Orders of Notice from May

As I reported at the end of last week, the number of orders of notice recorded in May 2012 (57) were down 20% from the number recorded in May 2011 (71).  Twenty-four of those new orders of notice were for properties in Lowell.  Today I scrutinized those 24 cases more closely and found the following:

Most of the mortgages being foreclosed were executed in the years just before the 2007 collapse of the global financial system.  The following is the distribution of the year of origin of these 24 new foreclosures with the year followed by the number of mortgages from that year involved in foreclosure proceedings in May 2012:

• 1996 - 1
• 1997 - 1
• 2002 - 1
• 2003 - 1
• 2004 - 1
• 2005 - 5
• 2006 - 5
• 2007 - 8
• 2010 - 1

As for the lenders who made these 24 loans, here is that breakdown:

• ABN Amro - 1 
• American Heritage Lending - 1
• Americquest - 2
• Bank of America - 1
• Chase Home Financial - 1
• Countrywide Home Loans - 2
• Fleet Mortgage - 1
• Financial Freedom Funding - 1
• Greenpoint Mortgage - 1
• IndyMac Bank - 1 
• Loansnap.com - 1
• Merrimack Mortgage - 2
• National City - 1
• Ohio Savings Bank - 1
• propertymortgage.com - 1
• Republic Bank - 1
• USAA Veterans Bank - 1
• Washington Mutual - 1
• Wells Fargo - 1

As is pretty evident from this breakdown, no one lender or small group of lenders dominate this small sample.