Foreclosure Statistics 

As foreclosure numbers continue to rise in Eagle County, it's important to understand what these numbers represent. States record their foreclosure in different ways.

Some states, Colorado included, will count a property as a foreclosure when a lender issues a Notice of Election and Demand (NED). This is the notice that starts the foreclosure process. Simply put, it states that the borrower needs to bring their loan payments current or the lender will follow foreclosure procedures and reposses the property. This process takes a minimum of 90 days. In that time a lot can happen. One possibility is that the borrower brings the loan current and the NED is withdrawn.

If the borrow becomes delinquent again, the lender can issue a new NED and begin the foreclosure process for a second time. If this happens in Colorado, it is counted as another foreclosure.

Other states only record a property as a foreclosure after the foreclosure process has been completed and the borrower no longer owns the property. You can see how Colorado's foreclosure numbers could appear higher than the foreclosure numbers in these states even if Colorado didn't have as many properties complete the foreclosure process.

It is always good to have all the facts when evaluating foreclosure properties. For more information about Eagle County foreclosures, contact me.