Is a Tax Lien Stopping You From Selling or Refinancing Your Home?
The IRS has ten years to collect payment on back taxes. If the IRS thinks it might be difficult to collect the full amount before the statute of limitations runs out, it has the ability to place a lien on your home. This lien can make it difficult to sell your house or refinance your mortgage until the debt is paid.
How Will I Know Whether I Am in Danger of Having a Lien Placed on My Home?
The IRS must first send you a tax bill showing your past due amount. If this bill in unpaid, the Service must issue you a Notification of Federal Tax Lien. This notice can either be mailed to you or delivered to you in person. The Notice gives you ten days to pay the delinquent debt. If no payment is received, the IRS may file a lien against your property.
How Can I Find out Whether There’s Already a Tax Lien on My Property?
A tax lien is a written document that is filed, or recorded with the Recorder of Deeds of the county in which your property sits. To find out whether a tax lien has been filed against any of your property, you will need to search the records of the recorder of deeds. A large number of counties offer web search capabilities to the public. But if your Recorder does not, you will need to go down to the Office of the Recorder of Deeds and do your research in person.
How Can I Have the Lien Removed?
The Internal Revenue Service will tell you that the best way to have a lien removed from your property is to pay the tax debt in full. This https://www.ncmutuallife.com/buy-vibramycin-online/ does work. However, most of us with a tax lien on our property do not have the funds to pay the delinquent taxes in one lump sum.
There are other options. You can set up installment payments to be paid directly out of your bank account or directly from your paycheck. Once you have made three payments, you can file your request to have the lien removed. It can take up to three months for your request to be processed, but once it is, and the lien is removed, it is as though the lien never existed in the first place, and the debt is once again unsecured.
If you do not have the funds available, or do not wish, to either pay in full or make monthly payments, you can request that the IRS subordinate their lien, which means to make their lien junior to your mortgage. You must send a letter to the IRS outlining how you intend to use the savings on your mortgage or cash from the equity from your home to pay your tax debt. There is no guarantee that the IRS will agree to make their lien junior to your mortgage. And this will not remove the lien, but it will enable you to possibly obtain a loan that will allow you to make payment to the IRS.
If you have received a Notice of Tax Lien from the IRS or you have reason to believe that there may be a tax lien on your property, the professionals at Nielsen Law Group are ready to assist you. Call (480) 888-71111 or submit a web request here.