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Satisfaction of Second Mortgage for Nathaniel G. Jones and Rebekah Jones Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
Nathaniel G. Jones and Rebekah Jones entered into a second mortgage with Hernando County under the Hernando County, Florida Neighborhood Stabilization Program (NSP) Down Payment Assistance Program on April 9, 2010, in the amount of $35,845.00.
According to the Housing Assistance Plan, borrowers receiving funds under the program must pay back 100% of the funds should they sell, transfer, no longer occupy, rent, or refinance the property within the affordability period. The affordability period for Mr. and Mrs. Jones has expired, and borrowers are still in the home. A satisfaction of second mortgage is attached for approval.
Borrowers submitted the cost of recording the satisfaction of second mortgage and those funds were deposited with the Clerk and Comptroller Finance Department.
FINANCIAL IMPACT
Funds to pay the cost of recording the satisfaction of mortgage in the amount $10.00 are available in:
Fund: 0011 - General Fund, Department: 35089 - HHS/DCA CDBG NSP 3 PGM, Account: 5304924 - FEES/Costs-Permit APPLN.
LEGAL NOTE
The Board has the authority to act on this request pursuant to 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.