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You can be foreclosed by your Bank for being near Fracking  RSS feed

 
allen lumley
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- while this is unlikely with the portfolio of properties most banks already hold, you may not be able to Sell a home near Fracking if your property no-longer
qualifies for a Bank Loan !

http://www.americanbanker.com/issues/178_218/fracking-boom-gives-banks-mortgage-headaches-1063561-1.html?zkPrintable=1&nopagination=1



Just a little scary ! Big AL
 
Mike Cantrell
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As far as I can tell, the article says banks can foreclose on somebody if their mortgage forbids them to sell their mineral rights, and they go ahead and sell their mineral rights. In other words, if you violate the contract you signed, then the bank gets to invoke the penalties inside that contract. So not being near fracking, but participating in fracking.


Nonetheless, one more reason that anybody who can avoid a mortgage should avoid a mortgage- you might not realize what rights you've given up.
 
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