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 19, 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 December, 2000, Angela Nascimento, 817 Alabama, participated in the Emergency 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. Nascimento wishes to refinance the first mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Bank of America. 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.