Tax Lien Knowledge Base
What happens to a tax lien if the property goes on foreclosure? Lets say the owner cannot pay the mortgage and house goes on foreclosure and there is a tax lien on the property. The property is worth less than what is owed, no equity. What happens to the tax lien? You mean the person that purchases the home is the one paying for the pending lien?
How do I get a tax lien released? I do not have the money to hire a lawyer to help me, or the money to pay the taxes. My business can not get credit to operate, and I am losing money. I need the tax lien released before I go under. I have talked to the IRS, put they only send me publications I do not understand.
How can a state tax lien remain on the books for ten years but the statute clear it after 6? I recently discovered I have a S&U Tax lien with my state going back 7 years ago. (was NOT on my credit report.) Accounts and lawyers and the State are now bickering about the Codes and limitations; appears the books say two different things. This is beyond my comprehension. Can someone explain? It's in TN. The State says my lien will last 10 yrs. We've found in the code a statute of limitations of 6. My accountants and attys say I should be relieved of this burden; seems to good to be true to me... I need to buy a house pronto in TN and am unable due to the lien on my NAME. (I was a sole prop.) Statutes Of Limitations A money judgment has a limitation period of 10 years. T.C.A. 28-3-110 However, the lien is lost if execution is not taken out within 3 years from the date of entry of the judgment. T.C.A. 25-5-105. Note: T.C.A. 25-5-105 was amended 5/17/00 to increase the time of execution to 10 years. (The change was not retroactive.) State Tax Liens filed after February 1994 expire 10 years after the filing date unless a new lien or renewal is filed. T.C.A. 67-1-1403. >>The lien was filed in '99. I am uncertain if any renewals were filed (I certainly wasn't made aware). I'm SOO confused...
does a federal tax lien take priority on fully disbursed secured loan? bank gave 2 secured loans in 2005 to company A. One was 1 million used to buy equipment for the plant. the second one was line of credit partially used to buy a truck and then a later draw to buy raw material. Company A failed to file taxes end of 2005. In 2007 the irs filed a tax lien. Does the tax lien take priority over the security interest on 1st loan. Does it take priority over the truck; how about the draw used for raw material?
How do you purchase a tax lien property in Pennsylvania? I am looking for an investment and a family member suggested I purchase tax lien properties. He lives in another state and he is not sure how it works in PA. I have been doing some research online but I have only found limited information. If anyone has purchased a property, I need to know how to get started. Everyone says to go through the Tax Assessors office, but I can not find one in Pennsylvania.
How do you purchase tax lien properties? Anyone familiar with the tax lien purchase process? I know the county holds a tax sale for delinquent properties but what happens after you buy a property? If the property has a mortgage lien, what happens to it after the tax sale?
How does a property tax lien impact credit for a person on the deed? My husband had financed/purchased a property with his own name. However, he listed me on the deed. The home is now in foreclosure preceedings and I am worried that if I don't pay the property taxes for that property that I am liable for the taxes and it will impact my credit score and ability to rent. Also, if a property tax lien is placed on my credit - how does that work. Do they place it for every missed tax payment?
what happens to a tax lien when a home forecloses? What happens to a tax lien that your are supposed to hold for three years when the home goes into foreclosure and the bank takes the home back? Do you get the deed or just the money you spent for the tax lien back with interest? i am in the market to buy a propery at a tax lien auction. what happens after i hold the tax lien pay the taxes for three years if the home goes into foreclosure before the three years are up?
If a tax lien is filed against personal property can they take money from an insurance settlement? I just had a tax lien filed against my husband and I and I'm worried that I will never see the money that we just settled on from the insurance company regarding a car accident? Can anyone tell me if I will get my money or not? We were paying on our back taxes until I and my husband became unemployed. I'm just worried that somehow they will get our insurance settlement (not much) before we even see it. We need this money to pay bills or we will be homeless and no way of paying bills
How do I get an erroneous California State Tax Lien removed from my credit report? I have a tax lien on my credit reports - again - some 12 years after CA put it on, even though I didn't owe taxes (OK, I filed late without an extension...my fault...). I have had it removed three times over the years, but checked my Credit report not long ago and there it was again. Each time I've needed to send in the proof document from the state (they've provided it to me back in 1995) and send it to the three credit bureaus...and it will come off for a bit, but ends up back on again - screwing up my credit scores. Is there a reliable way to keep this from continuing to happen? Does anyone know? Anyone every cracked to code on the California Franchise tax board's reporting mess? Thanks. Steve in Seattle. I should ephasize: This is NOT a PAID tax lien - it's a tax lien that was removed by the State of California since I no longer owed the taxes. The document I have is dated 1995. I will contact CA State Franchise Tax Board. As a California State Gov't Agency, it will probably be equally unenjoyable and innefective as a trip the the CA DMV. Thanks All!
