85-24 Resolution Authorizing Subordination of Mortgage re 71 Lindsley Avenue - 2024 (002).pdf

85-24 March 12, 2024 RESOLUTION WHEREAS, the Township of West Orange (the “Township”) through the Township’s Housing Rehabilitation Program has a mortgage against certain real property owned by Travis Edmead (the “Owner”) residing at 71 Lindsley Avenue, also identified as Block 72, Lot 43 on the tax map of the Township (the “Property”), in the amount of Thirty Five Thousand Dollars ($35,000.00), which was dated September 22, 2018 and recorded in the Essex County Register’s Office on October 11, 2018 as Instrument No. 2018088011 (the “WOHRP Mortgage”); and WHEREAS, there is a first mortgage on the Property held by Lakeview Loan Servicing LLC (“Lakeview”) in the outstanding amount of Two Hundred Thirty Thousand Four Hundred Ninety-Five Dollars and Sixty-Two Cents ($230,495.62) (the “First Mortgage”) with an interest rate of 5.75%; and WHEREAS, the Owner desire to refinance his home to obtain a new mortgage loan from Lakeview in the amount of Three Hundred Ten Thousand Three Hundred Thirty-Seven Dollars ($310,337) with an interest rate of 5.75% (the “New Mortgage”); and WHEREAS, on September 20, 2022, the Township Council adopted Resolution 236-22 which allowed the Owner to previously refinance their mortgage; and WHEREAS, the New Mortgage will pay off the First Mortgage; and WHEREAS, the Owner has requested that the Township of West Orange subordinate the WOHRP Mortgage to the New Mortgage; and WHEREAS, the appraised value of the property is approximately $425,000; and WHEREAS, based on the amount of the New Mortgage as compared to the First Mortgage, the proposed subordination will not materially change the equity available to satisfy the WOHRP Mortgage;