City of Lawrence

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: August 2, 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 April, 1998, Barbara Wiseman, 1032 Lawrence Avenue, participated in the HOOT 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. Wiseman wishes to refinance her primary mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Equifirst. 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.