Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - June 21, 2016
June 21, 2016 - Regular Meeting
Agenda Item #28

SHIP Lien Release on Short Sale for John J. Marco


Contact and/or Presenter Information

Denise L. Thomas/Ext. 3474

Action Requested
Authorization to permit County Administrator, or his designee, to accept $12,336.94 at the closing of the short sale for a release of Manatee County's second mortgage on the property owned by John J. Marco, 1315 34th Avenue East, Bradenton.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

U.S. Bank Home Mortgage, the first mortgagee, holds a mortgage in the amount of $53,972 of which the unpaid balance on the principal is $39,813.79.  Manatee County holds a second mortgage of $45,000 through the State Housing Initiative Partnership (SHIP) program.

U.S. Bank Home Mortgage is tendering the sum of twelve thousand three hundred thirty-six dollars and ninety-four cents ($12,336.94) in exchange for a release of Manatee County's second mortgage to allow a short sale for $58,000.

The Property Appraiser shows this property valued at $44,769.

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 provide a copy of approved Agenda Memorandum to Denise Thomas (denise.thomas@mymanatee.org), Neighborhood Services Department, following disposition.

Cost and Funds Source Account Number and Name

Amount and Frequency of Recurring Costs

Attachment:  J Marco Hardship letter.pdf
Attachment:  J Marco HUD Settlement Stmt.pdf
Attachment:  J Marco Sales Contract.pdf
Attachment:  J Marco Sales Contract Addendum.pdf
Attachment:  J Marco Property Appraiser Value.pdf
Attachment:  J Marco US Bank Settlement.pdf