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: December 4, 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 1997, Irene Armstrong (Nieder), 1017 Home Circle, participated in the 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. Armstrong wishes to refinance the first mortgage. In order to do this, the City must subordinate its mortgage to the new loan with US Bank Home Mortgage. 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.