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: June 20, 2007
The Community Development Division received requests for a Subordination Agreement for a Mortgage the City holds for a loan recipient. The information regarding the requests follows:
In January, 1998, Catherine McNish, 1002 Home Circle, participated in the Hand Addition First Time Homebuyer 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. McNish wishes to refinance her first mortgage at a lower interest rate. In order to do this, the City must subordinate its mortgage to the new loan with MortgageIT, Inc. The City’s interest will be protected and staff recommends approval.
In November, 1997, Ivan and Gloria Ray, 1001 Home Circle, participated in the Hand Addition First Time Homebuyer 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 Lee’s wish to refinance their first mortgage. In order to do this, the City must subordinate its mortgage to the new loan with 66 Federal Credit Union. 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.