At our town City Council meeting last night, Fillmore took a hit. Here is part of the article I wrote.
'One item on the Redevelopment Agency agenda was a request to accept a short payoff on a First Time Homebuyers Loan (FTHL) of $43,000 taken out in July of 2008 and the home is now for sale due to a divorce. The FTHL was used as the 15% down payment on the home’s $292,000 purchase price. The selling agents informed the City the property had decreased in value and the offering price today is $280,000 which is less than the payoff amounts of both the primary loan and secondary FTHL Agency loan. The seller’s settlement shows a shortfall and loss to the city of $18,936.71 with a pay back to the city of $24,863.29 or approximately 57% of the Agency’s original $43,800 loan. All of the loss is coming out of the FTHL which carried the second on the property, but there was little the City could do to prevent taking all of the loss. Both Cities of Oxnard and Port Hueneme have also suffered such losses. All Council Members reluctantly agreed to accept the short payoff.'
These "help the poor" handouts are coming back to haunt everyone, everywhere.
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