HomeMy WebLinkAboutHousing And Neighborhood Development Department
Augusta Richmond GA
DOCUMENT NAME: j-.-\(i)uS i I:) Qrx'\ 1\ j bo(\, DDd bdelOiP I1W1t \xf
DOCUMENT TYPE:
YEAR: 0 \
BOX NUMBER: I L-\
FILE NUMBER: l5623
NUMBER OF PAGES: G
\)l;
11/28/2001
20: 12
HALE AND COX. LLC ~ 17068211784
t~O. 17'3 [;001
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HALE & COx, LLC
970 PEACHTREE INDUSTRIAL BLVD
SUITE 201
SUWANEE, GEORGIA 30024
710-614-7000 FAX 770-614-7001
November 29,2001
Augusta Richmond County .
Housing and Neighborhood Development Dept
One 10m Street," Suite 430 .
Augusta, Georgia 30901
RE: Christine V. Elmore
Loan # 4713002
3903 Maddox Road
Augusta, GA 30909
Dear Ms. Hogan:
Countrywide Home Loans, Inc. has requested that we handle a streamline
refinance for Christine V. Elmore. In order for Ms. Elmore to do this we must receive a
subordination agreement from Augusta-Richmond County Housing.
CountI)'Wide Home Loans, Inc. currently holds a first mortgage on the above
property with the original principal amount of $ 72,903.00 and is currently trying to
refinance Ms. Elmore with a new principal amount of$ 71,917.00 in order to lower her
interest rate to 7.3 7 5 and therefore lowering her monthly payment. Her original loan was
, taken out with Countrywide on December 3, 1999.
As soon as we receive a faxed approval from you we will schedule her closing.
Thank. you in advance for your assitance.
Sincerely,
..
11/15/2001
16:28
HALE AND COX. LLC ~ 17068211784
NO.903 (;1002
'1
STATE OF GEORGIA
COUNTY OF 7) { (!. 'IJ-nu>/1...{)
SbBORDTNATTON AGRF.F.MRNT
./)ECem~IS AGREEMENT is made and entered into this /?'& day of
11O'''BUBBR, 2001, by the undersigned AUGUSTA, GEORGIA by and on
behalf of the HOUSING & NEIGHBORHOOD DEVELOPMENT DEPARTMENT
[hereinafter (collectively) referred to as the "Existing Lender"]
in favor of COUNTRYWIDE HOME LOANS, INC. (hereinafter referred ot
as the "New Lender") .
WITNESSETH:
WHEREAS, the Existing Lender is the holder and owner of a
securi ty deed (hereinafter referred to as the "Existing Deed")
made by CHRISTINE V. ELMORE(hereinafter referred to as the
"Borrower"], dated DECEMBER 3, 1999, recorded in Deed Book 669,
Page 1547,
in the deed records of RICHMOND County, Georgia, which was given
to secure an indebtedness of $1,125.00; and
WHEREAS, the Borrower has applied to the New Lender for a
loan in the amount of $71,917.00 (hereinafter referred to as the
"New Loan"), to be secured by a security deed (hereinafter
referred to as the "New Deed") conveying to the New Lender all or
a portion of the property described in the Existing Deed. The
New Lender has declined to make the New Loan unless the Existing
Deed shall have been subordinated to the New Loan and the New
Deed.
NOW, THEREFORE, in consideration of ONE DOLLAR ($1. 00) in
hand paid by the Borrower to the Existing Lender, the receipt and
sufficiency of which are hereby acknowledged, and in further
consideration of the consununation of the New Loan in reliance
upon this instrument, the Existing Lender hereby waives and
subordinates all right, title or interest under the Existing Deed
(or otherwise) in or to the property described therein as against
the New Loan, so that the New Deed shall convey title to the
property therein described superior to the Existing Deed and
superior to the indebtedness thereby secured. The Existing Deed
shall remain otherwise in full force and effect, the waiver and
subordination herein provided being limited in application to the
proposed New Loan herein described, or any renewal thereof.
THIS SUBORDINATION AGREEMENT shall be binding upon the
heirs, executors, administrators, successors and assigns of the
Existing Lender, and aha.ll operate and inure to the benefit of
the New Lender, its successors and assigns, as well as to the
benefit of any purchaser at any foreclosure sale made pursuant to
the power contained in the New Deed; furthermore, this
subordination agreement shall apply with like force and effect to
any renewal of the New Deed.
