Enhance Your Collateral Monitoring On Mortgage Loans
If you have a mortgage loan or other interest in real property in Manhattan, Queens, Brooklyn, or The Bronx, the New York City ACRIS recording system will send you automatic email updates when deeds, mortgages, and most other real estate documents are filed against the property. Just go to the website https://a836-acrissds.nyc.gov/NRD/ and follow the directions to register the property. Not every filing is covered – the system doesn’t alert you to mechanic’s liens, judgments or foreclosure actions, nor does it cover municipal violations and building permits.
Today’s Takeaway? Get free automatic messages to monitor your collateral, with the added benefit of showing examiners that you take monitoring seriously. Even if you do not want you staff to spend the time registering existing mortgages you hold as collateral, you can implement the system prospectively; it takes less than one minute to register a new mortgage.
Jay L. Hack is available at firstname.lastname@example.org.