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Satisfaction of Second Mortgage for Bobbie J. Hamilton and Jesse A. Diaz II and Adeba S. Diaz Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
The second mortgage loan from the Neighborhood Stabilization Purchase (NSP) Assistance Program is provided to qualified homebuyers at zero percent interest. The loan is forgivable in its entirety at the end of the affordability period. According to the Housing Assistance Plan in effect at the time of the loans, the affordability period was 15 years. The requirements of the program and affordability period have been met.
Attached for the Board’s approval are Satisfaction of Mortgages for loans granted through the Neighborhood Stabilization Purchase Assistance Program to recipients who have satisfied all program requirements and the affordability period:
• Bobbie J. Hamilton in the amount of $43,522.58 which was later modified to $43,457.84 at 13310 Drayton Drive, Spring Hill
• Jesse A. Diaz II & Adeba S. Diaz in the amount of $44, 259.00 which was later modified to $45,439.00 at 12447 Arslan Lane, Spring Hill
For reference, the second mortgage loan for Jesse A. Diaz II & Adeba S. Diaz was originally $44, 259.00. The loan was later modified to $45,439.00. The original loan amount was to be identified as satisfied; however, the modified amount was stated instead, which is why the Satisfaction of Mortgage signed and dated July 14, 2015, reflects the modified amount. The attached Satisfaction of Mortgage for Jesse A. Diaz II & Adeba S. Diaz is presented for the Board’s review and signature reflects full satisfaction for both the original second mortgage loan ($44,259.00) and the modified loan amount ($45,439.00).
Funds to pay for the recording of the Satisfaction of Mortgage in the amount of $20.00 were received and forwarded to the Finance Department.
FINANCIAL IMPACT
Expense in the amount of $20.00 to satisfy the cost of recording will be charged to:
Expense:
Fund: 0011 - General Fund, Department: 35089 - HHS/DCA CDBG NSP 3 PGM, Account: 5304924 - Fees/Costs - Permit Appln
LEGAL NOTE
The Board has authority to act on this matter pursuant to Chapter 125, Florida Statutes.
recommendation
RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached satisfactions of mortgages.