![]() Currently, liens are automatically filed at certain dollar levels for people with past-due balances. The new dollar amount is in keeping with inflationary changes since the number was last revised. ![]() To assist struggling taxpayers, the IRS plans to significantly increase the dollar thresholds when liens are generally filed. The IRS currently is working to speed requests for discharge or mortgage restructing to assist taxpayers during this economic downturn. Taxpayers or lenders also can ask that a federal tax lien be made secondary to the lending institution's lien to allow for the refinancing or restructuring of a mortgage. If the home is being sold for less than the lien amount, the taxpayer can request the IRS discharge the lien to allow for the completion of the sale. Normally, if you have equity in your property, the tax lien is paid (in part or in whole depending on the equity) out of the sales proceeds at the time of closing. There are a number of options to satisfy the tax lien. ![]() If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |