Current Loan Holders

What happens when I sell, refinance or rent my home?

Households receiving assistance to purchase their first home through the City's First Time Home Buyer program will need to repay assistance provided when selling, refinancing or renting their home. 

Payoff Quote Request

To request a payoff quote, please email Jordan Langton at langtonj@billingsmt.gov or call 406-860-9126. If the payoff request is received from a third party, such as a bank or title company, the payoff quote request must contain the loan holder's written authorization to release the information. Staff will make every effort to provide a response within 10 to 14 business days of the date the request is received. After payoff is received, please allow 7 to 20 business days from the date the payoff funds are received for reconveyance documents to be mailed. 

Short Sale 

The City of Billings does not participate in short sales and will not accept less than the full assistance amount as full repayment to release the lien on the assisted property. 

Subordination

The City of Billings does not subordinate loans obtained through the First Time Home Buyer program. Therefore, you must pay back the full amount of the loan to the City when selling or refinancing your home.

Grievance Procedure

Homeowners may write a letter addressed to the Community Development Board making a case for subordination. The request for subordination would then be added to the next Board meeting agenda for review and action. If approved by the Community Development Board, staff would create a City Council memo requesting approval of the subordination. If approved, staff would facilitate the necessary documentation to complete a subordination. The process takes up to two months to complete. 

Home Maintenance

Foreclosure Prevention