What happens if everyone does not sign a Private Road Maintenance Agreement?

Full Question:

We are refinacing our mortgage. The lender is requesting a Private Road Maintenance Agreement signed by all that share the road. We were told that all property owners have to sign it. We can not get all of them to sign it. They are elderly people and they do not want to sign anything about anything. Even if we had an agreement to so the maintenance ourselves. It made no differece to them, they were not going to sign. Is it fair that a couple of people not signing an agreement can stop someone from getting a loan? It's not their fault the property owners would not sign. The loan has been approved, which is a prime loan, and title work done, just sitting waiting to this paper to close. What other options do we have? What other forms can we use in it's place. Is there any way to waive this form? Again this is not fair to deny another person a refi loan because they have a cantankerous neighbor. What is the Virginia law on this? If we decide not to go with this loan company will we have to pay them certain fees back? We have not closed yet, so we have signed nothing as far as closing papers? Can we request this lender give us our information back so we can go somewhere else?
04/05/2007   |   Category: Real Property ยป Sales   |   State: Virginia   |   #2689


If you haven't signed the loan contract, you should be able to try to obtain a loan elsewhere and request that your own documents be returned to you. Unfortunately, you are not likely to change the bank's requirements.

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