Neighborhood Resources Department
MEMORANDUM
TO: Mike Wildgen, City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: April 12, 2006
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 January, 2005, Retha Beebe, 2708 Rawhide Lane, participated in the Comprehensive Rehabilitation Loan program. In order to participate in the program, she was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property. Ms. Beebe wishes to refinance her primary mortgage. In order to do this, the City must subordinate its mortgages to the new loan with First Magnus Financial Corporation. 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.