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Tue May 8, 2012, 08:21 PM

Couple Denied Mortgage Because of Marcellus Gas Drilling

WASHINGTON COUNTY, Pa. -

Brian and Amy Smith seem to be the first example in western Pennsylvania of a homeowner being denied a mortgage because of gas drilling on a next-door neighbor's property.

The drilling goes on day and night at a new Marcellus Shale well in Daisytown, Washington County, and Brian Smith told Channel 4 Action News investigator Jim Parsons that he has no complaints -- except one.

"As far as drilling and the noise and the lights in the window? No," he said. "But when it affected the value of my home? Absolutely."

The Smiths live across the street from the new gas well. They applied for a new mortgage on their $230,000 home and hobby farm, and Quicken Loans congratulated them on their conditional approval.

"They said all the paperwork will be done by the end of the week and we'll be able to close," Brian Smith said. "Somewhere in there, they called us and said, 'Your loan got denied.' "

In an email, Quicken Loans told the Smiths, "Unfortunately, we are unable to move forward with this loan. It is located across the street from a gas drilling site." Two other national lenders also turned down Brian Smith's application.

Quicken Loans emailed the following statement to Channel 4 Action News: "While Quicken Loans makes every effort to help its clients reach their homeownership goals, like every lender, we are ultimately bound by very specific underwriting guidelines. In some cases conditions exist, such as gas wells and other structures in nearby lots, that can significantly degrade a property's value. In these cases, we are unable to extend financing due to the unknown future marketability of the property."

Read more and see video at: http://www.wtae.com/news/local/investigations/Couple-denied-mortgage-because-of-gas-drilling/-/12023024/12865512/-/ohf26fz/-/index.html

10 replies, 2309 views

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Reply Couple Denied Mortgage Because of Marcellus Gas Drilling (Original post)
blue neen May 2012 OP
elleng May 2012 #1
no_hypocrisy May 2012 #2
freshwest May 2012 #3
Champion Jack May 2012 #4
Lugnut May 2012 #8
DCKit May 2012 #5
blue neen May 2012 #6
blue neen May 2012 #7
JPZenger May 2012 #9
PA Democrat May 2012 #10

Response to blue neen (Original post)

Tue May 8, 2012, 08:28 PM

1. Swell. ;-(

Just another 'unintended consequence.'

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Response to blue neen (Original post)

Tue May 8, 2012, 08:30 PM

2. Maybe NOW fracking will hit home . . . . literally.

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Response to blue neen (Original post)

Tue May 8, 2012, 08:31 PM

3. They did him a big favor. He's apparently suffering from impaired judgement by his own words:

"As far as drilling and the noise and the lights in the window? No," he said. "But when it affected the value of my home? Absolutely."

Willing to put the lender on the hook for $230,000 to live next to that? Not at all concerned about quality of life, but the monetary value alone? Really?

What a scammer. Call the people with the butterfly nets, or check to see how many other times he's cried wolf.


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Response to blue neen (Original post)

Tue May 8, 2012, 08:34 PM

4. Been hearing rumblings of this stuff

Now it's hitting home

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Response to Champion Jack (Reply #4)

Wed May 9, 2012, 01:27 AM

8. It's about time.

I would never want to live anywhere near a drilling site. I like my well water fresh, clean and potable like it is right now.

Nobody knows all the ramifications of fracking that will negatively impact their lives. This one is big.

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Response to blue neen (Original post)

Tue May 8, 2012, 08:37 PM

5. If anything will knock fracking back on its heels, this would be it. nt

 

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Response to DCKit (Reply #5)

Tue May 8, 2012, 10:36 PM

6. Property owners have no rights whatsoever.

Even if someone is able to turn down the relentless sales pitches of the land agents, they'll still be screwed if their neighbors don't.

Land agents employed by the drillers call property owners and say, "You're going to get money for nothing!" Ha! It's a shame that so many gullible people fall for it.

Tom Corbett also made sure that local municipalities have no rights in restricting the drillers or passing any ordinances.

Governor Gashole is, without a doubt, the most corrupt politician I've seen in my lifetime.

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Response to blue neen (Original post)

Tue May 8, 2012, 11:02 PM

7. So, if people can't get mortgages there will be less real estate transactions.

Less real estate transactions=less real estate transfer taxes.

Less real estate transactions=less revenue for Pennsylvania.

Less business for real estate agents, appraisers, and banks=less jobs.

...and the list could go on.

Tom Corbett and his administration are an unmitigated disaster for Pennsylvania.

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Response to blue neen (Original post)

Wed May 9, 2012, 10:01 AM

9. this is big news

at the same time, new gas wells are slowing down in PA because the price of natural gas has decreased so greatly.

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Response to blue neen (Original post)

Wed May 9, 2012, 12:53 PM

10. As long as the drillers make their profits, their paid-for puppets in Harrisburg

don't care. As long as the foul-smelling campaign contributions from the fracking industry continue, politicians will turn a blind eye to the harm done to the citizens of our state.

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