Neighborhood Resources Department
MEMORANDUM
TO: David L. Corliss, City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: October 18, 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 February, 2002, Christine Lanier, 1812 Atherton Court, 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. Lanier wishes to refinance her primary mortgage. In order to do this, the City must subordinate its mortgage 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.