Neighborhood Resources Department
MEMORANDUM
TO: Mike Wildgen, City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: December 28, 2005
The Community Development Division received a request for a Subordination Agreement for a Mortgage the City holds for a loan recipient. The information regarding the request follows:
In July, 1999, Preston Hoyt, 3817 Overland Drive, participated in the HOOT First Time Homebuyers Program. In order to participate in the program, he was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property. Mr. Hoyt wishes to refinance his primary mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Douglas County Bank. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the document for the Mayor's signature. If you have further questions, please let me know.