Blog Entries Tagged: foreclosures

Tagged : foreclosures

Found 14 blog entries tagged as "foreclosures".

Denver Luxury Foreclosures
Finding and Getting your Diamond in the rough

Denver Luxury Homes and Real Estate market is doing very well. Luxury Homes in Denver are selling, some very quickly and many for 97%-100% of the listing price. Only a very small number of Denver Luxury Homes end up in foreclosure. Currently there are only 11 Denver Luxury Foreclosures, now called lender owned homes, on the market. (homes one million dollars and over)

denver luxury foreclosures

When you do find a bank owned luxury home in Denver, you have (in most cases) come across a great deal. Often the homes are assessed several hundred thousand dollars more by the county than the listing price of the house is. With good credit or cash and with a clean contract (meaning - no contingencies) you…
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HUD Owned Homes in Denver, Colorado

What are HUD Homes?

HUD Homes are properties that are owned by the United States Department of Housing and Urban Development (HUD). They are FHA loans that Foreclosed.


Who can Purchase a HUD Home?

Any individual or company who can qualify for a mortgage or pay cash can purchase a HUD home. Buyers have to also have a pre-qualification letter from a lender, on lenders letterhead, or proof of adequate cash funds in the amount of or more than the price of the home they are considering purchasing.

To buy a HUD home, buyers must use a HUD register broker or real estate agent, who can place a bid on a HUD home.WE ARE HUD registered Brokers here at Kenna Real Estate


How are HUD Homes/ HUD Foreclosures Sold?
All

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Denver Foreclosure Filings - Sept. 17, 2010

Below is a list of Foreclosure Filings for cities in the Denver area. These numbers represent homeowners that have had a notice of election and demand filed on their home. Having a notice of election and demand filed does not necessarily mean that the home is going to be foreclosed on. Please click here to read more about the foreclosure process in Colorado.

Denver Foreclosure Filings
City # Homes - 9/17/10 # Homes - 9/10/10
Arvada 21 9
Aurora 87 82
Boulder 7 2
Brighton 6 2
Broomfield 7 4
Castle Rock 13 17
Centennial 21 21
Denver 47 79
Englewood 15 3
Golden 6 6
Greenwood Village 1 2
Lakewood 24 12
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Denver Foreclosure Filings - Sept. 17, 2010

Last week's foreclosure filings were up in most cities around Denver area. Denver Foreclosures filings jumped up to 201 for the week from 47 the previous week.
These filings represent homeowners that have had a notice of election and demand filed on their home. Having a notice of election and demand filed does not necessarily mean that the home is going to be foreclosed on. Please click here to read more about the foreclosure process in Colorado.

Denver Foreclosure Filings
City # Homes - 9/25/10 # Homes 9/17/10 # Homes - 9/10/10
Arvada 15 21 9
Aurora 101 87 82
Boulder 2 7 2
Brighton   6 2
Broomfield 4 7 4
Castle Rock 36 13 17
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The number of HUD homes available in Denver and the surrounding areas has been declining in the last few weeks. Currently there are only 65 HUD homes available.
Why is that? There are properties owned by Department of Housing and Urban Development that are not listed for sale - yet.

The way Denver HUD homes will be listed, from the management company of HUD homes for Colorado and down to the HUD listings agent for the area are changing hands. HUD homes in Colorado have been managed by MCBREO - Michaelson, Connor and Boul, the new management company taking over is Matt Martin Real Estate Management, a DC company that will oversee the management of HUD homes for several states.
New HUD listing agents are being appointed and trained according to HUD

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Denver Real Estate News - Foreclosures

Bank of America announced earlier this week that it plans to resume seizing more than 100,000 homes in 23 states next week. This announcement comes less than a month after the bank halted its foreclosure sales amid accusations that foreclosures had not been processed properly.

On Oct. 8th, the bank, along with other major lenders, halted foreclosure sales in all 50 states following accusations that it may have used forged documents, false notarizations, and œrobo-signers, who automatically signed off on evictions without first reading the files as required. The bank claims that its review process has shown that no borrowers were wrongfully foreclosed upon, despite the paperwork errors.

The bank plans to file

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Foreclosure filings and sales in Colorado™s largest counties continued to decline in November, according to a report from the Colorado Division of Housing. This trend is largely attributed to internal investigations into lenders™ foreclosure procedures, which have been under increased scrutiny in the past several months.

New foreclosure filings in Colorado™s 12 most populous counties fell from 3,059 in October to 2,932 in Novembera 4.2 percent change. Foreclosure sales also dropped, from 1,308 in October to 1,195 in Novemberan 8.6 percent change. "When we heard about the whole robo-signing thing, we figured ahead of time that we would see this big drop in sales," said Ryan McMaken, a spokesman for the Housing Division. Many lenders halted foreclosure

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Increased foreclosure activity can be a bad sign for the economy, but it also presents some great opportunities for  Denver homebuyers to purchase quality homes at relatively low prices through foreclosure sales. There are several ways to find and purchase foreclosed properties in the Denver area:

Pre-Foreclosure Sales  ie: Denver Short Sales
Some homeowners, in danger of foreclosure, will put their houses on the market advertised as "short-sale" or "requiring third-party approval." This means that they are hoping the lender will except less money than is owed. Pre-foreclosure sales are one way to secure a good deal on a Denver-area home, before it is even foreclosed upon.

Public Trustees Auction
In Colorado, foreclosed homes are auctioned off by the

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There are lots of ways you can get a great deal on a Denver hud-owned home. For instance, HUD has several sales programs aimed at building communities and making housing affordable, one of them being the Good Neighbor Next Door (GNND) program.

GNND offers a huge incentive for law enforcement officers, firefighters, emergency medical technicians and teachers (pre-K through 12) to buy a Denver HUD home. Qualified buyers can receive a fifty percent discount off the list price of specified HUD properties, including single-family homes, townhouses and condos.

With GNND, HUD aims to revitalize communities by encouraging homeownership and drawing in dedicated public servants. The program is available in designated "Revitalization Areas," chosen by HUD based

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Denver Foreclosures

The foreclosure process in Denver is complicated and unique. Here is a breakdown of the process, from filing to closure:

Power of Sale
In Colorado, lenders may foreclose on a property either by a judicial or non-judicial process, depending on whether the mortgage includes a “power of sale” clause. By agreeing to a “power of sale” clause, the borrower has pre-authorized the sale of property to pay off the balance on the defaulted loan.

Judicial Foreclosure
When there is no power of sale indicated in the mortgage, the lender files a lawsuit to obtain a court order to foreclose on the defaulted borrower’s property–the first step in the judicial foreclosure process. Generally, after the court declares a foreclosure, the borrower’s

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