Summit County Colorado Foreclosure Update for February 2011

In February 2011, there have been 24 foreclosure actions; 18 with fee simple (100%) ownership, and 4 for timeshares. The other 2 are unknown. Seventeen are in Breckenridge (but note, that all timeshares are in Breckenridge, so 4 of the 17 are timeshares). Eleven are in Blue River, 7 in Silverthorne, and 5 each in Summit Cove and Dillon.

In February the Summit County Treasurer's Office issued 14 Public Trustee's Deeds one for timeshares, 11 for fee simple ownership, and 2 unknown.

The breakdown of the type of foreclosure actions for 2011 is as follows. There have been 45 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 1 Certificate of Purchase action 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 23 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. Most often this is the bank holding one of the liens.

In terms of property types, 29 single family homes, 18 multifamily units, 1 parcel of vacant land, 1 development, 0 commercial properties, and 12 timeshares in Summit County had foreclosure actions filed against them so far in 2011.

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. In the first two months of February, we are at 45 NED's, - if this number is multiplied by 6 to extrapolate out the remainder of the year, a projected 270 actions will be filed.

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.

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