Neighborhood Resources Department
MEMORANDUM
|
TO: |
Mike Wildgen, City Manager
|
|
THRU: |
Victor Torres, Director, Neighborhood Resources
|
|
FROM: |
Margene K. Swarts, Community Development Manager
|
|
DATE: |
June 29, 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, 1998, Barbara Wiseman, 1032 Lawrence Avenue participated in the HOOT 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. Wiseman wishes to refinance the primary mortgage at a lower interest rate. In order to do this, the City must subordinate its mortgage to the new loan with Equi First.
The City Clerk will have the documents for the Mayor's signature. If you have further questions, please let me know.