IN WITNESS WHEREOF,
have been hereunto set on
the hand and
the~. and
By:
Its:
the undersigned
above written.
delivered
. - _. .:1.,
c
Notarization:. '
Commission Expiration:
..~ . i .-.
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11/15/2001
16:28
HALE AND COX, LLC ~ 17068211784
NO. 903 11003
-.
~.
LOA'" ;;:0588533
Lllnller .
CASElJ;
Pz-aplln4 by; 2. IdIlWll:ll.
GOOD FAITH E::iTlMA TE
Sales Pnce: N/A
Base Ulatl Amount:
Total \.Oan Amoun!.
Typo 01 L.oan FHA
Dalll Prepared- 09/24/2001
70f,55.00
7lS 17.00
COONTR~Dg HOME LOANS, INC.
Aallrllss.4500 PARK GRANADA. CALABASAS. CA 91302-1613
Appf;C8Ilr{$)' CHIRSTINA ELMORE
Properl)'AClClress: 3903 MADDOX RD
AUGUSTA. GA 30909-9520
The Informlltloo praYlded betow rltft8C111 Ollllmllla8 oltha GllllrgD8 _hi"" ,au Ilr. JQcQ/y 10 Incur 8llhe aenlom8ll1 ., \'OUr loan.
TIle t...... f1stlld are Mllmal.1I A the actual chllro_ lIlay be lIle,. or Jesa. Vaur 1I'8nsactlOft ilia' DOl Invol"B 8 '110 hi r every Item
..hiled.
The n..mOlllS IlslOd bBScQll rile aSllm8UlS ganerlllll' correspond 10 tile numu,ed I;nes conD1in1l<l in lIW HUP-l sertlem , onr s_enl
which l'Ou ..11 be rec:e...mg III settlement The HuD-1 senlement statement .ill snow ,ou trle aClWill GOal lor Ilems paid at S8tllB, nent,
Inlluestrale 7. 375 ~ T&m1 of loan 25 years
! BOO ITENS PAYABLE IN CONNECTlDN WITH LOAN
801 $ n nn L.oan Origination Fee
AOl!! $ n n n LOan Discounl
803 $ 0 0 0 Appra.sal
604 $ n nn Cred.l Ropgn
AOS $ n 00 L.ender's IMpllCuon
BOS $ n (J 0 MOnQage InSurance Appheanon Foe
807 $ 1\ nil AssumpllOn Fee
BOIl $ n 11 n Ware/l<)UGG Fee
BOg $ n n n Processing FOCI
8'0 $ 11--'l!l. Tax Service
Illl $ ,c; 00 POC-L Flood CnecK FB&
a, S $ 0 no W,fll Transtel'
a,>4 $ 0 fin Bu~o\llrn e"p&nse
815 $ ~ '5Q POC-L Ga Residm:l Mtg- Per Loan Fee
816 $
817 $
818 $
8,9 $
820 $
321 ~
822 $
823 $
[800 ITEMS REQUIRED BV LENilER TO SE PAID IN ADVANCE
901 S 4~" '1/1 ~08J'Slnrsre5t@$ n4 51/011,
902 $ 10F;, ';6 ~nal PMIIFHA Up.ITonl I.t PJ~A Fundlng Fee Flnaneecl $
Pllld Cash $
n non %
o non 'lit
Hazll1lllnsurance Prellllum
10'" on
1 ,;;;
903 $
904 $
90S $
\1000 RESERVES PEPOSITEO Willi lENOER
1001 $ 114 <A Hazard Insurance -1,.Mofllns@ $
1002 $ 1\ 0 Q Mort8age Insuran~1I -.Jl Monlll$ (jjl $
1003 !Ii '6, 0:;, Ta>.os ~Monms(jjl $
1004 $ Ta.><as _Montlls@ $
1005 $ Ta.><es Montrls@ $
1006 $ AcOCllnsurance -""onm$ ~ $
1007 $ <Sl 24 A99r99llt8Anall's.sA.<l~;1l
11100 IDLECHARGf8
1101 S n nn
1102 $ 1\ on
1,OS $ 1 J::C: /In fOCaL
1104 $ n no
n05 $ 0 00
1106 S Q 00
1107 $ 40:;0 Qn l?OC-L
l1Da $ 1,:;q nn POC-t
nos $
1110 $
n'1 $
112011 GDVERNMENT RECORDING" TRANSFER CHARGES
'201 $ 4-? nn POC-L RecorolOg Fees
1202 $ n no Cil,yJCoum, TD/Stamps
lam $ 0 on Stille TauSUlIllpS
1204 $ "r:; 7<; POC-L Ga Im:anglble Rec:o~d..ng Tax
I 1 SOIl ADDmONAL SETTLEMENT CHARGES
1301 $ 0 I\n Surve,
1302 $ O. 00 Pe" InspeCtIon
1~ 00 Wen &: Sep~ic Tank Inspection pee
1 $
C::A nR Imontl'l
'''1 11 lmOllt/\
4< 9:7 Imonlll
Imomn
ImDntrl
ImDnt/l
closIng ar Esl:l'Ow Fee
AbSU':lct or Tille Search
T,llo E:aamlnatlon'
Til1e Insurancu Binder
Document Preparallcn
Notary
AtlllrneYISememenl Agent
T,lle Insuranc&
.:::=1
=:J
$ TAL E8TIIIA TED BORROWER SETTLEII EHT CHARGES
OS. ll8JlllD an /l8m dIIsignatss a COst 10 116 paid by Seller (Not incluClll4 in IhlllOtBl).
