Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - October 22, 2013
October 22, 2013 - Regular Meeting
Agenda Item #23

SHIP Lien Release to Short Sale for Pamela Kudriaszow


Contact and/or Presenter Information

Denise L. Thomas/Ext. 3474

Action Requested
Authorization to permit County Administrator, or his designee, to accept $2,000 at the closing of the short sale for a release of Manatee County's second mortgage on the property owned by Pamela Kudriaszow, 4507 3rd Street Circle West, Unit 475, Bradenton.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

Fifth Third Bank, the first mortgagee, holds a mortgage in the amount of $79,000 of which the unpaid balance on the principal is $73,051.83.  Manatee County holds a second mortgage  of $19,891 through the State Housing Initiative Partnership (SHIP) program.

Fifth Third Bank is tendering the sum of two thousand dollars ($2,000) in exchange for a release of Manatee County's second mortgage to allow a short sale for $24,000.

The Property Appraiser shows this property valued at $20,379.

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 a 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:  Kudriaszow Hardship Ltr.pdf
Attachment:  Kudriaszow Short Sale Settlement Offer.pdf
Attachment:  Kudriaszow HUD Settlement Stmt.pdf
Attachment:  Kudriaszow Sales Contract.pdf
Attachment:  Kudriaszow Property Appraiser Printout.pdf