Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. January 8, 2013
January 8, 2013 Regular Meeting
Agenda Item #9

SHIP Lien Release on Short Sale for Allison Burch


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

Action Requested
Authorization to permit County Administrator, or his designee, to accept $3,000 at the closing of the short sale for a release of Manatee County's second mortgage lien on the property owned by Allison Burch, 519 29th Avenue West, Bradenton, Florida.

Enabling/Regulating Authority
11.1.4.  Efficiency in Service Delivery

Background Discussion

Household Finance Corporation III, the first mortgagee, holds a mortgage in the amount of $179,186.10 of which the unpaid balance on the principal is $173,444.27.  Manatee County holds a second mortgage of $9,681.81 through the State Housing Initiative Partnership (SHIP) program.

Household Finance Corporation III is tendering the sum of three thousand dollars ($3,000) in exchange for a release of Manatee County's second mortgage lien to allow a short sale for $46,000.

The Property Appraiser shows this property valued at $67,089.

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

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

Cost and Funds Source Account Number and Name

Amount and Frequency of Recurring Costs

Attachment:  A Burch Hardship Ltr.pdf
Attachment:  A Burch Settlement Offer.pdf
Attachment:  A Burch HUD Settlement Stmt.pdf
Attachment:  A Burch Sales Contract.pdf
Attachment:  A Burch Property Appraiser Value.pdf