Colorado Springs Vintage Homes Blog
719.287.1049
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 »
Rules are Rules for Title Seasoning
Buying a flipped property in Colorado Springs?
Related article: 3 Things to know about foreclosure homes for sale and Deal or no Deal
FREE list of up to date foreclosures
Twice this week I’ve ran into issues with buyers who wanted to buy distressed homes in Colorado Springs with FHA loans and the 
properties didn’t have Seasoned Titles. Hence, I thought it was great subject for a blog post, as I didn’t truly understand it until this week; and my guess is that many Realtors and most consumers also don’t understand it.
If a buyer is looking at a property and is planning on getting an FHA loan, there is a title seasoning requirement of 90 days. In other words, the property must have the title recorded in the seller’s name for 90 days before the closing and funding of the FHA loan. This definitely stops any double-closings or a short term (less then 90 days) flip.
The History of Title Seasoning
I’m sure we’ve all heard stories about the crooked investor who stole a home from a sweet Aunt Sally for $80K, spent a few grand on carpet and paint, then sold it 30 days later to a homebuyer for about $150K. Because of stories like this, FHA put this rule into effect to discourage investors from flipping properties several years back. The theory was that it is supposed to tighten up lending requirements to reduce abuse and mortgage fraud.
But both of the properties 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
Related Articles:
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
