Have a Marcellus Lease? Forget a Mortgage with ESB Bank
It appears that ESB Bank (located in the Pittsburgh, PA area) is running a scam on Pennsylvania landowners with Marcellus Shale leases. ESB doesn’t tell landowners with leases looking to finance or refinance a mortgage that they won’t approve the application because of the lease—until after the homeowner has spent $500 to have an appraisal done. Oh, and ESB keeps the $500—sorry, no refunds.
Fortunately, ESB Bank seems to be one of the only banks (if not the only) refusing to finance/refinance properties with Marcellus leases. Here is one Pennsylvanian’s story of being fleeced by ESB Bank: