2016 RRP Admin Rules - Laserfiche WebLink

Home

3. next, to pay all interest accrued, 4. next, to pay all monies advanced by the County to protect the property and all collection cost, and 5. last, to pay the principal of the loan. b. Any loan payment made in excess of the regular monthly loan payment amount shall not excuse the borrower from paying the next monthly loan payment when due and shall not delay the due date of the next payment. 3.17 LOAN SERVICING a. Loans shall be serviced by the County or by such other organization as the County may designate. 3.18 PAYABLE TO DIRECTOR OF FINANCE a. All loan payments shall be payable to the Director of Finance or by such other organization as the County may designate. 3.19 SUBORDINATION OF MORTGAGE a. Request to the County to subordinate its mortgage for another mortgage to be placed in a lien position senior to the County’s mortgage shall only be considered under qualifying circumstances. The provisions of Section 3.4 UNDERWRITING STANDARDS, shall be maintained, which would require that for the County to subordinate its mortgage position, the debt to value ratio of all mortgage loans and liens of record in position senior to the County’s mortgage, the County’s mortgage, and the mortgage to be granted a senior position to the County’s mortgage. The County reserves the right to inspect the property where additional improvements are to be made, or to require proof of payment for medical or education expenses. The qualifying circumstances for the County to subordinate its mortgage position are as follows: 1. To refinance an existing mortgage loan where new funds are advanced to take cash out or refinance other debts, provided the total of all liens including the rehabilitation loan shall produce a debt to value ratio pursuant to SECTION 3.4 UNDERWRITING STANDARDS, 7019RBLA -11- RRP RULES/07-07-2016