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(P /4 (,) <br />i Department of <br />Community Investment <br />Friday, March 22, 2013 <br />TO: South Bend Redevelopment Commission <br />FROM: Kaye Trowbridge, South Bend Home Improvement Program staff <br />SUBJECT: Martin Subordination <br />Submitted March 28, 2013 South Bend Redevelopment Commission meeting <br />Dawn Martin was approved for a South Bend Home Improvement Program (SBHIP) loan at a <br />regular meeting by the South Bend Redevelopment Commission in 2005. Ms. Martin <br />received repairs on her home through the SBHIP; repair costs were funded by CDBG funds <br />appropriated to the program by the City of South Bend; Ms. Martin received a 50% grant and <br />the remaining 50% in a loan with 0% interest. <br />Ms. Martin makes monthly payments to the City of South Bend and the account is in good <br />standing. <br />The SBHIP loan is a second position mortgage, as Ms. Martin had a first mortgage. <br />Ms. Martin is in the process of refinancing the first mortgage, with her credit union, for a <br />(much) better interest rate and without taking out equity; she is asking the SBHIP to <br />subordinate 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 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV <br />