Summit County Colorado Foreclosure Report - March 2011

Summit County Foreclosure Update for January 2011 Statistics

In January 2011, there have been 30 foreclosure actions; 19 with fee simple (100%) ownership, and 7 for timeshares. The other 4 are unknown. Ten are in Breckenridge (but note, that all timeshares are in Breckenridge, so 7 of the ten are timeshares). Three are in Blue River, and two each in Dillon Valley, Silverthorne, Summit Cove and Wildernest.

In January the Summit County Treasurer's Office issued 9 Public Trustee's Deeds three for timeshares, four for fee simple ownership, and 2 unknown.

The breakdown of the type of foreclosure actions are as follows. There have been 21 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 0 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 has been 9 Public Trustee's Deeds in January. This is the stage of the process where the holder of the Certificate of Purchase obtains ownership of the entity. Most often this is the bank holding one of the liens.

In terms of property types, 10 single family homes, 9 multifamily units, 0 parcels of vacant land, 0 developments, 0 commercial properties, and 7 timeshares in Summit County had foreclosure actions filed against them in January 2011.

If you have any questions about short sales, bank-owned properties, or foreclosures in Summit County, Colorado, please email me at anakos@landmarkregroup.com, or call me at 970-389-8388.

Statistics compliments of Land Title Guaranty Company, Breckenridge, Colorado. Photo compliments of San Francisco Examiner (examiner.com).