Travis County Commissioners Court
Tuesday, November 16, 2010,
Travis County Housing Finance Corporation
>> good afternoon.
let's call to order the Travis County housing finance corporation.
one item.
that is to consider and take appropriate action on request to release the lien on a home located at 12856 st.
mary drive in manor, Texas.
mr. Davis.
>> harvey Davis, manager of the corporation.
in June 2006, the corporation loaned $1,600 to the homebuyer to help her buy her first home.
the state also loaned her $6,700.
she wishes to execute a short sale.
and wants and is requesting release of the lien on the house so that she can complete the short sale.
the loan document says if there are no net proceeds, repayment of the note is not required.
and I have talked with the state about what course of action they plan to take on this transaction.
and they have agreed with the owner that they will release the lien subject to several conditions, mainly that no money is paid to a more junior lienholder and that if there are any net proceeds, then they would go toward paying off their lien.
so I recommend to the board that the corporation agree to release the lien under the same terms as the state, except that we would agree that any proceeds that were remaining could go to pay off the state's lien before the corporation's.
the corporation is third lienholder, the state is second lienholder.
>> have we had a situation like this before?
>> we have had one other in which the party did pay off the lien in a short sale.
and I have been contacted by another party requesting our release of a lien on a short sale, so that will be coming sometime in the next several weeks.
>> move approval.
>> second.
>> so I guess in this situation, the outstanding indebtedness greatly exceeds the appraised value of the property.
>> right.
the home was purchased for $134,000.
its appraised value is $98,000.
I do have a letter from the homebuyer in which she was in the military and she got out of the military and then couldn't find a job.
and she, you know, cannot maintain payments on the home.
and so she's in the letter requesting that, you know, she be allowed to do a short sale, rather than have the home go into foreclosure.
>> just out of curiosity, is the home devalued in this economy?
or did that always be the appraised value or assessed value?
>> no.
it won't down in -- it went down in value.
yes.
>> any discussion?
all those in favor?
that passes by unanimous vote.
that carries unanimously, also.
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Last Modified:
Tuesday, November 16, 2010 3:20 PM
