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Ogdensburg authorizes attorney, clerk to process subordination request for homeowner refinance
Summary
The council authorized the borough attorney and clerk to work with a bank to subordinate the borough's home-improvement loan lien so a homeowner can refinance, subject to loan-to-assessed-value limits and a reasonable fee to cover attorney time.
The Ogdensburg Borough Council authorized its attorney and clerk on Nov. 25 to prepare, review or draft documents to subordinate the borough’s lien on a property held under the borough’s Home Improvement Loan program so the property owner can refinance, Borough Attorney Robert McBriar told the council.
McBriar said the mortgage note permits subordination as long as the new loan does not exceed a specified percentage of assessed value at the time of request; Wells Fargo provided a letter about the refinance that was included in the meeting packet. He recommended the council authorize the clerk and borough attorney to work with the bank and to charge a reasonable attorney hourly rate or retainer for those services.
Councilman Nasisi moved to authorize the borough attorney and clerk to process the paperwork and to charge appropriate fees; Councilman Nardini seconded. The motion passed on roll-call with affirmative votes recorded for Alvarez, Nardini, Nasisi, O’Dell and Slater.
Next steps: municipal staff and counsel will coordinate with the lender on required documents and fee arrangements before any subordination agreement is executed.
