New Tools Address CA Lien Problems
Alliant Information Services, a member of the California Mortgage Bankers Association, has developed two new tools to help mortgage bankers and other real estate professionals solve problems caused by property taxes and assessment liens in the state of California.
"California's complex property taxes have long been a problematic part of real estate transactions in this state. Property taxes can change dramatically after transfer, especially given the strong real estate market of the past several years," said Jeanne Klimowski, research director of Alliant Information Services.
"If supplemental tax bills and future taxes are more expensive than planned, the added cost may make the property unaffordable to the buyer, or create problems related to underfunded impound accounts. By knowing specific property tax requirements upfront, risks are minimized for all parties."
The company's tax bill estimation report uses the same methodology that counties use to accurately forecast all supplemental and future secured tax bills based on the purchase price and the expected closing date.
Alliant also offers Priority Lien Check, a report that determines if a particular property is subject to an accelerated foreclosure lien imposed by land-secured financing. If a property is subject to an accelerated foreclosure lien, collection proceedings can start in as little as 150 days after the first installment of property taxes goes unpaid. This is much faster than the standard five-year waiting period seen with delinquent general property taxes."
Alliant Information Services, Fullerton, Calif., maintains a comprehensive statewide database of all special assessment and tax data. Its tax data and reports have been a part of over 167,000 transactions.
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