After the owner of a Mesa Cortina home was recently convicted of theft and sentenced to prison time, the Summit Daily reported that house payments were no longer being made and the property will likely go into foreclosure. It’s still possible that the home could be sold and any equity could pay back the victim of the theft. The court or home owner would have to initiate that and I’m not sure either will be happening. The homeowner’s arrest happened in December, so there could already be five months of missed mortgage payments. I would expect we’ll know in the near future if the foreclosure process has begun. If the property goes into foreclosure, additional steps must be followed so it will take some time before the property is up for sale. If no one buys the home on the courthouse steps, the bank will take possession and it should be listed for sale shortly afterwards.
There are a lot of unknowns and assumptions being made here so we’ll have to keep watching this possible foreclosure in Mesa Cortina to see how it plays out.
Speaking of foreclosures, the Red Mountain Grill is also facing foreclosure on their building. That’s another one we’ll be keeping an eye on.
I don’t want you to start thinking there are a lot of foreclosures happening in Summit County. Only 15 properties have begun the foreclosure process so far this year. In 2014, 82 Summit County properties started foreclosure proceedings and 136 in 2013. Of course the number of properties that are actually foreclosed on each year is substantially smaller.