In July 2011, there have been 63 foreclosure actions; 25 with fee simple (100%) ownership, and 30 for timeshares; the other eight are unknown. In July the Summit County Treasurer’s Office issued 28 Public Trustee’s Deeds - 10 for fee simple ownership, and 14 for timeshares; the other four are unknown.
The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 193 Notice of Election and Demands which is the first step in the foreclosure process. This starts the foreclosure timeline and is not yet a sale of the property. There has been 11 Certificate of Purchase actions which is where the Public Trustee offers the property at public auction. Any purchaser must pay more than the debt itself owed to the lien holder filing the foreclosure action plus any fees. The purchaser has the duty to research whether there are any other outstanding liens on the property. There have been 122 Public Trustee's Deeds in 2011. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity.
In terms of property types, 95 single family homes, 75 multifamily units, 12 parcels of vacant land, 5 developments, 4 commercial properties, 25 unknown actions, and 110 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and forty-six are in Breckenridge (but note, that all timeshares are in Breckenridge). Twenty-nine are in Blue River, 25 in Silverthorne, 17 in Wildernest, and 15 in Keystone.
In looking back at foreclosure statistics in Summit County, 2009 had 300 NED’s, and 86 Public Trustee Deeds issued. The year 2010 had 367 NED’s and 148 Public Trustee Deeds issued.
If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@yourcastle.org, or call me at 970-389-8388.
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