City Commission Regular Meeting
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Agenda Item # 9.e.
Lien Reduction - Case 11-0476 - 712 Emil Drive
Request to reduce code enforcement fines in the amount of $334,300.00 against 712 Emil Drive which was previously owned by Federal Home Loan Mortgage Corp., PO Box 50122, McLean, VA and currently owned by Branch Banking & Trust Co., PO 167, Winston Salem, NC 27102-0167 to $3,750.00 payable in 30 days.
BB & T foreclosed upon the house in 2009 and it was sold at auction to Federal Home Loan Mortgage Corp.
In December 2010 Federal Home Loan Mortgage Corp. was found in violation of 8.5-47(1)(2) for allowing the building to be occupied without utilities and Section 5-369 for not securing a vacant building. Section 8.5-47(1)(2) was complied but Section 5-369 remained in violation.
FHLMC could not transfer the property to a 3rd party due to the violations and lien and chose to return the property to the original foreclosing bank, BB & T.
BB & T took title to the property in March 2015 and brought the property into compliance in April 2015.
Based upon the fact that BB&T corrected the violation within a month of taking possession of the property, the Special Magistrate recommends reducing the fines to $3,750.00 to cover the administration cost of the City, payable in 30 days.
Deny the request.
Make alternative recommendations.
Colleen Greer, Executive Secretary.
Peggy Arraiz, Code Compliance Manager.
$3,750.00 to the general fund.
08/31/2015 02:28 PM
Form Started By:
08/20/2015 03:37 PM
Final Approval Date:
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