Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - February 12, 2013
REVISED February 12, 2013, Regular Meeting
Agenda Item #23

SHIP Lien Release on Short Sale for Carl D. Melcher


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

Action Requested

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.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

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

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:  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