The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell
With the number of foreclosure deeds recorded still rising – there have been 88 recorded for Lowell thus far this year compared to only 19 for the same period last year – we’ve been scrutinizing this year’s foreclosures, looking for patterns that might help to predict what’s in store for 2007. Because of some minor problems with the way we extracted the data from our regular recording system, we eliminated nine of the 2006 Lowell foreclosure deeds, leaving us with a set of 79 to examine. Remember, we’re working with foreclosure deeds which are typically recorded at least 30 days after the auction occurs – this means that the time periods cited below tend to add an extra month to the foreclosure process. Of the 79 Lowell mortgage foreclosures we examined, the average time between the recording of the mortgage (when the borrower got the money) and the foreclosure deed (when the borrower lost the house) was 25 months. The median time was 20 months. Eight properties went to foreclosure less than one year after the mortgage was obtained; 42 properties went to foreclosure between one and two years after the mortgage; 12 went to foreclosure between two and three years; 11 went to foreclosure between three and four years; and 6 were foreclosed four or more years after the mortgage was obtained. Because the mortgage being foreclosed was not always the purchase mortgage but a refinance, the time between the deed establishing ownership (when the borrower first became owner) and the foreclosure (when the borrower lost the house) showed greater time intervals. For example, the average time between obtaining title and foreclosure was 39 months while the median time was 28 months. Of the same 79 properties, 5 were foreclosed less than a year after the borrower became owner of the property; 27 were foreclosed after owning the property between one and two years; 11 were foreclosed after owning the property between two and three years; 16 were foreclosed after owning the property between three and four years; and 20 were foreclosed after owning the property for more than four years.
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