Lowell Deeds

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

January 10, 2008

Manipulating Foreclosure Stats

by @ 6:28 am. Filed under Statistics

Don’t be surprised if there’s a big increase in the number of foreclosure deeds recorded this month; but don’t be unduly alarmed by it either. It appears that the big national lenders who were prime movers in creating this mess in the first place may be delaying the recording of foreclosure deeds, presumably to improve the appearance of their end of 2007 financial reports (i.e., a mortgage, even a non-performing one, probably looks better than a foreclosed property). It’s not unusual for there to be a delay between the date of the foreclosure auction and the execution of the foreclosure deed. The high bidder at the foreclosure is normally given 30 days to line up financing and to consumate the deal, and that 30 days can be easily extended. But once the foreclosure deed is signed and delivered, it’s normally recorded right away, certainly within a couple of days. That’s not the case with the seven foreclosure deeds that have been recorded since the first of the year. They were executed on May 10, Sep 21, Oct 24, Nov 15, Nov 29, Dec 17 and the seventh is not dated. The actual auctions for these deeds took place on Feb 26, Jul 12, Aug 22, Sep 12, Sep 25, Oct 12 and Nov 14 (all dates in 2007).

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