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County Attorney's Report 9. 2.

BCC Regular Meeting

Information

Meeting Date:	01/05/2017
Issue: Wells Fargo Bank, N.A. v. Fred Martin, et al.
From:	Kristin Hual
Department:	County Attorney's Office
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Wells Fargo Bank, N.A. v. Fred Martin, et al.; Case No. 2015 CA 000288

That the Board accept the following information in the matter of Wells Fargo Bank, N.A. v. Fred Martin, et al.:

Escambia County was previously joined as a Defendant in the above referenced foreclosure action involving certain real property owned by Fred Martin. The County retained an interest in the property by virtue of a Neighborhood Stabilization Program (NSP) Mortgage and Security Agreement in the sum of $30,252.00 and a State Housing Initiatives Partnership (SHIP) Lien Agreement in the total undepreciated amount of $15,000.00. Both interests were subordinate to the Plaintiff’s mortgage interest. Following the entry of final judgment and the sale of the subject property, a surplus was retained by the Clerk. Upon the County’s Motion for Disbursement of Surplus Funds, the County recovered the surplus funds held in the court’s registry totaling $6,132.35 as partial satisfaction of the County’s interest.

BACKGROUND:

N/A

BUDGETARY IMPACT:

The funds will be deposited in the Escambia Affordable Housing Fund.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
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