Unfortunately the answer to your query is, "No." Think of this situation from a Lender's perspective and from what I was taught 23 years ago when I began my career as a mortgage professional, "Common Sense Underwriting."
In the event we lend money on the property and there is some radical change to the roadway because there's no formal agreement AND there's a fire in the house---the house which the bank collateralized for the mortgage loan---AND the fire engine can't get down the private roadway due to the radical change, then the house will burn down or suffer fire damage. There goes our collateral!
Here's what FannieMae says about this situation. (I had to look this up Monday because one of my Prequalified Buyers encountered exactly this situation while looking at a home in Brewster on Saturday): "If the property is not situated on a publicly dedicated and maintained street, then it must be situated on a street that is community owned and maintain or privately owned and maintained. There must be adequate vehicular access and there must be an adequate and legally
enforceable agreement for vehicular access and maintenance."
Notice the language, "enforceable agreement for...access and maintenance." We Lenders---and ultimately FannieMae, FreddieMac, HUD, and USDA want to know the collateral is protected and accessible. Further there should be no obstacles to marketing the home to any and all buyers in the even the Lender has to take back the home in a foreclosure proceeding; the bank wants to get the house sold and a private roadway limits the market for potential buyers (as you know).
Sounds like your community around this roadway needs to hire an Attorney to determine what, if any, actions you can take with your neighbor who refuses to sign the agreement.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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