Mike McGonagle never thought one of his responsibilities as a bank president would be to pay the utility bills on homes that Century Bank now owns.

That is one of the tasks on his plate as the Santa Fe bank maintains and markets 12 properties worth some $10 million. All have been through court foreclosure, which costs the bank from $6,000 to $20,000 each depending on the number and type of liens.

The homes came from builders who ran out of cash as the housing slide accelerated and the stock market crashed in 2008.

Century has never had as many foreclosures. Builders were always able to draw money, build and sell, then borrow more money.

"We always thought Santa Fe was somewhat sheltered," said Bryan Chippeaux, Century Bank chairman. "We had a great history with these builders, but when there were no buyers for two years, you just run out of cash."

Among the homes now owned by Century were those by William Kalinowski, owner of Barranca Builders, who overextended himself on many Las Campanas homes and declared bankruptcy. Kalinowski was the subject of a New Mexican story in March.

He has since declared bankruptcy, and Century assumed the properties. All but two of those have been finished and listed for sale. The bank is paying contractors monthly to finish the others — and Century supervises that work.

When Century does sell a home it will lose money, but the bank will be able to take the asset off its books and no longer be responsible for maintenance, upkeep, utility bills, association fees and property taxes.

When offers come, each is considered "on a case-by-case basis," said McGonagle. The listed price is a start for negotiating, and the bank keenly understands the Santa Fe market because it is based here.

Santa Fe is seeing more bottom feeders, added Chippeaux, in that well-to-do buyers come in with cash and make offers — some of which the bank has turned down. These overtures can be a dilemma, and the bank must be careful about creating comparable sales that would make it harder to sell other homes.

"Selling at a distressed price can create more problems. Should we hold them, rent them and maybe do something different rather than just throwing them out there? We have that discussion," said Chippeaux.

More of an obstacle can be that some buyers come with an idea of what they want in a new home — such as builder warranties, appliance guarantees, upgrades or finishings — and the bank can't offer those. One million-dollar sale was thwarted because of that, McGonagle said.

If there is good news going into the winter, it's that there is no new home construction without firm commitments from buyers — and the buyers are better qualified than ever to pay back the loans.

That means McGonagle's days as a landlord are waning. "We hope this is the end," he said.

For more information about the homes for sale go to centurynetbank.com and click on bank-owned properties for sale.