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-',�°��oU :" \� . Department of <br /> °c <br /> % '�T Community Investment <br /> °'w., 1865 <br /> Friday, January 04, 2013 <br /> TO: South Bend Redevelopment Commission <br /> FROM: Kaye Trowbridge, South Bend Home Improvement Program staff <br /> SUBJECT: Root Subordination <br /> Submitted January 8, 2014 South Bend Redevelopment Commission meeting <br /> Shannon Root was approved for a South Bend Home Improvement Program (SBHIP) loan at <br /> a regular meeting by the South Bend Redevelopment Commission. Ms. Root received repairs <br /> on her home through the SBHIP; repair costs were funded by CDBG funds appropriated to <br /> the program by the City of South Bend; Ms. received a $7,500 grant and the remaining <br /> $3,400 in a due upon sale loan with 0% interest. <br /> Ms. Root is not required to make monthly payments on the City of South Bend loan. <br /> The SBHIP loan is a second position mortgage, as Ms. Root already had a first mortgage. <br /> Ms. Root is in the process of refinancing the first mortgage, with her bank, for a (much) <br /> better interest rate and without taking out equity; she is asking the SBHIP to subordinate <br /> their 0% interest loan back to second position. <br /> The credit union's closing documents for the new loan have been reviewed by SBHIP staff; <br /> the Transmittal Summary (1008), Uniform Residential Loan Application (1004), Truth-In- <br /> Lending Disclosure (TIL), Good Faith Estimate (GFE), and Title Policy were reviewed. Certain <br /> details of the new loan are confirmed; details consist of interest rate, lending terms, and <br /> loan amount. <br /> With respect, SBHIP staff asks that the Subordination be allowed and the agreement signed. <br /> Thank you. <br /> 227 W. JEFFERSON BLVD. SOUTH BEND. IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 1 SOUTHBENDIN.GOV <br />