How long does a RESOLVED tax lien stay on your credit? Had a tax lien that was challenged and resolved......... I have a Tax Lien Release from the IRS. It is still on one of my credit reports and when I questioned it, they came back and said it was still there and would now be on for another 11 YEARS! Can they do this? How can I get it removed?
Can I sell a property that has a Income tax lien on it? I know that whatever profit there is on the sale would first go to the IRS toward the tax lien, but I am not sure how the tax lien will affect the sale. By the way, after selling the property the tax lien will not be totally paid off. All of the money from the sale will go toward the lien and it won't be enough to pay the entire debt. Does that effect the sale?Will it take longer to close the deal? does the IRS have to sign off on it? How does it affect the marketing of the property and does it affect the buyer in any way?
If a tax lien company has a tax certificate on some property how do we buy it? I asked this in real estate also...but we are interested in buying some property in Oklahoma, but couldn't locate the owner...after some digging we found that they owe 4 years of back taxes on the place. If we want to purchase it do we have to buy the certificate from the tax lien company or speak with the owner? Any help would be great!! Thanks! The thing that is making this so difficult is that I cannot track down the owner, all the numbers I have found so far are disconnected...I'm really not sure what else to do.
How fast can they take your home in a tax lien? The notice says if not paid by april 30th there will be a tax lien put on the home. This is in maine by the way sorry about not specifing. So they won't make me leave the day the lien is put on the house? I'm afraid of the shierff coming on th 30th and throwingme on the street.
How do you remove a paid tax lien from ones credit report? I would like to remove a paid state tax lien from my credit report. Besides going to a credit repair agency what else can I do to get it removed. I am in the process of refinancing my house and it is hurting my score. Any help I can get would be appreciated. thanks.
What is the best way to handle an old tax lien? I have an old tax lien that just turned 10 years old, yet it is still on my credit report. I know that according to the tax code, a tax lien falls off 10 years after it was ASSESSED, not 10 years when it was filed, unless they take some court action to try and collect it. It is a bogus lien and should never have been placed on my name, but the IRS has ignored previous requests to remove it, no matter what I say. What is the next step if I can't pay it?
Can i buy a house with a tax lien that is not mine on my credit report? My wife has a tax lien that does not belong to her on her credit report. We have notified the the IRS and the recorders office about the mistake and we have documentation claiming (supposedly) to have fixed the problem. Two credit reporting agencies have deleted the file all together, but one decided to keep it as paid/released and will not delete the report. This is the second time for the dispute.
How do you go about purchasing a tax lien CD? In the book Rich Dad, Poor Dad, they talk about purchasing tax lien CDs. I was wondering how to you purchase them? Where do you go to purchase them and is it true they have a high interest rate? Where can I get more information on this?
Is there someone who is familiar with Illinois tax lien sale? I would like to buy a tax lien but I am confused with the 2 yr redemption period here in Illinois. If you purchased a lien for the tax year 2006(sold in 2008), and the owner did not pay their taxes and failed to pay again in tax year 2007, will you have the right to purchase the 2007 taxes and foreclosed the property OR will it be sold again in 2009 for the 2007 tax sale? Please help THANKS
what happens after a federal tax lien withdrawal denied? I have an OIC pending, the IRS did not know that due to backlog, they filed a Fedral Tax lien, I submitted a request to withdraw but was denied. They sent a levy notice and I called and they found out that I have an OIC pending so they put a hold on the collection, what would their next step after teh withdrawal denial be? Would they levy or they will keep the hold tilla decision is made on teh OIC?
