Neighborhood Resources Department
MEMORANDUM
TO: David L. Corliss, City Manager
THRU: Victor Q. Torres
FROM: Margene K. Swarts, Community Development Manager
DATE: August 1, 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 September, 1997, Tammie Sue Powers, 1069 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. Powers wishes to refinance her first 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.
In October, 2004, Trent and Wendi Georgie, 1206 W. 29th Court, participated in the Comprehensive Housing Rehabilitation 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 Georgie’s wish to obtain a line of equity credit. 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.