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Does have a statute relating to Private Road Maintenance that will satisfy the FNMA loan requirement?

Customer Question
Does Virginia have a statute...
Does Virginia have a statute relating to Private Road Maintenance that will satisfy the FNMA loan requirement?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 7 minutes by:
6/28/2016
Real Estate Lawyer: Maverick, Lawyer replied 1 year ago
Maverick
Maverick, Lawyer
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Real Estate Lawyer: Maverick, Lawyer replied 1 year ago

Answer:

No. At this link you will see that a bill that speaks to this was initiated in the house but it never became law. So, a loan subject to FNMA regulations requires all homeowners on a private driveway or easement to sign a private road maintenance agreement. According to FNMA, if a written agreement cannot be obtained, “the lender must indemnify Fannie Mae for any losses or expenses it may incur due to the physical condition of the street or in order to establish and/or access thereto.”

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Real Estate Lawyer: Maverick, Lawyer replied 1 year ago

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