Subordination Agreement of Mortgage for Julio and Victoria Nichole Walker Acevedo Through Homeownership Down Payment Assistance Program
Revenue - No financial impact. Client is refinancing their mortgage.
Julio Acevedo & Victoria Nichole Walker-Acevedo obtained a Second Mortgage under the County’s Down Payment Assistance Program on April 23, 2014, for an original amount of $14,445.00.
The recipient is refinancing their current mortgage and will not be receiving any cash out. Down payment assistance recipients are only able to refinance/modify in order to lower their interest rates, to lower their monthly mortgage payments, and/or to shorten the length of their first mortgage.
To complete the refinancing, Carrington Mortgage Services, has requested that the County subordinate its Second Mortgage to them in the new agreement, and would like to record their mortgage and the County’s Subordination Agreement at the same time. By recording the document in this manner, it will require that the County’s document be incomplete at the time they are signed, however, the document would be completed prior to recording. The incomplete portion would include the date the new mortgage is recorded, the O.R. Book and page numbers. Should the County agree to the proposed changes, this will allow Julio Acevedo & Victoria Nichole Walker-Acevedo to refinance their current mortgage and reduce their current mortgage and reduce their payment to $544.70 from $562.62. The County will retain their position as Second Mortgage holder.
|MOVER:||Steve Champion, Vice Chairman|
|SECONDER:||John Allocco, Second Vice Chairman|
|AYES:||Wayne Dukes, Steve Champion, John Allocco, Jeff Holcomb, Nicholas W. Nicholson|