www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 11, 2014
February 11, 2014 - Regular Meeting
Agenda Item #19


Subject
SHIP Lien Release on Short Sale for Tabbatha Naley (aka Tabbatha 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 $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.



Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

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.  Manatee County holds a second mortgage of $13,568.00 through the State Housing Initiative Partnership (SHIP) program.

CitiMortgage, Inc., is tendering the sum of six thousand dollars ($6,000) and the applicant is tendering the sum of two thousand one hundred forty dollars ($2,140) in exchange for a release of Manatee County's second mortgage to allow a short sale for $68,000.00

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.

Staff recommends approval of this settlement offer.



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:  Naley (aka Parsley) Hardship Ltr.pdf
Attachment:  Short Sale Settlement Offer.pdf
Attachment:  HUD Settlement Stmt.pdf
Attachment:  Sales Contract.pdf
Attachment:  Property Appraiser Value.pdf