|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. January 8, 2013|
Agenda Item #9
SHIP Lien Release on Short Sale for Allison Burch
Contact and/or Presenter Information
Denise L. Thomas/Ext. 3474
Authorization to permit County Administrator, or his designee, to accept $3,000 at the closing of the short sale for a release of Manatee County's second mortgage lien on the property owned by Allison Burch, 519 29th Avenue West, Bradenton, Florida.
11.1.4. Efficiency in Service Delivery
Household Finance Corporation III, the first mortgagee, holds a mortgage in the amount of $179,186.10 of which the unpaid balance on the principal is $173,444.27. Manatee County holds a second mortgage of $9,681.81 through the State Housing Initiative Partnership (SHIP) program.
Household Finance Corporation III is tendering the sum of three thousand dollars ($3,000) in exchange for a release of Manatee County's second mortgage lien to allow a short sale for $46,000.
The Property Appraiser shows this property valued at $67,089.
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
Instructions to Board Records
Please return stamped copy of the Agenda Memorandum to Denise Thomas (firstname.lastname@example.org), Neighborhood Services Department
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: A Burch Hardship Ltr.pdf
Attachment: A Burch Settlement Offer.pdf
Attachment: A Burch HUD Settlement Stmt.pdf
Attachment: A Burch Sales Contract.pdf
Attachment: A Burch Property Appraiser Value.pdf