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CITY COMMISSION AGENDA ITEM |
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Department: |
Planning and Development Services |
Commission Meeting Date: 02/12/2019 |
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Staff Contact: |
Danelle Dresslar, Community Development Manager |
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Recommendations/Options/Action Requested: |
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Authorize the Mayor to sign the Subordination Agreement for David T. Shawley and Gabriella K. Shawley. |
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Executive Summary: |
The following individuals participated in a Community Development Division loan program.
David T. Shawley and Gabriella K. Shawley, 2637 Maverick Lane, participated in the Homeowners Out of Tenants (HOOT) Program in 2002.
In order to participate in the program, Mr. Shawley and Mrs. Shawley were required to sign a mortgage and mortgage note to protect the City’s interest in the property. The original loan amount was $35,113.17. The HOOT loans required no monthly payments, and with the forgiveness schedule on the mortgage note, the amount outstanding is now $17,556.59, which will be the amount due when the homeowner sells the home or ceases to be owner-occupant.
Mr. Shawley and Mrs. Shawley are refinancing their first mortgage, and have requested to subordinate to a primary mortgage on the property; in order to do so the City must subordinate the lien to the loan with Meritrust Credit Union.
Staff has confirmed this request meets the department’s mortgage subordination policy guidelines and recommends subordination of this note. |
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Strategic Plan Critical Success Factor |
Safe, Healthy, and Welcoming Neighborhoods |
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Fiscal Impact (Amount/Source): |
The fiscal impact to the City is $______0__ . |
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Attachments: |
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Reviewed By: (for CMO use only) |
☐TM ☒DS ☐CT ☐BM |