Order of Notice Review 2010

For those folks who do not know what is an "Order of Notice", let us move into the magical land of make believe: let us imagine this scenerio:

Scene 1, Take 1: Owner opens letter on the table. Perplexed by the big words, and stymied by the reference to military personnel, the owner puts down the letter, picks it up, reads it again.
Scene 2, Take 1: Owner divides the big words in the calligraphy on the page and realizes that this letter is notice that their "banker" intends to begin foreclosure proceedings. The letter in hand is serving notice that if the owner is active in the military service of his/her country, he/she should so make written notice to that effect...and so our story goes.

The "OON" is a good indicator on foreclosures. In Belmont, 12 neighbors got the OON in 2010. That is an imporvement of the 17 who got the riot act put on them on 2009. Sad, but a bucking of the trend as the chart below of surrounding towns details:


Waltham in 2010 104; in 2009 73
Lexington in 2010 20; in 2009 16
Arlington in 2010 38; in 2009 13
Medford in 2010 119; in 2009 111
Watertown in 2010 38; in 2009 38

This may well look like good news for Belmont, but silver linings, DO, in fact cover the storms. It may well be that so many of our homes were bought at such infalted prices, that banks DO NOT WANT TO FORECLOSE. Why foreclose on an unsellable property; why pick up ownership and have to pay those taxes? Better to let the defaulting owner dangle in the breeze (or hurricane).

Not too funny, but then, it isn't supposed to be.