Neighborhood Resources Department
MEMORANDUM
TO: Mike Wildgen, City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: October 26, 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 September, 2002, Susan Bolton, 2015 Stratford Road, participated in the Comprehensive Rehabilitation 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. Bolton wishes to refinance the primary mortgage and a second mortgage into one loan. In order to do this, the City must subordinate its mortgage to the new loan with Countrywide. The City’s interest will still be protected and staff recommends approval.
The City Clerk will have the document for the Mayor's signature. If you have further questions, please let me know.