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b A C <br />��6pt1T8 g� <br />x„ Department of <br />Community Investment <br />Friday, November 16, 2012 <br />TO: South Bend Redevelopment Commission <br />FROM: Kaye Trowbridge, South Bend Home Improvement Program staff <br />SUBJECT: Malinowski Subordination <br />Submitted November 29, 2012 South Bend Redevelopment Commission meeting <br />Michael Malinowski was approved for a South Bend Home Improvement Program (SBHIP) <br />loan at a regular meeting by the South Bend Redevelopment Commission on November 6, <br />2009. Mr. Malinowski received repairs on his home through the SBHIP; repair costs were <br />funded by CDBG funds appropriated to the program by the City of South Bend; Mr. <br />Malinowski received a 50% grant and the remaining 50% in a loan with 0% interest. <br />Mr. Malinowski makes monthly payments to the City of South Bend and the account is in <br />good standing. <br />The SBHIP loan is a second position mortgage, as Mr. Malinowski had a first mortgage. <br />Mr. Malinowski is in the process of refinancing the first mortgage, with his credit union, for a <br />(much) better interest rate and without taking out equity; he 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 />