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.