City of
Neighborhood Resources Department
MEMORANDUM
TO: David L. Corliss, Interim City Manager
THRU:
FROM: Margene K. Swarts, Community Development Manager
DATE: July 19, 2006
The following individuals participated in a Community Development
Division loan program. Payment of the
loan has been received so the Mortgage needs to be released.
1) Lenny and
Kimberly DeFazio,
2) Michael
and Ginger McHugh,
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
requests follows:
In July, 2001, Alex and Waldina Sabilion, 1005 Parkview, participated in the HOOT 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 Sabilion’s wish to refinance the first mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Capitol Federal Savings.
The City’s interest will be protected and staff recommends that the City Commission approve this request.
The City Clerk will have these documents ready for the
Mayor's signature. If you have further
questions, please let me know.