Residents in the Woodmere Villa neighborhood in Orcutt were presented with Notice of Trustee’s Sale letters Thursday, leading to uncertainty and confusion among some homeowners.
Many in the area were concerned that this might mean their homes were going to be put up for sale. However, after reading the letter more closely, those concerns were put to rest as what will actually be put to auction are the mineral rights those homes sit on.
President of MK Consultants Mary Wendel issued the notices for First American Title Insurance Company and said this will not likely impact residents.
“However, there is a possibility that another entity can come in, buy the rights at the foreclosure sale and commence with searching for minerals and petroleum,” Wendel said.
Wendel also said Greka Energy used the mineral rights as collateral to get a loan, but when the company was unable to pay back the loan, those rights were retracted and will now be auctioned off on August 21, 2019.
