What is a tax lien? It is a lien imposed by law upon a property to secure the payment of taxes owed. A tax lien may be imposed for delinquent taxes owed on real property, personal property, or as a result of failure to pay income taxes or other taxes.
Now, this credit tip isn’t for the likes of Wesley Snipes or Willie Nelson who have had millions owed and paid in tax liens; but for clients who have federal tax liens under 25K.
You might call it a loophole or a policy that’s rarely mentioned – there is an IRS procedure that will remove these federal tax liens from a credit report. If the federal tax lien is unpaid, yet still under 25K, all you need to do is to make three payments on an agreed upon payment plan and the lien can once again be removed by submitting the proper paperwork.
A tax lien can be the most terrible item to appear on your credit report. It’s considered very negative and can cause your credit scores to drop significantly. Even worse, under federal law, unpaid tax liens can remain on credit reports indefinitely, though in practice credit bureaus may remove them after a decade or so. (Once paid and released, a tax lien must be removed seven years from the date it was filed.)
Do you think you might have any liens? These are three ways to find out:
1 -Search the county recorder, clerk, or assessor’s office online. All you need is the name of the property owner or its address. …
2 -Visit the county recorder, clerk, or assessor’s office in person. …
3 -Contact me and I will reach out to my friends at a title company.
This is just one example how a good realtor and loan officer can help you. I have great relationships with all the people that help my clients with everything from loans to help getting settled in your new home.
Do you have a need for commercial / industrial / retail space? Are you ready to buy or sell a home? We can help you with that… just call us at 702 SELL NOW or click on this link to my website http://www.702SellNow.com
Choose to have an amazing day….Jeff