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 27, 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 August, 1998, Ramona Hernandez and Maria Pate, 504 River Bend Court, 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. Ms. Hernandez wishes to refinance the primary mortgage and remain in the home. 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.