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Two properties sell at foreclosure auction

Thu, Jan 5, 2012

News

Third-party investors bought two of the 35 properties that sold at the El Paso County Public Trustee’s foreclosure auction on Wednesday.

The first was a 1,600-square foot two-story home built in 2006. Investor Peter J Michaud paid $152,050 for the property, just $50 over lender US National Bank’s initial bid. The previous owner, Mike Petteway, borrowed $199,780 on the home when he bought in October of 2006. The assessor lists the market value of the house at $229,052.

SFR Homes LLC. Bought the second property, a 1,484-square foot modular home built in 2000 at 119 Mojave Way in Fountain. The investor paid $29,300, well over lender U.S. Bank National Association’s initial bid of $24,750. The previous owner, Jill Jeffries borrowed $105,500 on the home when she bought it in September of 2005. The El Paso County Assessor lists the market value of the property at $101,332.

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