SUBJECT:
Title
Request Approval of a Second Modification Agreement Between Marion County and Barbara Schwaite (Budget Impact - None)
Body
INITIATOR: DEPARTMENT:
Cheryl Martin, Director Community Services
DESCRIPTION/BACKGROUND:
On May 11, 2006 the Community Services Department assisted Barbara Schwaite with Hurricane Housing Recovery Funds under the Demolition and Replacement Program. Ms. Schwaite was approved for a home replacement in the amount of $120,991.25 with the original Mortgage and Promissory Note recorded with the Marion County Clerk of Court. On June 14, 2007 a first modification in the amount of $123,719.50 was recorded for additional repairs made to the home.
On November 6, 2024, Ms. Schwaite was notified of her delinquent mortgage payments. The Mortgage is due to be paid in full November 5, 2036. She has a remaining unpaid balance of $49,449.04. This second modification resumes monthly mortgage payments to the County for the remaining period, totaling 143 months. It also corrects a scrivener’s error that incorrectly referred to a 240-month term and removes Ms. Schwaite’s deceased husband from the Note and Mortgage.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman to execute the Mortgage Modification between Marion County and Barbara Schwaite and all necessary documentation associated with the Marion County Demolition and Replacement Program (Community Services Department Hurricane Housing Recovery).
end