Neighborhood Resources Department
MEMORANDUM
TO: Mike Wildgen, City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: January 4, 2006
The Community Development Division received a request for Subordination Agreements for Mortgages the City holds for a loan recipient. The information regarding the request follows:
In August, 1989 and September, 2000, Saundra Scott, 1901 Barker Avenue, participated in the Comprehensive Rehabilitation Loan and Furnace Loan programs. In order to participate in the programs, she was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property. Ms. Scott wishes to refinance her primary mortgage. In order to do this, the City must subordinate its mortgages to the new loan with Credit Financial Services. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the documents for the Mayor's signature. If you have further questions, please let me know.