Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - December 17, 2013
REVISED December 17, 2013 - Regular Meeting
Agenda Item #21

SHIP Lien Release on Short Sale for Whitney Patton


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

Action Requested
Authorization to permit County Administrator, or his designee, to accept $4,500 at the closing of the short sale for a release of Manatee County's second mortgage on the property owned by Whitney Patton, 5203 98th Avenue East, Parrish.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion
Bank of America, N.A., the first mortgagee, holds a mortgage in the amount of $134,264 of which the unpaid balance on the principal is $130,165.32. Manatee County holds a second mortgage of $11,700 through the State Housing Initiative Partnership (SHIP) program. Bank of America, N.A., is tendering the sum of four thousand five hundred dollars ($4,500) in exchange for a release of Manatee County's second mortgage to allow a short sale for $145,000. The Property Appraiser shows this property valued at $112,957. 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:  Patton Hardship Ltr.pdf
Attachment:  Patton Short Sale Settlement Offer.pdf
Attachment:  Patton HUD Settlement Stmt.pdf
Attachment:  Patton Sales Contract.pdf
Attachment:  Patton Property Appraiser.pdf