|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 12, 2013|
Agenda Item #23
SHIP Lien Release on Short Sale for Carl D. Melcher
Contact and/or Presenter Information
Denise L Thomas/Ext. 3474
Authorization to permit the County Administrator, or his designee, to accept $2,500 at the closing of the short sale for a release of Manatee County's second mortgage lien on the property owned by Carl D. Melcher, 7424 Vista Way, Unit #103, Bradenton, Florida.
11.1.4. Efficiency in Service Delivery
Wells Fargo Bank, N.A., the first mortgagee, holds a mortgage in the amount of $146,050.00 of which the unpaid balance on the principal is $126,900.51. Manatee County holds a second mortgage of $14,849.00 through the State Housing Initiative Partnership (SHIP) program.
Wells Fargo Bank, N.A., is tendering the sum of two thousand five hundred dollars ($2,500) in exchange for a release of Manatee County's second mortgage lien to allow a short sale for $55,000.
The Property Appraiser shows this property valued at $39,502.
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
Instructions to Board Records
Please return stamped copy of the Agenda Memorandum to Denise Thomas (firstname.lastname@example.org), Neighborhood Services Department.
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: C Melcher Hardship Ltr.pdf
Attachment: C Melcher Short Sale Approval.pdf
Attachment: C Melcher HUD Settlement Stmt.pdf
Attachment: C Melcher Sales Contract.pdf
Attachment: C Melcher Property Appraiser Value.pdf