Planning and Development Services Department
MEMORANDUM
TO: David L. Corliss, City Manager
THRU: Victor Q. Torres, Assistant Director, Development Services
FROM: Margene K. Swarts, Community Development Manager
DATE: September 13, 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 November, 2002, Susan Bolton, 2015 Stratford Road, participated in the Comprehensive Rehabilitation 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. Bolton wishes to refinance her first mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Countrywide Full Spectrum Lending. 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.