Homestead mailing list

[DSanner106 AT aol.com]

I fully understand your dilemma, my grandparents debated a couple years  
before leasing oil rights to their farm in Illinois, but the money paid off 
the  
mortgage and being depression survivors, not owing the bank a nickle meant an 
 
awful lot. With the current state of our banks, I would be even more tempted 
to  take the offer. The idea that the govt. is stepping in and taking over 
loans  from troubled banks means you could be owing the Govt. your mortgage 
payments  rather than the local bank. Personally, I would sleep so much 
better with 
no  mortgage. I would probably take the deal and gamble that they never show 
up to  drill. 
 
D
 
 
In a message dated 9/20/2008 4:07:24 P.M. Eastern Daylight Time,  
lynnw1366 AT hotmail.com writes:


I  ran into a neighbor today, and he told me that all my neighbors have  
signed leases for mineral rights with gas drilling companies. I'm  
opposed to gas drilling (we should be investing in renewable energy,  
plus they do a lot of damage to the property), so I've been blowing off  
the reps calling me about leasing.

The neighbor tells me that  people got $2,300 an acre for LEASING the 
mineral rights (I think a 5 year  lease). I have 42 acres...that's 
$96,600 with a good chance that they'd  never drill on my property. If 
they do drill, I'd get something like  16-19% of the value of the gas. 
Possible plus additional for a pipeline on  my property. I had to buy out 
my ex's share of the farm when we divorced,  so I have a big mortgage. 
That lease money would almost pay it off, and I  wouldn't have to be 
applying for jobs washing dishes. My gut still says  no; I can't imagine 
my beautiful hillside torn up, but it sure is  tempting. My neighbors 
think I'm the village idiot for not cashing in.  What say ye all? Highly 
principled or village idiot? Or both?

Lynn  Wigglesworth
Tioga County,  PA



_________________________________________________________________
Get  more out of the Web. Learn 10 hidden secrets of Windows  Live.
http://windowslive.com/connect/post/jamiethomson.spaces.live.com-Blog-cns!550F
681DAD532637!5295.entry?ocid=TXT_TAGLM_WL_domore_092008
_______________________________________________
Homestead  list and  subscription:
http://lists.ibiblio.org/mailman/listinfo/homestead
Change  your homestead list member  options:
http://lists.ibiblio.org/mailman/options/homestead/dsanner106%40aol.com
View  the archives  at:
https://lists.ibiblio.org/sympa/arc/homestead







**************Looking for simple solutions to your real-life financial 
challenges?  Check out WalletPop for the latest news and information, tips 
and 
calculators.      (http://www.walletpop.com/?NCID=emlcntuswall00000001)