SUBJECT:
Title
Request Approval of Subordination Agreement and Modification Agreement Between Marion County and Thomas Beylotte (Budget Impact - None)
Body
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INITIATOR: |
DEPARTMENT: |
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Cheryl Martin, Director |
Community Services |
DESCRIPTION/BACKGROUND:
Through the Community Services Department, Marion County offers a homebuyer purchase assistance program through receipt of State Housing Initiatives Partnership (SHIP) funds to assist eligible residents with down payment and closing cost to obtain homeownership.
On September 29, 2006, Community Services approved and assisted Thomas and Kristy Beylotte through its SHIP program to purchase a home located at 3170 SW 126th Lane Road, Ocala, FL 34473 (Parcel Number 8007-1093-03) in the amount of $55,000. The SHIP Assistance was secured by a second mortgage and note recorded against the property with a maturity date of October 1, 2036.
On June 22, 2021, Mr. Beylotte requested the County subordinate its mortgage to allow refinancing of the first mortgage to reduce it from an interest rate of 7.25% to 2.75% with no cash distribution.
Mr. Beylotte has also requested a Modification of this loan, per court order, to remove Ms. Beylotte from the Mortgage and Note. Mr. Beylotte will be the sole property owner responsible for the Mortgage.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize Chairman to execute necessary documentation to effect the Subordination Agreement and Modification Agreement with Thomas Beylotte.
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