Can an owner with a mortgage (bank financing) lease option (sell) the property

[Kurt Baltutat]

All, this is likely an easy one, but I am not seeing this spelled out in all the posts I have read so far.... I just want to confirm that the bank holding the mortgage would allow the property to be sold or lease-optioned to a buyer. I want to know if this is an option if I arbitrage with a landlord owner and down the road decide to make an offer to buy it without bank financing (no W2), would lease option be an option or should I do a wrap, etc. Thanks!