Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - July 28, 2015
REVISED July 28, 2015 - Regular Meeting
Agenda Item #26

SHIP Lien Release on Short Sale for Juwanna Williams


Contact and/or Presenter Information

Denise L. Thomas/Ext. 3474

Action Requested
Authorization to permit County Administrator, or his designee, to accept $4,000 at the closing of the short sale for a release of Manatee County's third mortgage on the property owned by Juwanna Williams, 3311 14th Street East, Bradenton.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

U.S. Bank Home Mortgage, the first mortgagee, holds a mortgage in the amount of $124,400 of which the unpaid balance on the principal is $106,956.48.  Florida Housing Finance Corporation holds a 2nd mortgage of $10,000, and Manatee County holds a third mortgage of $30,000 through the State Housing Initiative Partnership (SHIP) program.

U.S. Bank Home Mortgage, is tendering the sum of four thousand ($4,000) in exchange for a release of Manatee County's third mortgage to allow a short sale for $38,000. 

The Property Appraiser shows this property valued at $63,823.

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 provide copy of approved Agenda Memorandum to Denise Thomas (denise.thomas@mymanatee.org), Neighborhood Services Department, following disposition.

Cost and Funds Source Account Number and Name

Amount and Frequency of Recurring Costs

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