R13-1311
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RESOLUTION R13 -131
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
ACCEPTING THE OFFER OF $6,000 AS
SETTLEMENT OF THE CITY'S SECOND
MORTGAGE AS A RESULT OF A PROPOSED
SHORT SALE FOR DIANE DOLPHIN BASED ON
THE CITY'S SHORT SALE POLICY FOR FIRST
TIME HOMEBUYER ASSISTANCE PROGRAM;
WAIVER OF RIGHT OF FIRST REFUSAL; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, with the assistance of the City of Boynton Beach's first time
homebuyer assistance program Diane Dolphin purchased her home at 318 Glen Arbor
Terrace, Boynton Beach, Florida for $183,000 in January of 2007; and
WHEREAS, the City of Boynton Beach's second mortgage in the amount of
$75,190 is a zero interest (0 %) lien that runs concurrent with the first mortgage; and
WHEREAS, rather than be foreclosed upon, the homeowner was able to secure
a buyer for the property and their bank has agreed to a short sale in the increased short
sale price from $50,000 to the revised amount of $62,000; and
WHEREAS, the proposed settlement offer is in accordance with the City's Short
Sale Policy for the City's First Time Homebuyer Assistance Program; and
WHEREAS, the City Commission of the City of Boynton Beach upon
recommendation of staff, deems it to be in the best interest of the citizens and residents
of the City of Boynton Beach to accept the offer of $6,000 as settlement of the City's
second Mortgage as a result of the proposed short sale for Diane Dolphin and to
authorize the Mayor to execute the Waiver of Right of First Refusal.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
9
OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
2 Section 1. The foregoing "Whereas" clauses are hereby ratified and
p confirmed as being true and correct and are hereby made a specific part of this
4'' Resolution upon adoption.
5 Section 2. The City Commission of the City of Boynton Beach, Florida
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hereby accepts the offer of $6,000 as settlement of the City's Second Mortgage as a
result of the proposed short sale for Diane Dolphin.
Section 3. The Mayor is authorized to execute the Waiver of Right of First
Refusal, a copy of which is attached hereto as Exhibit "A ".
Section 4. This Resolution will become effective immediately upon passage.
PASSED AND ADOPTED this 3rd day of December, 2013
CITY OF BOYNTON BEACH, FLORIDA
yor — rry Ta r
l
V Mayor — Woodfw L. Hay
Commiss ner Davi r r
A/
Co missio er — 'cha M. itzpatrick
Con imissioner — Joe Casello
ATTEST:
P
qMC
Short Sale(rev) doc
9
Prepared by and return to:
City of Boynton Beach
Community Improvement Division
Post Office Box 310
Boynton Beach, Florida 33425 -0310
WAIVER OF RIGHT OF FIRST REFUSAL
The CITY OF BOYNTON BEACH, FLORIDA (the "CITY "), a Florida municipal corporation, being
the owner, holder and beneficiary of a right of first refusal on any sale or resale or transfer of
the real property located at 318 Glen Arbor Terrace, Boynton Beach, FL 33426, hereby acknowledges
that it has been offered the following described land pursuant to its right of first refusal, on the
following basic terms, and the CITY hereby waives its right to exercise such right of first refusal on the
following described transaction.
SELLER:
OFFEROR /BUYER:
DATE OF CONTRACT:
� -
PROPERTY DESCRIPTION: Lot 124 of GLEN ARBOR ADDITION NO. 1, according to the Plat thereof as
recorded in Plat Book 25, Page 182, of the Public Records of Palm Beach County, Florida.
PURCHASE PRICE: $62,000.00
WITNESS my hand and seal this li!day of WYYVTOXY , 2013.
