Neighborhood Resources Department
MEMORANDUM
TO: David L. Corliss, Interim City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: April 19, 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 October, 2004, Trent and Gwendolyn Georgie, 1206 W. 29th Court, participated in the Comprehensive Rehabilitation Loan program. In order to participate in the program, they were required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property. The Georgie’s wish to refinance their primary mortgage. In order to do this, the City must subordinate its mortgages to the new loan with Capitol Federal Savings Bank. 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.