Neighborhood Resources Department
MEMORANDUM
TO: David L. Corliss, City Manager
THRU: Victor Q. Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: November 10, 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 June, 1993, Sandra Reed, 1410 W. 22nd Street, participated in the Emergency and Furnace Loan programs. In order to participate in the programs, she was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property. Ms. Reed wishes to refinance her primary mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Douglas County 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.