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Lender offers to fund repairs at 1605 Acacia if owner signs release, attorney says
Summary
An attorney for MidFirst Bank told the board the lender would pay and begin repairs at 1605 Acacia Street if the owner signs a release of liability; the attorney said the lender could add the cost to Malone's loan with favorable terms and that foreclosure remained a possible outcome if no agreement is reached.
Thomas Brackett, attorney for the lender, told the board his client has offered to pay for repairs and begin the work on the property at 1605 Acacia Street if owner Jill Malone signs a release of liability for the lender and its contractors.
"My client has offered to make pay for the repairs and begin making the repairs to the property, in exchange for Miss Malone giving them a release of liabilities," Brackett said. He described the offer as conditional: the lender wants a written list of needed repairs and cost estimates so its contractor can bid and determine whether to proceed. Brackett said the lender's contractor would likely pull permits and begin work once the parties agree on scope and liability.
On financing, Brackett told the board the lender was offering to add the repair amount to Malone's mortgage on 0% terms so monthly payments would not change; repayment would occur when the loan matured or the property was sold. He also said that if Malone declines and the lender decides not to proceed with repairs, foreclosure remains a possible remedy. Board counsel clarified that the board cannot require the owner to sign a release but can require appearance with a plan for repairs and a timeline.
