Item P15* ADD-OA *
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: September 21, 2012
Bulk Item: Yes XX No
Division: County Attorney
Staff Contact Person: Pedro Mercado
AGENDA ITEM WORDING: Approval of waiver of SHIP mortgage loan breach.
ITEM BACKGROUND: On January 19, 2005 Ms. Stacy Charlton purchased a residence at 587
116`h street, Marathon. She financed the purchase by obtaining a primary mortgage with the Bayrock
Mortgage Corp and by obtaining a secondary mortgage through the County's SHIP program. On
January 26, 2007 Ms. Charlton refinanced her primary mortgage with Countrywide Home Loans, Inc.
in order to finance some home improvements. Unfortunately, neither Countywide nor Ms. Chariton
informed or sought approval of the refinancing from the County. The result is that the refinancing
triggered the acceleration clause in the SHIP mortgage. The SHIP mortgage contains a provision that
states that if the First Mortgage is satisfied or refinanced than all sums secured by the SHIP mortgage
shall immediately become due and payable. The County fast learned of the breach of the SHIP
mortgage when Ms. Charlton contacted the MCHA in order to request subordination of the SHIP
mortgage in order to obtain HARP re -financing. After reviewing all of the pertinent documents Ms.
Chariton was informed that the MCHA did not have the authority to subordinate a mortgage that was
not in good standing. Ms. Charlton then contacted the CAY directly and informed me that the reason
for the original refinancing was for purposes for effecting home improvements at the residence covered
by the SHIP mortgage. Ms. Charlton has also provided a list of the improvements (attached). Ms.
Charlton continues to live in the residence and is requesting that the Board waive the breach of the
SHIP mortgage which would then enable her to go back to the MCHA and seek a subordination of the
mortgage.
PREVIOUS RELEVANT BOCC ACTION:
None.
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATIONS:
Approval
TOTAL COST: N/A
COST TO COUNTY: N/A
BUDGETED: Yes XX No
SOURCE OF FUND:
REVENUE PRODUCING: Yes XX No AMOUNT PER MONTH
APPROVED BY: County Atty P.TM OMB/Purcbasing
DOCUMENTATION: Included x Not Required
DISPOSITION:
Risk Management
AGENDA ITEM # ADD-om P-15
HOME IMPROVEMENTS 587 116th STREET MARATHON
Roof
Ceiling Repair
Generator
Fence
Gravelrock
Remove 3 Large trees
and haul away
Rear Deck
I Bathroom
Demo old bathroom &
haul
Install new
Plumber
I Electrician
Living Room
I Kitchen
I Bedroom
I Interior Doors
I Windows
Backdoor
Leak from roof
Trex & delivery
Special deck screws
Demo & Haul
2 X 6 bracing
Toilet
Vanity with Sink
Faucet
Medicine cabinet
light bar for vanity
Showerhead
Shower fixtures
Shower rod
Labor
Labor
set toilet & sink
/shower fixtures
New Gfi 's
Light bar & rewire hot
water heater
2 lighting fixtures
Replace a/c wall unit
Labor
Faucet
Plumber
Sliding Closet Doors
New a/c/ wall unit
Labor
2 B/R & 1 Bath
hardware & frames
Labor
5 large
1 small
Labor
Frame & hardware
Concrete repair & ha
Steves Roofing
8220.00
Sunshine
750.00
Home Depot
1163.90
Key Largo Fence
984.10
Discount R & S
443.13
John Key Largo
1200.00
Home Depot
3236.76
Home Depot
142.60
Labor
600.00
Installation
1900.00
Home Depot
_
Home Depot
Home Depot
1853.78
Home Depot
Home Depot
Home Depot
Home Depot
_
Home Depot
Tomas Cantieelo
250.00
Tomas Cantieelo 500.00
Jorge Arancibibo 576.00
365.10
David Gato 675.00
Home Depot
173.33
486.94
Bill Walsh
200.00
Home Depot
190.96
Faucet & repair leak
229.84
Home Depot
177.79
339.40
Bill Walsh
150.00
Home Depot
172.95
141.38
Tomas Cantieelo
225.00
Home Depot
787.98
155.77
Tomas Cantieelo
1150.00
Paint & nails & handles
137.65
Home Depot
383.10
labor
225.00
HOME IMPROVEMENTS 587 116th STREET MARATHON
Paint
Exterior
Home Depot
787.99
Paint house & eaves
Jose Mesa
1500.00
Remove old gutters
200.00
Paint
Interior
Home Depot
380.89
Paint brushes etc
121.2
Labor we helped
Mynor Gonzales
600.00
Retractable Awning
Materials
1700.38
Installation
300.00
Total $33,777.92