Hernando County
Florida

Agenda Item
13879

Subordination Agreement of Mortgage for Garrett L. and McKenzi L. Yerkey Through Homeownership Down Payment Assistance Program

Information

Department:Housing AuthoritySponsors:
Category:SHIP Program

Financial Impact

Revenue - No financial impact. Client is refinancing their mortgage.

Body

Garrett L. and McKenzi L. Yerkley obtained a Second Mortgage under the County’s Down Payment Assistance Program on September 16, 2015 for an original amount of $12,286.47.

 

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 Money Source 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 Garrett L. and McKenzi L. Yerkley to refinance their current mortgage and reduce her interest rate to 4.00% from 4.50% and reduce their payment to $494.56 from $515.55.  The County will retain their position as Second Mortgage holder.

Meeting History

Dec 12, 2017 9:00 AM Video Board of County Commissioners Regular Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Steve Champion, Vice Chairman
SECONDER:John Allocco, Second Vice Chairman
AYES:Wayne Dukes, Steve Champion, John Allocco, Jeff Holcomb, Nicholas W. Nicholson