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Written Communication 7. A.

BCC Regular Meeting

Meeting Date:	07/18/2019
Issue: Written Communication Concerning 910 Bremen Avenue
From:	TONYA GREEN
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

May 22, 2019, communication from Sandy Blanton requesting approval of a short sale for the Hurricane Housing Recovery Program (HHRP) Mortgage for property located at 910 Bremen Avenue.

BACKGROUND:

On March 2, 2007, Bertha M. Cooper entered into a Hurricane Housing Recovery Program (HHRP) mortgage (Exhibit I) to purchase property at 910 Bremen Avenue. This HHRP mortgage of $50,000 was part of a builder-developer program to encourage new construction post Hurricane Ivan. Her first mortgage was with SunTrust, in the amount of $101,750. The HHRP mortgage is a 0% interest 30 year mortgage, with 20% of the loan to be forgiven after the first year provided the loan is not in default. The homestead was dropped in 2010, thereby causing a default. Therefore, the amount owed on the mortgage is the full $50,000.

Ms. Cooper listed the property for sale and currently has a contract pending for $82,500. Sandy Blanton submitted written communication (Exhibit II) requesting that the County consider a short sale on the property with the County receiving $3215 in lieu of the $50,000 owed. The appraisal provided by the owner is $73,333. The current value given to the property by the County Property Appraiser is $82,014 (Exhibit III). The first mortgage lender would be paid in full. The homeowner will not receive any cash at closing.

BUDGETARY IMPACT:

Funds, if received, will be deposited into Fund 120/SHIP Affordable Housing Trust Fund.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

Any variance from the recorded HHRP mortgage must be reviewed and approved by the Board.

IMPLEMENTATION/COORDINATION:

If the short sale is granted, Neighborhood Enterprise Division will work with the homeowner. A settlement statement will be requested in advance of closing to ensure terms approved by the Board are met.

Attachments
Ex I-910 Bremen HHRP mortgage
Ex II-910 Bremen Written Communication
Ex III-910 Bremen ESCPA