Neighborhood Resources Department
MEMORANDUM
TO: Mike Wildgen, City Manager
THRU: Victor Torres, Director, Neighborhood Resources
FROM: Margene K. Swarts, Community Development Manager
DATE: July 14, 2005
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 March, 2000, Linda Cowden, 1316 Summit Street, participated in the HOOT First Time Homebuyers 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. Cowden wishes to open an equity line of credit. In order to do this, the City must subordinate its mortgage to the new loan with Countrywide Home Loans. 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.