HomeMy WebLinkAbout6A1(P /4 (,)
i Department of
Community Investment
Friday, March 22, 2013
TO: South Bend Redevelopment Commission
FROM: Kaye Trowbridge, South Bend Home Improvement Program staff
SUBJECT: Martin Subordination
Submitted March 28, 2013 South Bend Redevelopment Commission meeting
Dawn Martin was approved for a South Bend Home Improvement Program (SBHIP) loan at a
regular meeting by the South Bend Redevelopment Commission in 2005. Ms. Martin
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. Martin received a 50% grant and
the remaining 50% in a loan with 0% interest.
Ms. Martin 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 Ms. Martin had a first mortgage.
Ms. Martin is in the process of refinancing the first mortgage, with her credit union, 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 1 P: 574 - 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV
SUBORDINATION AGREEMENT
For value received, receipt of hereby acknowledged, a lien of a certain mortgage from City of
South Bend for the use and benefit of its' Department of Redevelopment to Dawn L. Martin in
the original principal amount of $5,850.00 dated October 3, 2005 and recorded on October 25,
2005 as document number 0549406 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 Dawn L.
Martin to INOVA FCU dated in the amount of
$ and recorded in the Office of the Recorder of St. Joseph County, Indiana
on as document number
Dated March 28, 2013 City of South Bend
Redevelopment Commision
STATE OF INDIANA)
St. Joseph County ►
Before me a Notary Public, personally appeared
and acknowledge execution of the foregoing
Agreement this 28`" day of March 2013.
My Commission Expres: January 7, 2015
Cheryl Phipps, Notary Public
Residing in St. Joseph County Indiana
This instrument was prepared by Connie Nash for: INOVA Federal Credit Union
358 S. Elkhart Avenue
Elkhart, Indiana 46516