Signed, sealed and delivered
in the presence of:
BY:
JERRY YLOR
MAY
l
. . . . .............. . _,", . ............................. . I
City Clerk's Office
loo E BOYNTON BEACH BLVD
BOYNTON BEACH FL 33435
(5 742-6060
FAX: (561) 742-6ogo
e-mail: prainitoj@bbfl.us
www.boynton-beach.org
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America's Gateway to the Gulfstream
R 13 -131
�--- , I Lo
FIFTH THIRD BANK
Pre Foreclosure Sale Acceptance Letter
11/6/2013
DIANE S DOLPHIN
3l8 GLEN ARBOR TER
BOYNTON BEACH, FL 33426
FIFTH THIRD BANK
MADISONVILLE OFFICE BUILDING
MD IMOBAL- ATTN:Kelli Chiacchio
5001 KINGSLEY DRIVE
CINCINNATI, OH 45227 -1114
Dear DIANE S DOLPHIN,
RE. * * ** *8384
Property Address:
318 GLEN ARBOR TERRACE
BOYNTON BEACH, FL 33426
Overnight Address:FIFTH THIRD BANK
MADISONVILLE OFFICE BUILDING
MD 1MOBAL- ATTN:Kelli Chiacchio
5001 KINGSL EY DRIVE
CINCINNATI, OH 45227-1114
Fifth Third Bank agrees to accept a pre - foreclosure sale on account number * * ** *8384 Fifth Third Bank agrees to
release the mortgage lien on this property in exchange for $48,287.59 All terns of this sale are based on the
estimated HUD -I statement previously provided by the closing agent; and must be honored. The sales price stated
in the copy of the contract provided by the real estate agent is $62,000.00
Net proceeds are to be considered the sales price less the following authorized credits.
Sale Price:
$62,000.00
Commission:
$3,720.00
Seller's Closing Costs:
$3,992.41
Seller's Consideration:
x0.00
Sellers Contribution:
50.00
Buyers Contribution:
50.00
2nd Mortgage Company
$6,00000
Tax Credit:
$0.00
Minimum Net Proceeds:
Sd8,287.59
Payment from any source to any lien holder in excess of the amount set forth above will void this agreement. After
the closing has been completed, Fifth Third Bank must receive the sales proceeds check made payable to "Fifth
Third Bank ", the borrowers contribution, promissory note and /or mortgage insurance note — if any, and a copy of
the executed HUD -] Settlement Statement, Errors and OmissionsfCompliance Agreement, Notice of No Oral
Agreements and Affidavit of "Arms Length Transaction". We midst receive the proceeds checks) and the
documents listed above within one day of the closing. Closing must occur on or before 1211212013. Payments must
be overnight shipped to the address listed below. Bank wires are not accepted for pre - foreclosure sale proceeds.
Copies of the signed documents listed above, a copy of the sales proceeds check, and the overnight label must
be faxed to (513) 358 -1731 immediately after closing occurs. We will not accept this sale without an executed
(signed) HUD -1 Settlement Statement.
Continued on next page.
Fifth Thtrd Bank k4craber FDIC I_gtw Hotmag I _cnJcc
Pre - Foreclosure Sate Acceptance - Acct *****93E4 Pagr 1 of 2
IL. Settlement Cheroee
1700. Total Red Estate Broker Feea
Pad From
Paid From
I tAvisbn of commission fine 700) as follows :
Borrower's
Seilark
1701.$ To
IFunds at
Funds at
1702 $ To
Isettiement
Settlement
1703. Commission paid at settlement
I
3,720.00
704.
17
705.
1
1800. Items Payable in Connection with Loan
801. Our orgnmtion charge
$
(from GFE #1)
802. Your credit or charge (polls) for the specific interest rate chosen
$
(from GFE #2)
1803. Your adusted origination charges
(from GFE #A)
804. Appraisal fee to
(from GFE#3)
805. Credit report to
(from GFE #3)
i 806. Tex service to
(from GFE 93) 1
1 807. Flood certification to
(from GFE #3) I
1809.
i
1810.
I
I I
1611•
I
i I
1900. Items Required by Lender to be Paid In Advance
1901, Daily interest charges from to S
/day
(from GFE #10)
1 902 Mortgage Insuranc premium for months to
(from GFE 03)
1
1903. Homeowner's Insurance for years 10
(from GFE #11)
I W4,
1905.
