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Satisfaction of Second Mortgage for James W. Goodson Through State Housing Initiatives Program Down Payment Assistance Program
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BRIEF OVERVIEW
James W. Goodson obtained a second mortgage for down payment assistance from Hernando County on February 9, 2011, in the amount of $14,080.00 at zero percent interest. According to the conditions of the loan, borrowers are required to pay back 100 percent of the funds should they sell the home or when it is no longer the borrower’s primary residence.
Mr. Goodson has sold the home and payment in the amount of $14,080.00 was received to satisfy the loan along with $10.00 to pay the recording fee cost for a total of $14,090.00. Funds were deposited with Hernando County Clerk and Comptroller.
A satisfaction of mortgage is attached for the Board’s approval.
FINANCIAL IMPACT
Revenues:
Revenue in the amount of $14,080 was deposited to Fund: 1271 - ST Housing INIT PRTNRSHP, Department: 35051 - SHIP Grant - Housing AUTH, Account: 3699030 - MISC REV-DOWN PYMT REIMB.
Expenses:
$10 was deposited to a balanced sheet account: Fund: 1271 - ST Housing Init PRTNRSHP, Account: 2020001 - Accounts Payable, to account for the cost of recording. The payable indicates that a balance is owed. Upon receipt of the check request to pay the amount owed, this same account will be reduced by that amount to bring the balance owed to zero, upon completion.
LEGAL NOTE
The Board as authority as act on this matter pursuant to the Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairperson’s signature on the attached satisfaction of mortgage.