Durango - on Foreclosures and such ...

If you read the Durango Herald this morning you will know that one of the first page headlines reads:

Foreclosures in county hit record high

The headline sounds horrific, you read on and realize that it could be a whole lot worse. We had 1 in about 762 homes foreclose in La Plata Country, which is about 10 times less than average for Colorado. Here's the link to the Durango Herald website: Click here for the article.

And here's my 5 cents worth on this topic:

Of the 148 foreclosure filings last year only 26 actually went to sale, and I don't know how many of the 26 went to a private buyer or one of the lenders. For buyers that means there aren't a whole lot of properties actually for sale on the auction block. The majority of them get taken over before they go to auction. They do hit the market, usually the lender will list them with a local realtor, bookmark this page, I will give you a summary of bank owned homes and homes priced like foreclosed and bank owned homes on a regular basis.

Now, if you are a struggling homeowner worried about going into foreclosure, if you are behind on your payments or in hardship in any other way, there are lots of options for you now. First, a quick disclosure, I'm a licensed real estate agent, not an attorney or accountant, but I can give you some numbers and website to call and look at for information before you sign anything or do anything:

Colorado Foreclosure Hotline (free legal advice)
http://www.coloradoforeclosurehotline.org/
1-877-601-HOPE

Strategy to stall foreclosures (I don't have any experience with this so don't know if it's for real)
Ask the Bank to "Produce the original of the note"
Video of TV Clip on this Strategy

Good luck to you struggling home owners. Call me to discuss options for selling your home, if you like.

For you home buyers, subscribe to this blog for notifications of foreclosures, bank owned properties, short sales opportunities, or just homes priced like foreclosures.

Have a good weekend. Got to our website to search the local MLS: www.blueribbondurango.com


Claudia Williams