Neighborhood Resources Department
MEMORANDUM
TO: Mike Wildgen, City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: June 16, 2004
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 April, 2002, Yana Reid, participated in the HOOT 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. Reid wishes to refinance her primary mortgage. In order to do this, the City must subordinate its mortgages to the new loan with Countrywide Home Loans. The City’s interest will be protected and staff recommends that the City Commission approve this request.
The City Clerk will have the documents for the Mayor's signature. If you have further questions, please let me know.