Lowell Deeds

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

December 7, 2007

Mortgage Bailout Plan

by @ 7:00 am. Filed under Statistics, Real Estate

There’s been much discussion in the mainstream media about the President’s recently announced plan to help borrowers with sub-prime loans who are facing foreclosure. One thing seems clear: every constituency involved is critical of the plan which calls for a voluntary five year freeze on upward adjustments of interest rates on borrowers who are in distress. The plan does not apply to those who have maintained good credit and are current on their loans, nor does it apply to those who are so far in arrears that they will not be able to keep the property even if the current rate is locked in. Some commentators assert that the White House plan just duplicates what lenders will do anyway which is to modify some loans to stave off foreclosure since the lender stands to lose much more money auctioning off the property than negotiating some workout with the borrower or a third-party buyer.

As for this registry district, the pace of foreclosures continue to rise. Here are the number of foreclosure deeds recorded here during each of the past three years (with 2007 only up to today) plus the same stats from ten years ago. Here they are: 2007 = 416, 2006 = 166, 2005 = 47, 1997 = 322, 1996 = 399, 1995 = 401. Unfortunately, we have to go back to 1994 (624 foreclosure deeds) to surpass the volume recorded thus far this year.

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