Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

October 3, 2006

More Foreclosure Info

by @ 12:43 pm. Filed under Statistics

Today’s Globe reports that the state Division of Banks closed two more mortgage brokers for a variety of violations. They were Confidence Mortgage Corp of Lawrence and Middlesex Mortgage which is based in Moultonboro, NH but which had an unlicensed office in Lowell. Neither of these companies appear in our grantor/grantee indexes, so it does not appear that they were the actual lender on any local loans. In connection with this story, we looked more closely at the 20 foreclosure deeds that were recorded in this registry during the month of September. Of these, 9 were of property in Lowell, 4 were in Dracut, 2 each were in Billerica and Wilmington and there was one each in Tewksbury, Tyngsboro and Westford. It appeared that only two of the foreclosureds, both in Dracut, were for condominium units. Several lenders do appear with some frequency in these documents. Wells Fargo and Deutsche Bank each had 4 foreclosures, accounting for 8 of the 20. Countrywide Home Loans had 3, Option One had 2 and several other companies had one each. Most of the mortgages being foreclosed originated in 2004 and 2005, but the earliest of the 20 came from 2000. We will continue to monitor this trend and will write more as additional data becomes available.

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