Neighborhood Resources Department
MEMORANDUM
TO: Mike Wildgen, City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: December 7, 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 August, 1993, Diane Bucia, 333 Johnson Avenue, participated in the HOOT First Time Homebuyer 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. Bucia wishes to refinance her primary mortgage at a lower interest rate. 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.