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Council directs staff to follow primary lender in 1708 Bluffs Drive foreclosure/reinstatement case
Summary
Faced with a borrower in default on a city second mortgage, council authorized staff to coordinate with the primary lender’s reinstatement decision; if the primary lender declines reinstatement, staff was directed to initiate foreclosure or pursue city reinstatement only after staff underwriting.
The council reviewed a staff report on 1708 Bluffs Drive, where a borrower holds a city second mortgage and the property is in default. Staff said the primary lender delayed a scheduled sale from Dec. 24 to Feb. 4 while it reviews the borrower’s reinstatement application. The city holds a $100,000 second loan in the mortgage stack and may face significant…
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