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Investors buy two foreclosed properties at auction

Fri, Feb 3, 2012

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Investors bought two of the 34 properties that sold at the El Paso County Public Trustee’s foreclosure auction on Wednesday. The rest sold back to the lenders.

E.N. Properties bought a 2,628-square foot two-story home built in 1991 at 17570 E. Caribou Dr. in Monument (80132) for $259,000. That was more than $100,000 over lender Bank of America’s initial bid of $158,529.37. Michael and Leann Copeland borrowed $255,200 on the home in July of 2003. The El Paso County Assessor values the property at $339,895.

Equity Trust Company custodian FBO Thomas H. Beeson IRA purchased a 2,104-square foot module home built in 2000 at 14965 Pamela Way in Peyton (80831) for $80,050. That was just $50 over lender PNC Bank’s initial bid. Russel Toledo owned the property, which he bought in 2003, according to El Paso County Assessor’s records. Kemper Mortgage was listed as the borrower on the Trustee’s records with a $140,926.84 loan in December of 2002. The assessor estimates the property’s market value at $158,675.

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