To Record Or Not To Record, That Is The Question
I am running into a slight problem on trying to get one of my tenants refinanced into the property - I have a lender telling me I must have recorded the Lease option agreement to have this as an option. I had heard that if I had recorded the option, the tenants would have rights to the property, so I did not. Any thoughts on this from some of the seasoned L/O experts? Thanks in advance for any input.
Find another lender.
Indeed! Most of the refinance lenders only need 12 canceled checks and a copy of the Agreement.
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There are no regulatory agencies for private lenders (at least that I am aware of). Too often, civil action is more effective than most regulatory agencies anyway. This guy may be hard to collect from even if you win a judgment. You are probably at the point where you should spend an hour with an attorney to evaluate your position and to come up with a possible strategy.
Sorry to hear of your difficulty.