a well has been put down on the land. The mortgage has no interest in the mineral rights as they were not transferred with the mortgage, however terms that have been in place for twenty years are now being changed up buy the FHA. Any information about this would be helpful. Be prepared for everyone wanting a piece of the pie!!
You are going to need to spell this one out...as it's my understanding that the mineral rights have nothing to do with the mortgage taken on the sale of the property. As I have looked at the sale of the property that we have the mineral rights to...it's clear that the mineral rights were NOT sold with the property and thus would NOT be included in the mortgage. Thus, I need you to spell this out for me...what you are saying...as I don't get it!!
If you do not retain the surface or "property" rights as you call them along with a percentage of the mineral interests, any mortgage you may have with the farmers home administration on the surface land may be affected. If you have only mineral rights this has no effect on you.