I
I
11 OOG. Rosetvi s D!posfted with Lender
11001. Idtlel deposit for your escrow account
(from GFE #9)
1 1002 Homeowner's insurance 0 months @ $
per month $
1
1 1003. Mortgage insurance 0 months @ $
per month $
f 004. Property Taxes 0 months QD $
per month $
11005. 0 months $
per month S
1 1006. 0 months tie $
per month $
1 1007. Aggregate Adjustment
- $
1 1
11100. TItie Charges
I
1 1101. Trite services and lender's We insurance
(tram GFE #4)
1 1102 Settlement or cbeing fee
$
750.00
11 D3. Owner 's title insurance
(from GFE #5)
1 1104. Lender's title insurance
$
1 442.15
1105. Lender's We policy #mit $
1106. Owner's We policy limit $
I 1
1107. Agent's portion of the toted bile insurance premium to
$
I
1
11 G8. Underwriter 's portion of the total title insurance premium to
$
I
1 1109.
I
11110.
I
1
11111 Merrill A. Sookstein, PA
1 750.001
1 1112 Abs"zvn a Search
1 350.001
11113,
I
I I
11200. Government Rsoordlnq and Transfer Charges
1 1201. Government recording charges
(from GFE #7)
11202. Deed $ Mortgage $ Release $
1 1203. Transfer taxes
(from GFE #8)
1204 City /County tax /stamps Deed $ Mortgage $
11205. State tax /stamps Deed $ Mortgage $
1
1 494.00
11206.
1
I
11207.
I
1
11206•
I
I
11800. Additional Settlement Charsles
I
1 1301. Required services that you can shop for
(IromGFE #>�
11$02.
$
11303.
$
11304.
11305.
11406. Total Settlsment Charges (enter on lines 109, Section J and 502, Section K) I I 6,446.15
Pace 2 of 2
FIFTH THIRD BANK
FIFTH THIRD BANK
5050 Kingsley Drive
Cincinnati, Ohio 45227
Date: November 6, 2013
To Shawna Gaghano
# OF PAGES 9
Phone # 9541 727 -2326
Fax # (954) 391 -5726
FIFTH THIRD BANK
KELLI CHIACCHIO
From Phone # 800 - 375 -1745 EXT:82287
Fax # (513) 358-1731
FIFTH THIRD Loan # 403028384
Subject 319 GLm ARBOR 1RRRACS
HOYWON SEACR, FL 33426
The "New Buyer's" warranty deed must contain the following provision:
Grantee heroin is prohibited from conveying captioned property
for any sales price for a period of 30 days from the date of this
deed. After this 30 day period, Grantee is further prohibited from
conveying the property for a sales price greater than $ (120% of
short sale price) until 90 days from the date of this deed. These
restrictions shall run with the land and am not personal to the
Grantee.
"• *" PLEASE EMAIL FINAL HUD FOR APPROVAL 24 HOURS PRIOR TO CLOSING`
PLEASE SEND VIA OVERNIGHT MAIL THE FOLLOWING TO MY ATTENTION:
Net proceeds check (Not Less Than) $48,287.59
1 Copy of Warranty Deed As Indicated Above
2 Original Signed Promissory Note (If applicable) $0.00
3 Copy of check to the Second Mortgage Holder $0.00
4 Copy of check from the seller $0.00
5 Signed (Stamped True dr Final) Fully Executed HUD -1 Settlement Statement
6 Original Sighed Acceptance letter
7 Original Signed Notice of No Oral Agreements
8 Original Signed Errors dr Omissions / Compliance Agreement
9 Original Signed Affidavit of "Arm's Length Transaction"
10 Forwarding Address Information Sheet
NO MONEY IS TO BE GIVEN TO THE SELLERS
AT CLOSING.
IMPORTANT: FAX OR EMAIL ALL OF THESE DOCUMENTS & COPIES OF ALL CHECKS
TO FAX #513.358 -17311 kelli.chiacchio@53.com THE DAY OF THE CLOSING SO THAT I CAN
STOP THE SCHEDULED FORECLOSURE SALE IF NECESSARY.
— ** — TITLE COMPANY CHECKS ARE ACCPETABLE"*"""'
Addw Wm to Contract
FLORIDA ASSOCIATION OF REALFORS
Addendum No. to the Contract dated 10/18x'2012 between
FjIan_ ej)d0 ( Seler)
and Brian Feldma (Buyer)
concerning the property described as:
31 Glen Arbor Ter, l3ayMn Baach FL 33426
(the °Contract7. Buyer and Seller make the following terms and conditions part of the Contract.
