Item Coversheet
  

Agenda Item

Clay County Board of County Commissioners
 Clay County Administration Building
Tuesday, September 8  4:00 PM
TO: Board of County Commissioners
DATE: 8/19/2020
  
FROM: Theresa Sumner
  
SUBJECT:
  
AGENDA ITEM TYPE:  

BACKGROUND INFORMATION:
On March 6, 2019, the Clay County SHIP Program provided a loan to Daisy Fussell in the amount of $20,024.00 funded through the Owner Occupied Rehabilitation Strategy of the SHIP Program.  This loan was made as a due on sale mortgage with a (5) five year forgiveness clause.  Ms. Fussell would like to refinance her home to a lower interest rate and is asking for subordination of the SHIP mortgage.  The circumstances outlined by the lender meet the requirements of the County's Subordination Policy in that 1) the interest rate of 2.625% is lower than the original interest rate of 8.5%; 2) the monthly payment will be reduced; 3) the borrower is not receiving any cash out from this transaction and 4) the new loan is a fixed rate loan. 

ATTACHMENTS:
DescriptionTypeUpload DateFile Name
Subordination Agreement FussellCover Memo9/2/2020Subordination_-_Fussell.pdf
REVIEWERS:
DepartmentReviewerActionDateComments
SHIPStewart, ChereeseApproved8/19/2020 - 1:00 PMAnswerNotes
County Manager Wanamaker, HowardApproved8/19/2020 - 5:30 PMAnswerNotes