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Satisfaction of Second Mortgage for Jamie Wilson Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
Jamie Wilson secured a second mortgage under the Hernando County NSP3 Purchase Assistance Program on April 27, 2012, in the amount of $20,600.00.
Borrowers receiving purchase assistance and/or rehabilitation assistance funds are required to sign a repayment agreement. Terms of the repayment agreement signed by Jamie Wilson requires the borrower to pay back 100% of the NSP3 funds if they sell, transfer, no longer occupy, rent, or refinance the property within the affordability period. Jamie Wilson’s affordability period was for ten years and has expired. Therefore, according to the Housing Assistance Plan the Deferred Payment Loan is forgivable in its entirety.
Jamie Wilson has passed but funds in the amount of $10.00 to record a satisfaction of the second mortgage was received from her descendant and deposited with Finance. Health and Human Services recommend that the Board satisfy the second mortgage under the Hernando County, Florida NSP Purchase Assistance Program.
FINANCIAL IMPACT
Funds to pay for the cost of recording the satisfaction in the amount of $10.00 are available in Account No. 0011-35089-5304924, General Fund-HHS/DCA CDBG NSP3 Program.
LEGAL NOTE
The Board has the authority to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached satisfaction of mortgage for Jamie Wilson.