www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - April 8, 2014
April 8, 2014 - Regular Meeting
Agenda Item #25


Subject
Reconsideration of SHIP Lien Release on Short Sale for Tabbatha Naley (aka Tabatha Parsley)

Briefings
None

Contact and/or Presenter Information
Denise L. Thomas/Ext. 3474

Action Requested
Authorization to permit County Administrator, or his designee, to accept a reduced settlement amount of $6,000 at the closing of the short sale for a release of Manatee County's second mortgage on the property owned by Tabbatha Naley (aka Tabbatha Parsley), 4412 56th Avenue Drive East, Bradenton.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

On February 11, 2014, the Board of County Commissioners authorized permission for the County Administrator, or his designee, to accept $8,140.00 at the closing of the short sale for a release of Manatee County's second mortgage on the property owned by Tabbatha Naley (aka Tabbatha Parsley), 4412 56th Avenue Drive East, Bradenton.

On February 18, 2014, Mandy Shields, Short Sale Negotiator for CitiMortgage, notified us that the most the investor will allow is $6,000 for settlement of Manatee County's second mortgage for a short sale on the property owned by Tabbatha Naley (aka Tabbatha Parsley) at $68,000.00.

CitiMortgage, Inc., the first mortgagee, holds a mortgage in the amount of $106,000.00 of which the unpaid balance on the principal is $95,584,.85.  CitiMortgage, Inc., is receiving $54,763.35 as settlement of their existing lien.

The Property Appraiser shows this property valued at $45,790.00.

If a foreclosure action should occur and proceed to the sale of the property, Manatee County is certain to receive nothing on its mortgage.



County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other


Reviewing Attorney
N/A

Instructions to Board Records
Please return stamped copy of Agenda Memorandum to Denise Thomas (denise.thomas@mymanatee.org), Neighborhood Services Department, following disposition.

Cost and Funds Source Account Number and Name
None

Amount and Frequency of Recurring Costs
None


Attachment:  CitiMortgage Maximum Settlement Offer.pdf
Attachment:  Naley Revised HUD Statement.pdf
Attachment:  Naley Contract Extension.pdf
Attachment:  Tabbatha Naley Previous BOCC Approval.pdf