Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - June 4, 2013
REVISED June 4, 2013 - Regular Meeting
Agenda Item #23

SHIP Lien Release on Short Sale for Davolene Rivers-Trusty


Contact and/or Presenter Information

Denise L. Thomas/Ext. 3474

Action Requested
Authorization to permit the County Administrator, or his designee, to accept $15,170.84 at the closing of the short sale for a release of Manatee County's second mortgage lien on the property owned by Davolene Rivers-Trusty, 2612 8th Avenue East, Palmetto, Florida.

Enabling/Regulating Authority
11.1.4. Efficiency in Service Delivery

Background Discussion

Wells Fargo Home Mortgage, the first mortgagee, holds a mortgage in the amount of $49,222.00 of which the unpaid balance on the principal is $42,045.62.  Manatee County holds a second mortgage of $5,000.00 and a third mortgage of $46,457.00 through the State Housing Initiative Partnership (SHIP) program.

Wells Fargo Home Mortgage is tendering the sum of fifteen thousand one hundred seventy dollars and eighty-four cents ($15,170.84) in exchange for a release of Manatee County's third mortgage lien to allow a short sale for $68,000.00.  The SHIP Applicant has agreed to satisfy the second mortgage lien by the end of June.

The Property Appraiser shows this property valued at $60,354.00.

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 one 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:  Hardship Ltr.pdf
Attachment:  1st Mtg Payoff.pdf
Attachment:  2nd Lien Payoff Agreement.pdf
Attachment:  HUD Settlement Stmt.pdf
Attachment:  Property Sales Contract.pdf
Attachment:  Property Appraiser Value.pdf