Neighborhood Resources Department
MEMORANDUM
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TO: |
Mike Wildgen, City Manager
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THRU: |
Victor Torres, Neighborhood Resourced Director
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FROM: |
Margene K. Swarts, Community Development Manager
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DATE: |
April 11, 2005
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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 requests follows:
In December, 1994, Glenda and Terry Shelby, 741 Locust, participated in the Comprehensive Rehabilitation Loan Program. In order to participate in the program, they were required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property. The Shelby’s wish to refinance the primary mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Beneficial Mortgage Company of KS, Inc. The City’s interest will 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.