These are risky times

These are risky times for lenders.

Have you been burnt by a default? Are you concerned that some of your commercial loans will go belly-up?

If so, you just might be interested in TaxMonitor™.

How does it work, you ask? Let’s make an analogy.

There were times when coal miners always took a caged canary with them down into the mine. They knew that if they hit a pocket of carbon monoxide, which is an odorless and colorless gas, that they could die if they did not act fast to leave the mine. The small lungs of the canary made the bird much more susceptible to carbon monoxide than a human would be. If the gas was present, the canary would keel over, unconscious or dead. That is when the miners knew to flee that area of the mine.

Well consider TaxMonitor™ to be your canary. Not that we want it to keel over dead, mind you. We just want it to be your indicator that there is danger present.

Unlike residential borrowers, business borrowers typically do not pay their taxes to you. They pay the taxes directly to the taxing authority. If a commercial borrower is not paying their real estate taxes, the taxing authority after a while will slap a tax lien on the property. And that pushes your loan into a lower priority should a foreclosure be necessary. Your loan becomes less secured. Not only that, but unpaid taxes may be your first clue that the loan itself is in trouble. If the borrower cannot pay his taxes today, he might not be able to make his loan payments tomorrow. And we all know where that leads.

TaxMonitor™ helps you to detect when a loan might be going bad. You define how often you want a tax search to be done on a property, and TaxMonitor™ will thereafter order a tax search regularly for you. No need for you to keep putting in the order each time. When the results of the search are ready, and there is some tax delinquency present, TaxMonitor™ will send the search report directly to both your loan servicing administrator and directly to the lender. Open the email, click on the loan number and the report pops up into view. The lender’s next step might be to contact the borrower and find out what the problem is. But at that point it's up to you and your internal policies.

Interested? contact us and ask how you can sign up. Why worry when you can know?

Enroll in TaxMonitor today.