COVINA, Calif.--(EON: Enhanced Online News)--LERETA, a leading national real estate tax and flood service provider, has identified 167,112 parcels as habitually delinquent across 39 states nationwide. These findings are from the company’s most recent tax data analysis of its proprietary property tax database.
“The bottom line is, the mortgage lien is subordinate to a tax lien and places substantial risk on the mortgage holder. This is an area lenders should follow more closely.”
The analysis includes 575 jurisdictions with an outstanding delinquency amount of $725,488,886. The average delinquency amount per parcel is $4,341.
“Unpaid taxes as reflected by these parcel records can have serious ramifications and are subject to tax liens that may ultimately result in property loss,” said Terry Cason, data modeling analyst at LERETA. “The bottom line is, the mortgage lien is subordinate to a tax lien and places substantial risk on the mortgage holder. This is an area lenders should follow more closely.”
In order to be considered habitual, a delinquent property must have 10 or more years of unpaid taxes recorded. Additionally, a delinquent review must be representative of an entire jurisdiction being analyzed in order to be included in the company’s analysis. Data made available between October 2015 and October 2016 were reviewed.
Since 1986, LERETA has provided the mortgage and insurance industries the fastest, most accurate and complete access to property tax data and flood hazard status information across the U.S. LERETA is committed to giving customers extraordinary service and cost-effective property tax and flood solutions. LERETA’s services are designed to increase efficiency, reduce penalties and liabilities and improve processes for mortgage originators and servicers. LERETA’s dedicated teams of real estate tax and flood professionals along with LERETA’s experienced management team allow the company to lead the industry in service and technology.