Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - January 28, 2014
REVISED January 28, 2014 - Regular Meeting
Agenda Item #21

SHIP Lien Release to Short Sale for Zachary McClary


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

Action Requested
Authorization to permit County Administrator, or his designee, to accept $6,500 at the closing of the short sale for a release of Manatee County's second mortgage on the property owned by Zachary McClary, 1213 Princeton Avenue, Bradenton.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

BSI Financial Services, Inc., the first mortgagee, holds a mortgage in the amount of $122,307.00 of which the unpaid balance on the principal is $117,197.40.  Manatee County holds a second mortgage of $24,500 through the State Housing Initiative Partnership (SHIP) program.

BSI Financial Services, Inc. is tendering the sum of six thousand five hundred dollars ($6,500) in exchange for a release of Manatee County's second mortgage to allow a short sale for $76,000.00.

The Property Appraiser shows this property valued at $82,421.

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:  McClary Hardship Ltr.pdf
Attachment:  McClary Short Sale Settlement.pdf
Attachment:  McClary HUD Settlement Stmt.pdf
Attachment:  MCClary Sales Contract.pdf
Attachment:  McClary Property Appraiser Printout.pdf