ntv ~ 021-- 'POC-L.A nOX110 an item d8S1Qnates a COSI palllDl' UIe l.8ncler lfoJot Inc:l..doCl ,n ilia toml)
I ~ I r - U .POC-B- next 10 an Item lIes,gnallls Ii CO$I paiClllv trle Borrower (lndull94.n lne IOral)
..~dl/r raquirM rile usa of a partiCular prOllJder lor tl'llS settlement ~Ica. See atlllchBCl for additicnallntormalion
FHAn/A.'COMt
. _ Faan !:4lUn<nO
ZCOtQtUS I02lDl1
IIII
. 239 II 1 A
111111111
. 000 5 8 Ii 5 3 300 0 0 0 E M 1 A 0 A
PqOl al2
11/15/2001
16:28
HALE AND COX. LLC ~ 17068211784
ND.903 D004
"
"
-,
0588533
TOTAL. ESlll1A TED FUNDS NEEDED TO CLOSE:
$ 'ilIA O"""npaym8nl
$ 0 . 00 EclimalCld Clos,ng CO~IS
$ 2298.56 ES'l,malllCl Prepa.d IlemS/Rase,....,
$ cnnor
$ 1062 _ 00) Flnancea PMIIMIP/IIA FundIng Fee
$ 1236.56 TOTAL
TOTAL EsTJUATED 1I0..THLV PAYUEHT
$ 525.63 Prmcipal &. Interest
$ 43..92 Ta..es
$ 58. 08 H~d a Flacd In.sw-ance
$ 29.33 MOrtgage Jnsuranc:9
$ 556.96 TOTAL MONTHLY PAYMEN',-
The underSl~ed acknawleages as appl~Cable. rece~p~ of ehe following bookle~(9):
N/A
TIIOGe ..1111I81"& of c:lGalng COGIlI are proYIClad purauanl to lhe Real i::atllle Senlelllenl PrClO8duroa A~ (RESPA). II )Our 108n
appUeatlon Is lor a flra' lien realdenlllll mOr'lglllJB Ilnd In made In a "allaactlGn to pwrchAH a hellllo, addlllanat Imponanl
lalomallon can be fallnel In the HUD Spoclollnformallan Boollllll prowlded lo,ov b, your IBftdof or _ngap brollor.
DISC!.OSURES CONCERNING REQUIRED use OF SETTu:MfNT8ERVICE PROVIDERS
II an 8Sf1ma18d c:narlJ8 shollWll on pago 1 is &<loOljhod wll11 3 dCl.obl8 a81on6t. ("oj. lhO J8naer requires lI1e use oj a particular prO,. !lOr ot mal
68lllemem sarvfC:e. The 8sumoired c:hlllgll ShOwn is Oased on the c:haItlea of mo dosillnatecll>f'....'aar The rOlallon_p 1>6"""'''. tIM> IOn"'"
ana me Setllllmonl servIce provider IS maIllle 'BReleT has nlpealadly u6Bd m8 llfOvidsn: sorvicas In the past. ThO lancer mar 118cid8 10
ctIoate a dlflanlnl prOVlCler.lho HUP-l or HUO- lA slalemenlglvon to you al SOlllBrnem ""II WSClOt8 me provider u&eCl
-
-
The fOllowing s'(at:eate~ applies only ~o CHI. w1m i.mpol.lnc1s 1:0 CHI. w1ch impounds
refinances: The balance ~n your CBL exiSt:1Dg escrow account: will be applled
towards escrow funds dUe for your new lQan. 'l'he Aggregat:e Adjust:mem: on Page 1
of t:he Good Fa~eh 2st:lmace does noe refle~t chat: credit:. ~e will verify t:he fund9 in
your ~old' CHI. loan and credi~ your new loan at: clOSing.