Buyer and Seiler agree to a contract price of $62,000.00
Date
Date:
Date; 1 +�Rr� . t—'
Date:
Buyer
Seller
Serer:
TWs thrm is s w i n m s t a r uss b y 0w attNrs root a itndraitrY asa b as intarr I is i l Cite door as a R sas It tas it a woad
cotiactire anrkamnuybeumdantebyvWelhemc awosae:raaabsslid"Netiarut f ohoLvowandv*a
�k4�s p? tlS. t,adeliorbid ttieuneut+o►�d relxatktolot►af � meenSirJ�rdrigltcshr�Eamrnpm�l�ed frnt�
ACSP -2a Rev, am 4t99 HorklaAwdatioaaFPAft m AN M$ft PAurad
rxw� �
Settlement Statement
I B. Type of Loan
FHA 2, RHS 3. Conv. Unins 16. Fife Number: 17. Loan Number: 18. Mortgage Insurance Case Number.
4. VA 5. Conv.Ins. I 1 1
C Nate: This form is tumrahed to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. items marked
"(P.o.c.)" were paid outside the dosing; they are shown here for informational purposes and are not included in the totals.
D Name & Address of Borrower: E. Name & Address of Seller F. Name & Address of Lender
Brian Feldman
Diane S. DOLPHIN
318 Glen Arbor Terrace
Boynton Beach, FL 33426
G. Property Location.
H. Settlement Agent: L Settlement Date:
Title Guaranty of South Ronda 1211=013
318 Glen Arbor Terrace
Place of Settlement:
Boynton Beach, FL 33426
4430 Weston Road, Davie, FL 33331
Id. Summary of Borrwve Transaction
I K. Summary of Seer' Transaction
1100. Gross Amount Due from Borrower
Am u Due to Setter
o0. Gross
101. Contract sales price
62,000.00
ue
62,000.00 �
1102. Personal property
1 1402. Personal property
1 103. Settlement charges to borrower (One 1400)
1 403
1104.
'
1404
1 105.
'
1 405,
1Adlustment for Items paid by seller In advance
1Adtuatmem for Items paid by seller In advance
106. City /town taxes to
406. Cit Ci Aown taxes to
107. County Taxes to
� 407. County Taxes to
108. Assessments 10
1408. Assessments to
1109.
1 409.
li
1110
1 1410
1111
) 1411.
1112.
1412.
1 120. Gross Amount Due from Borrower
62,000A0 14 20. Gross Amount Due to Seer
1 62,000.00
1200. Amount Paid by or in Behalf of Borrower
1500. Reductions in Amount Due to serer
1201. Deposit or earnest money
1501. Excess deposit (see instructions)
1 202. Principal amount of new loan (s)
1502. Settlement charges to seller (line 1400)
+ 6,446.15
1203. Existing loan(s) taken subject to
1503. Existing loan(s) taken subject to
1
1 204
1 504. Fifth Third Bank
48287.591
205.
1505. City of Boynton Beach
6,000.00
206.
1506.
1
207.
I
507.
1
208.
1
508.
1
1209.
IJ I
1
509.
1
IAdjustments for Items unpaid by solar
1Adll ants for items unpaid by seller
1210. City /town taxes to
( 510. City /town taxes to
)
County taxes to
1511. County taxes 01/01/13 to 12/1212013
1,26626
E 211.
212. Assessments to
1512. Assessments to
213.
i 1 1513
1
1214.
1 1
1514.
1215.
1
1515.
1
1216.
1516,
1 1
1 217,
1 517.
1 1
1218
1 1518.
I 1
1219.
1 1 1519. 1
1
1220. Total Paid by/for Borrower
1
1520. Total Reduction Amount Due Seller
1 62,000.001
1300. Cash at Settlement fromNo Borrower
1600. Cash at Settlement toffrorn Seller
1301. Gross amount due from borrower (line '20'
62,00.00 62,0.00 J601. Gross amount due to seller (line 420)
62,000.001
1302. Less amounts paid by/for borrower (line 220)
' 1602. Less reductions in amounts due seller (line 520)
1
62,000.001
308. Cash To 4 From Borrower
62,000.001 +603. Cash -e To From Sailor
0.00+
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