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Foreclosures in Colorado Springs continue on the upswing
Foreclosures on the rise in El Paso County
Related Articles:
I was doing some research for a couple of clients on foreclosures this morning, and pulled up the current foreclosure reports for Colorado Springs as of November 30th, 2009 We’re definitely still on the upswing for foreclosure filings with a 16% increase in 2009 from 2008. Last year the average monthly rate for new foreclosures was 384, this year the monthly rate is 446. Here’s the link to the Report and here’s a quick summary of the last several years:
2004 2,298 Filings
2006 2,570 Filings Read the rest of this entry »
New Foreclosure reporting bill signed by the Governor
Public Trustees are unique to Colorado
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
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The foreclosure process in Colorado is quite a bit different than in other states because the Governor appoints a 
“Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. The Public Trustee acts as a representative of the lender to facilitate the sale, which typically occurs in the form of a public auction.
Because of these differences, national foreclosure reporting companies may report a Colorado foreclosed property as many as two to three times between the Notices of Election and Demand, and at the point of a public trustee sale, thereby inflating Colorado foreclosure figures.
Over the years, concerns have been raised that foreclosure numbers for Colorado are inflated versus other states that have already implemented standardized reporting procedures. This can put Colorado at a disadvantage when national numbers are analyzed and compared.
There is a new Bill, HB 1197
The final step in the Colorado Foreclosure process – Part IV of Short Sale Series
Related Previous Posts:
- Colorado Springs Homes, 4 things to know about a short sale - Part I of Short Sales Series
- Avoid Foreclosure, Know Your Options - Part II of Short Sales Series
- Colorado Springs Home Foreclosures – 11 benefits of a short sale - Part III of Short Sales Series
For a FREE List of Foreclosures email Kathy Torline at KTorline@msn.com
The foreclosure process in Colorado is quite a bit different than in other states because the governor 
appoints a “Public Trustee” for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure.
CAN I BUY A PROPERTY AT THE PUBLIC TRUSTEE SALE?
Mortgage lenders in Colorado schedule Trustee Sales when the borrowers are in default and the situations are not resolved. One of the last steps in the foreclosure process is the public trustee sale. But if you are interesting in buying properties at the sale, it’s important to know that many sales get cancelled. Also, Read the rest of this entry »
