Summit County Foreclosure Update for September 2011

In September 2011, there have been 36 foreclosure actions; 26 with fee simple (100%) ownership, and 9 for timeshares; the other 1 is unknown. In September the Summit County Treasurer’s Office issued 16 Public Trustee’s Deeds - 9 for fee simple ownership, and 6 for timeshares; the other one is unknown.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 249 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 have been 12 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 160 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, 125 single family homes, 94 multifamily units, 14 parcels of vacant land, 6 developments, 5 commercial properties, 41 unknown actions, and 136 timeshares in Summit County had foreclosure actions filed against them so far in 2011. One hundred and seventy-eight are in Breckenridge (but note, that all timeshares are in Breckenridge). Thirty-five are in Blue River, 35 in Silverthorne, 23 in Wildernest, and 20 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.