We're concerned that our request for a Home Equity Loan may be in jeopardy because the 1/2 mile length of private road lacks a written road maintenance agreement. Besides lending institutions, insurance companies are more and more concerned about policies written on properties located off private roads.
Our credit scores are 800+ with sufficient pension/retirement income but the appraiser has said the major banks are reluctant to approve financing if you are in our situation. The majority of the 14 homes along the lake shore are valued between $650K and $1.2M. No HOA because of the 3 decade development timeline. There are several owners that don't wish to spend $100 -$200 per year for snow removal, grading, gravel and dust control. Our deed gives us rights to travel in and out to our home and we do not own any part or section of the private road. It doesn't require anyone to pay for road maintenance but an informal group of neighbors do contribute to a fund that plows the snow as needed, about 65% contribute and the others do not. We've gone to the Township Board and they suggested a Special Assessment District approach and unfortunately we lack the 51% of petition signatures to bring it to the local township's attention.
The questions are: What recourse do we have with the property owners regarding road maintenance and a written road maintenance plan that would satisfy a lender?
Are the property/road owners required by law to provide adequate road maintenance year round for passage/ingress/egress if the access is written into the deeds?
How would a homeowners initiate legal proceeding to have a court judgement ensuring that property owners fulfill their responsibility for necessary private road maintenance?
Any other thoughts and ideas on how to approach this dilemma?
Many thanks!
Our credit scores are 800+ with sufficient pension/retirement income but the appraiser has said the major banks are reluctant to approve financing if you are in our situation. The majority of the 14 homes along the lake shore are valued between $650K and $1.2M. No HOA because of the 3 decade development timeline. There are several owners that don't wish to spend $100 -$200 per year for snow removal, grading, gravel and dust control. Our deed gives us rights to travel in and out to our home and we do not own any part or section of the private road. It doesn't require anyone to pay for road maintenance but an informal group of neighbors do contribute to a fund that plows the snow as needed, about 65% contribute and the others do not. We've gone to the Township Board and they suggested a Special Assessment District approach and unfortunately we lack the 51% of petition signatures to bring it to the local township's attention.
The questions are: What recourse do we have with the property owners regarding road maintenance and a written road maintenance plan that would satisfy a lender?
Are the property/road owners required by law to provide adequate road maintenance year round for passage/ingress/egress if the access is written into the deeds?
How would a homeowners initiate legal proceeding to have a court judgement ensuring that property owners fulfill their responsibility for necessary private road maintenance?
Any other thoughts and ideas on how to approach this dilemma?
Many thanks!