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Friday, January 04, 2013
TO: South Bend Redevelopment Commission
FROM: Kaye Trowbridge, South Bend Home Improvement Program staff
SUBJECT: Root Subordination
Submitted January 8, 2014 South Bend Redevelopment Commission meeting
Shannon Root was approved for a South Bend Home Improvement Program (SBHIP) loan at
a regular meeting by the South Bend Redevelopment Commission. Ms. Root received repairs
on her home through the SBHIP; repair costs were funded by CDBG funds appropriated to
the program by the City of South Bend; Ms. received a $7,500 grant and the remaining
$3,400 in a due upon sale loan with 0% interest.
Ms. Root is not required to make monthly payments on the City of South Bend loan.
The SBHIP loan is a second position mortgage, as Ms. Root already had a first mortgage.
Ms. Root is in the process of refinancing the first mortgage, with her bank, for a (much)
better interest rate and without taking out equity; she 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 I P: 574-235-9371 I 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 Shannon L. Root in the original principal amount of$3,400.00 dated
June 28, 2005 and recorded on July 26, 2005 as document number 0533189 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 Shannon L. Root to American Bank dated
in the amount of $ and recorded in the Office of the
Recorder of St. Joseph County on as document number
Dated: January 8, 2012 City of South Bend
-Redevelopment Commission
STATE OF INDIANA )
SS:
ST. JOSEPH COUNTY )
Before me a Notary Public, personally appeared
and acknowledge execution of the
foregoing agreement this day of , 2013.
My Commission Expires: January 7, 2015
Cheryl K. Phipps, Notary Public
Residing in St. Joseph County, Indiana
EXHIBIT A - LEGAL DESCRIPTION
Lots Numbered Seventeen (17) and Eighteen (18) as shown on the recorded Plat
of Pleasant View Subdivision recorded in the Office of the Recorder of St.
Joseph County, Indiana.