Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - July 30, 2013
REVISED July 30, 2013 - Regular Meeting
Agenda Item #28

SHIP Lien Release on Short Sale for Katie N. Gilbert


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

Action Requested
Authorization to permit County Administrator, or his designee, to accept $8,500 at the closing of the short sale for a release of Manatee County's second mortgage on the property owned by Katie N. Gilbert (k/n/a Katie Gilbert Bertolino), 2341 28th Avenue East, Palmetto.

Enabling/Regulating Authority
11.1.4.  Efficiency in Service Delivery

Background Discussion

Bank of America, N.A., the first mortgagee, holds a mortgage in the amount of $142,000 of which the unpaid balance on the principal is $141,063.81.  Manatee County holds a second mortgage of $19,990 through the State Housing Initiative Partnership (SHIP) program.

Bank of America, N.A., is tendering the sum of eight thousand five hundred dollars ($8,500) in exchange for a release of Manatee County's second mortgage to allow a short sale for $64,000.

The Property Appraiser shows this property valued at $57,005.

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