11-06046

NOTICE OF DEFAULT AND FORECLOSURE SALE
WHEREAS, on October 16, 2002, a certain Mortgage was executed by Nerine C. Timan, Trustee of the Timan Revocable Trust dated March 13, 1996 as Mortgagor in favor of Wells Fargo Home Mortgage, Inc., as Mortgagee, and was recorded on October 25, 2002, in Official Records Book 12304, Page 1627, in the Office of the Clerk of the Circuit Court for Pinellas County, Florida (the “Mortgage”); and
WHEREAS, the Mortgage was further Assigned to the United States Secretary of Housing and Urban Development (the “Secretary”), by Assignment recorded January 26, 2009 in Official Records Book 16478, Page 1694, in the Office of the Clerk of the Circuit Court for Pinellas County, Florida; and
WHEREAS, the Mortgage is now owned by the Secretary; and
WHEREAS, as a result of the death of the Trustee of the Mortgagor, Nerine C. Timan on February 27, 2010, her interest in the property hereinafter described passed to the named Successor Trustee Harry M. Howe; and
WHEREAS, a default has been made in the covenants and conditions of Section 9 of the Mortgage in that Nerine C. Timan has died and the Mortgage remains wholly unpaid as of the date of this Notice and no payment has been made to restore the loan to current status; and
WHEREAS, the entire amount delinquent as of August 31, 2010 is $141,335.22 plus accrued unpaid interest, if any, late charges, if any, fees and costs; and
WHEREAS, by virtue of this default, the Secretary has declared the entire amount of the indebtedness secured by the Mortgage to be immediately due and payable; and
WHEREAS, the unknown tenant may claim some interest in the property hereinafter described, by virtue of being an occupant of the subject property, but such interest is subordinate to the lien of the Mortgage of the Secretary; and
WHEREAS, Lake Pines Estates Property Owners Association, Inc., may claim some interest in the property hereinafter described, by virtue of the Declaration of Covenants recorded in Deed Book 1473, Page 616 in the Office of the Clerk of the Circuit Court for Pinellas County, Florida but such interest is subordinate to the lien of the Mortgage of the Secretary; and
WHEREAS, Harry M. Howe may claim some interest in and to the subject property, but such interest is subordinate to the lien of the Mortgage of the Secretary.
NOW, THEREFORE, pursuant to powers vested in me by the Single Family Mortgage Foreclosure Act of 1994, 12 U.S.C. 3751 et seq., by 24 CFR part 27, subpart B, and by the Secretary's designation of me as Foreclosure Commissioner, recorded on January 27, 2000 in Official Records Book 10796, Page 1169, in the Office of the Clerk of the Circuit Court for Pinellas County, Florida notice is hereby given that on October 19, 2011 at 10:00 a.m. local time, all real and personal property at or used in connection with the following described premises (the “Property”) will be sold at public auction to the highest bidder:
Lot 5, LAKE PINES ESTATES, UNIT 2, according to the Plat thereof, recorded in Plat Book 33, Page 83, of the Public Records of Pinellas County, Florida
PCN: R392980
Commonly known as: 2271 Palmetto Drive, Clearwater, Florida 33763
The sale will be held at 2271 Palmetto Drive, Clearwater, Florida 33763. The Secretary of Housing and Urban Development will bid $141,335.22 plus interest from August 31, 2010 at a rate of $8.40 per diem, plus all costs of this foreclosure and the cost of the owner's title insurance policy.
There will be no proration of taxes, rents or other income or liabilities, except that the purchaser will pay, at or before closing, his pro-rata share of any real estate taxes that have been paid by the Secretary to the date of the foreclosure sale.
When making their bids, all bidders except the Secretary must submit a deposit totaling ten (10%) percent of the bid amount in the form of a certified check or cashier's check made out to the Secretary of HUD. Each oral bid need not be accompanied by a deposit. If the successful bid is oral, a deposit of ten (10%) percent of the bid amount must be presented before the bidding is closed. The deposit is non-refundable. The remainder of the purchase price must be delivered within thirty (30) days of the sale or at such other time as the Secretary may determine for good cause shown, time being of the essence. This amount, like the bid deposits, must be delivered in the form of a certified or cashier's check. If the Secretary is the high bidder, he need not pay the bid amount in cash. The successful bidder will pay all conveyancing fees, all real estate and other taxes that are due on or after the delivery of the remainder of the payment and all other costs associated with the transfer of title. At the conclusion of the sale, the deposits of the unsuccessful bidders will be returned to them.
The Secretary may grant an extension of time within which to deliver the remainder of the payment. All extensions will be for fifteen (15) day increments for a fee equal to ten (10%) percent of the amount then due, paid in advance. The extension fee shall be in the form of a certified or cashier's check made payable to the Secretary of HUD. If the high bidder closes the sale prior to the expiration of any extension period, the unused portion of the extension fee shall be applied toward the amount due.
If the high bidder is unable to close the sale within, the required period, or within any extensions of time granted by the Secretary, the high bidder may be required to forfeit the cash deposit or, at the election of the foreclosure commissioner after consultation with the HUD Field Office representative, will be liable to HUD for any costs incurred as a result of such failure. The Commissioner may, at the direction of the HUD Field office Representative, offer the Property to the second highest bidder for an amount equal to the highest price offered by that bidder.
There is no right of redemption, or right of possession based upon a right of redemption, in the mortgagor or others subsequent to a foreclosure completed pursuant to the Act. Therefore, the Foreclosure Commissioner will issue a Deed to the purchaser(s) upon receipt of the entire purchase price in accordance with the terms of the sale as provided herein. HUD does not guarantee that the property will be vacant.
The amount that must be paid if the Mortgage is to be reinstated prior to the scheduled sale is the principal balance set forth above, together with accrued, unpaid interest, plus all other amounts that would be due under the mortgage agreement if payments under the mortgage had not been accelerated, advertising costs and postage expenses incurred in giving notice, mileage by the most reasonable road distance for posting notices and for the Foreclosure Commissioner's attendance at the sale, reasonable and customary costs incurred for title and lien record searches, the necessary outofpocket costs incurred by the Foreclosure Commissioner for recording documents, a commission for the Foreclosure Commissioner, and all other costs incurred in connection with the foreclosure prior to reinstatement.
Date: September 8, 2011
MICHAEL J POSNER, Esq.
HUD Foreclosure Commissioner
4420 Beacon Circle, Suite 100
West Palm Beach, Florida 33407
Telephone: 561/594-1452
Facsimile: 561/842-3626
September 16, 23, 30, 2011 11-06046