MEMORANDUM
Planning and Development Services Department
TO: David L. Corliss, City Manager
THRU: Scott McCullough, Director, Planning and Development Services
FROM: Margene K. Swarts, Assistant Director, Development Services
DATE: September 19, 2008
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 1999, Joaquin Meza, 825 Crestline Drive, participated in the First Time Homebuyer program. In order to participate in the programs, he was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property. Mr. Meza wishes to refinance the first mortgage. In order to do this, the City must subordinate its mortgages to the new loan with Citimortgage. 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.