Oil 11M 1JJlMtJi/L
~ If dUl at cJ~
Apphc:llllt
Date
Drne
Appt;c:atll
Dalo
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11/15/213131
16:28
HALE AND COX. LLC ~ 17068211784
NO. 903
(;1005
'.
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Mortgage Credit Analysis Worksneet
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11/15/2001
16:28
HALE AND COX. LLC ~ 17068211784
NO. 903 0006
-.
'.
LOAN It: 0588533
This information is required to determine the eligibility of FHA morrgage insurance applicants,
Public reponing burdBn for this collection of information IS estimated to average 0.1 hour per responSII. rncludmg
lOe time for reviewing instructions, searching existIng data sources. gathering anQ maintaining tile dala neeaeCl.
and completing and reviewing the collection of information.
This agency may ner conduct or sponsor, and a person is not required to respond [0. a collection j'lforma[ion
unless ttlat COllection displays a valid OM.S control number. .
Sensitive Infonnatlon: The information collected on this form IS conSidered senSitive and is prOte.cl ~ D}' me
Pnvacy Act. The Privacy Act requires that mese reCOrds be maintained with appropriate administrative. tecnnlcal.
and physical safeguards to ensure Ineir security and confidentiality. In adaition, these records should be protected
against any anticipated threats or hazards to their security or integrity whicn could result In sUClstantlal narm.
embarrassment, inconvenience, or unfairness to any individual on whom the informatIon is maintained.
The Mongage Crean Analysis WDfI(sneol has Deen revised 10 reflect cnanges to tne perc8mage of iii' anceaDle
closing costs. Several of the more importam cnanges are discusse~ below:
Line 5 Closing Costs: On line Sa, snow tM total buyers ClOSing costs of me transaction. On line St" Sl.IDtract
any amount of buyer's closing costs palCl Dy the SeliCf'. Line 5c is me total amount of borr:lwer-paia
finance able CIOsil19 COSts. Borrower-paid Closing costs will be added on line 1 Dc.
Line loa (SubtraCl Sales ConceSSions): Refers to seller-paid prepaid items, personal property jtens, seller
concessions exceeding 6% from AttaChment A, 9te Tnis does not include sener-paia c\O!;lOg costs
from line 5D. This amoum snoUICf also appear on line 101 to correctly determine t,:,tal cash
requirementS.
Line 10f(1) Multiply Mortgage Basis: Multiply the amount on line 10e C1y 97% on the first $25,000, 95 ~ on Ine
amoum between $25,000 and $125,000, and 90% on Ine remainaer. (Howe"er, if line 10e i:: $50,000
or less. multiply tne emire amount by 97%.) Note: If the value is less than sales price. men m..lltiply toe
value plus closlOg COsts by the amounts described above.
Certain types of loans (e.g., 90% new construction loans. loans 10 Vaterans, etc.), ma / require
alternative calculations on line 1Of(1}. SUCh var,atiOns must De indlcatea in the .remarks~ :iBction of
the worlCSl1aat.
Line 1 Of(2) Do not CQmplete for loans to Veterans under Section 203(b)l2)
. Notes on Refinances: Tne 10llowlhg InStructions ShoultS be subStituted on Ine appropriate lines for
refinance transactions.
Line lOa. Unpaid Principal Balance
Line 10b. (Repairs not allowable on streamline refinances.)
Line 10c. Add borrower's clOSing costS and discount points.
I.ine ,Od. (Subtract MIP Refund. if appropriate)
Line 10f(1) Add Aperaised Value anCl Closing Costs; Inen multiply by appropriate L1V Rnio (i.a..
97/95,85% for cash-out refinances, etc.) . ,
L.ine, Og. ~orrgage (without UFMIPI Note: This may not exceed lowest of lines 10e, , Of(1' 01 101(2),
lClflll "yo.na.:~
to,. baa: D~4'''S 1
Pre..od litGJUOtIa at. OCICtefe
CSl-45N 11l712).o, CHL (D8198)
pogo 2m 2
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