Mortgage Subordinations

The City of Tampa’s Subordination Policy is designed to assist a homeowner to:

  •  Refinance an existing private mortgage to lower the interest rate and/or reduce the loan term.
  • Consolidate or payoff installment loans, student loans, credit card debt or other similar consumer debt of the mortgagor on a one time basis.  The total amount of debt payoff involved to exceed $10,000.00.
  • Secure a new private loan or to refinance an existing private mortgage loan to allow for the renovation or rehabilitation of the property.

These options are a benefit to the homeowner in preventing foreclosure by the first lender. The policy set forth herein shall apply to all persons who have received financial assistance through the City’s programs and who have executed a promissory note and mortgage in favor of the City in exchange for the assistance received.

In order for the subordination request to be reviewed, the following information must be submitted:

  • Borrower’s Authorization Form
  • Copy of signed loan application
  • Copy of Payoff Letter from the current lender or lenders
  • Loan Closing Disclosures
  • Current Appraisal of property, if applicable
  • Current Title Search
  • Proof that the taxes and insurance will be escrowed by the lender
  • Copy of Construction Proposal if refinance is for approved types of home improvement
  • Copy of Current Homeowner’s Insurance
  • Completed Comparative Analysis Form

For questions on the subordination process and review, please contact Denise Papajorgji, Housing Portfolio Specialist at (813) 274-8627.