How does TaxMonitor help reduce risk for lenders?
There are two factors that TaxMonitor helps with:
•a) identifying collateral that is at risk of being tagged with a Tax Lien, and
•b) identifying borrowers who may be in trouble.
If the borrower does not pay taxes in a timely fashion, the taxing jurisdiction will put a Tax Lien on the property being used as collateral.
Since Tax Liens take precedence over any existing mortgages in the event of a foreclosure action, this would push a lender's lein position down and jeopardize the ability to obtain the balance of the loan from the foreclosure proceedings.
TaxMonitor enables a lender to observe the potential of the tax lien before it happens. The borrower can then be contacted and be helped to avert the tax lien.
If the taxes are not baing paid on time, the borrower may soon have trouble making the loan payment on time. The non-payment of taxes is the canary that lets you know there is gas in the mine.
TaxMonitor makes the lender aware of the potential danger. Without this "heads up" a lender can be blind-sided by a foreclosure action.
I have loans in many different counties and states, which have different Due Dates for the various taxes. Can TaxMonitor help me keep track of when I need to order a Tax Search?
You can choose to have TaxMonitor order your searches automatically.
Or you can control ordering manually.
If you choose the manual option, then, for each loan, you put in the date for the next time you want a tax search to be ordered.
In this case TaxMonitor will hold the order until the date you have selected and the order will gererate on that date.
If you choose the automatic option, then you are using the full capabilities of TaxMonitor to create an order just after taxes are due in a jurisdiction.
TaxMonitor knows when taxes are due in each municipality, county and state.
Fifteen days after the taxes are due an order will be generated.
The "fifteen days" is a grace period to allow a jurisdiction to receive taxes by mail and to enter the transaction onto its books.
With this option you are allowing TaxMonitor to perform the tedious task of keeping track of when taxes are due.
And you can see that by using this feature you are kept very up-to-date on the tax status of any property in your portfolio.
What parts of the country can be monitored by TaxMonitor?
Easy one. Nationwide. All 50 states.
