Lowell Deeds

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

May 15, 2008

Condominiums and Foreclosures

by @ 3:28 pm. Filed under Real Estate

A story in today’s New York Times about the plight of surviving unit owners in condominium complexes that are hit by foreclosures caught my eye. Even though these folks are up to date on their own mortgages, their condo fees and special assessments are out of control because owners who fall behind in their mortgage payments also start missing their monthly condo assessments. This puts a greater burden on the remaining owners who must either contribute more than their share to make up the difference or allow the complex to fall into disrepair due to a lack of funds for maintenance and upkeep (or both, more likely). This story prompted me to scrutinize the foreclosure rate for condominiums in Lowell. While the overall rate of foreclosures in Lowell has doubled from the first four months of 2007 to the same period in 2008 (rising from 63 to 129), the rate of foreclosures of condominiums during that same period has tripled, going from 7 in 2007 to 21 in 2008.

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