Manatee County Government Administrative Center First Floor, Commissioner Chambers 9:00 a.m. - January 29, 2013
REVISED January 29, 2013 Regular Meeting
Agenda Item #25

SHIP Lien Release on Short Sale for Stephen Romel and Lori Ann Tucker


Contact and/or Presenter Information

Denise L. Thomas/Ext. 3474

Action Requested
Authorization to permit County Administrator or his designee, to accept $10,000 at the closing of the short sale for a release of Manatee County's second mortgage lien on the property owned by Stephen R. and Lori A. Tucker, 9865 50th Street Circle East, Parrish, Florida.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

Bank of America, N.A., the first mortgagee, holds a mortgage of $142,565.00 of which the unpaid balance on the principal is $142,113.69.  Manatee County holds a second mortgage of $25,000 through the State Housing Initiative Partnership (SHIP) program.

Bank of America, N.A., along with the current property owner is tendering the sum of ten thousand dollars ($10,000) in exchange for a release of Manatee County's second mortgage lien to allow a short sale for $138,500.00

The Property Appraiser shows this property valued at $114,419.

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:  Tucker Hardship Letter.pdf
Attachment:  Short Sale Settlement Offer.pdf
Attachment:  Tucker HUD Settlement Stmt.pdf
Attachment:  Sales Contract.pdf
Attachment:  Property Appraiser Value.pdf