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x„ Department of
Community Investment
Friday, November 16, 2012
TO: South Bend Redevelopment Commission
FROM: Kaye Trowbridge, South Bend Home Improvement Program staff
SUBJECT: Malinowski Subordination
Submitted November 29, 2012 South Bend Redevelopment Commission meeting
Michael Malinowski was approved for a South Bend Home Improvement Program (SBHIP)
loan at a regular meeting by the South Bend Redevelopment Commission on November 6,
2009. Mr. Malinowski received repairs on his home through the SBHIP; repair costs were
funded by CDBG funds appropriated to the program by the City of South Bend; Mr.
Malinowski received a 50% grant and the remaining 50% in a loan with 0% interest.
Mr. Malinowski makes monthly payments to the City of South Bend and the account is in
good standing.
The SBHIP loan is a second position mortgage, as Mr. Malinowski had a first mortgage.
Mr. Malinowski is in the process of refinancing the first mortgage, with his credit union, for a
(much) better interest rate and without taking out equity; he is asking the SBHIP to
subordinate their 0% interest loan back to second position.
The credit union's closing documents for the new loan have been reviewed by SBHIP staff;
the Transmittal Summary (1008), Uniform Residential Loan Application (1004), Truth -In-
Lending Disclosure (TIL), Good Faith Estimate (GFE), and Title Policy were reviewed. Certain
details of the new loan are confirmed; details consist of interest rate, lending terms, and
loan amount.
With respect, SBHIP staff asks that the Subordination be allowed and the agreement signed.
Thank you.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV
SUBORDINATION AGREEMENT
For value received, receipt of which is hereby acknowledged, the lien of a certain
mortgage from City of South Bend for the use and benefit of its' Department of Redevelopment
to Michael E. Malinowski in the original principal amount of $4,750.00 dated November 23
2009 and recorded on December 28, 2009 as document number 0941905 in the Office of the
Recorder of St. Joseph County, Indiana, is hereby made subordinate, junior and inferior to the
lien of certain mortgage from Michael Edmund Malinowski and Anne Katherine Malinowski to
Indiana University Credit Union dated in the amount of $
and recorded in the Office of the Recorder of St. Joseph County on as
document number
Dated: November 29, 2012 City of South Bend
- Redevelopment Commission
STATE OF INDIANA )
) SS:
ST. JOSEPH COUNTY )
Before me a Notary Public, personally appeared
and acknowledge
foregoing agreement this _ day of 2012.
My Commission Expires: January 7, 2015
Residing in St. Joseph County, Indiana
execution of the
Cheryl K. Phipps, Notary Public
101.'4!11341 m4DLff.1rlD] owe :NhillMel
Lot Numbered One Hundred Twenty -one (12 1) as shown on the plat of
Twyckenham Hills, Section °B" recorded in the Office of the Recorder of St.
Joseph County, Indiana.