What does it mean to take assignment of a tax lien? I was inquiring to a 3rd party tax lien company, about a property I was interested. The reply was "You may take an assignment of our liens on this property and bring it to foreclosure if you’d like to try to acquire this property.. The payoff for an assignment on this property through the end of July 2009 is $........" What exactly is the process, and what do I get out of it, other than forcing foreclosure.
Has anyone gonna out from a tax lien ? and how and who helped you get your life back? Basically I havent recieved a tax return in 20 years. due to a mess up CPA trainee. He filed my taxes wrong. And I am paying for his mistakes. Each year I have filed and they (IRS) withheld my returns and even garnish my wages. Now I can receive a tax lien from my bank, they are attempting to seize all the funds( I manage to pay from my creditors) Now, I won't beable to. What can I do to stop the tax lien?
How do I learn about tax lien investing? I'd like to learn about tax lien investing. I have no real estate backround. Besides scam infomercials and books, are there classes that might teach me....via real estate courses?. I'd really like to learn form a person who can teach the pricinples and answer questions. does this exist?
What do I do about a paid tax lien from 10 years ago that is still appearing on my credit reports? This was paid in 96. In fact, it was paid so long ago that the state cannot find a record of when it was actually paid. They just know that I don't owe them any money and haven't owed them in quite some time. I was not aware that I had to pay a $34 processing fee to have the lien released until last Sept. I paid it on the 15th and now I have two tax liens on my credit report. One that says that it is unpaid and another that reads "released". Both read that they will stay on my credit report til 2013. I have sent letters to all three credit agencies protesting these blemishes and explaining that the error is due to a processing fee that, like I said before, I was unaware that I had to pay. Is there anything else I can do?
How do you pay off a tax lien? I just ran a credit report, and found out that I have a tax lien from another state! Who am I supposed to call or send the payment to? The credit report does not leave a phone number. What does this mean? When I pay it off, does it stay on my report?
Why would I have a state tax lien on me? I was reviewing my credit report and found that I have a state tax lien on me from nearly 10 years ago. I wasn't living in the state at the time. I did not own any property. What are the reasons I might have had a tax lien put on me? Aside from owning property or child support, what could be other reasons someone might have a tax lien placed on them? I actually grew up there, but moved away about 5 or 6 years before this judgement.
How do I buy a tax lien property in New York? The property is worth $300K and the lien is for $375K (more than the value of the property). I was getting close to closing and then the title search revealed the tax lien. Do I have any claims I can bring against the seller's broker (the sellers apparently are illiquid).
Will satisfying a tax lien raise my credit score? I have been on a payment plan with the IRS for a tax lien, and need to settle the lien before I will be able to close on a mortgage. Once the lien is settled, will this raise my credit score, or only show that the lien has been released? Either way, I'm going to pay off the lien.
Can there be a tax lien for child support through civil court? My ex-wife has not payed any support for our children and I gave up on child support agencies, I was wondering if I can sue her in civil court, but I know she still won't pay (the children are both over the age limit here in California) can the courts at least put a tax lien on her taxes?
I have a question about a released Tax Lien on my credit? Last year the IRS filed a $1,0000.00 tax lien against me and reported it on my credit. I finally got them paid off a few months ago and they have released the lien. On my credit, it now shows as a relased tax lien. I have heard that sometimes, if you dispute some negative information on your credit report, a lot of times the reporting agency/company does not respond and it gets removed from your credit bureau file. My question is: What would happen if I disputed the tax lien on my credit report. Considering the IRS has been paid and they have released the lien, what would they do? Is there any hope of success in having it removed from my credit files, also would I be breaking any laws? Please help! One other thing, this released tax lien is the only negative mark on my credit.
Can a paid tax lien be removed from my credit report? Ok, I am guessing not but I read a few anwsers to a question the same as mine and they were saying it would be removed when paid. I am in Minnesota. Should have a great credit score but this paid tax lien is really holding us down on our credit report. Any help would be great. It was paid this year.
How can I use self-directed IRA money to participate in internet auctions for tax-lien certificates? I'm trying to get started in investing in tax-lien certificates using money in my self-directed IRA. I'd like to try participating in online auctions for county tax sales, but many of them require you to deposit some sort of "down payment" as good faith money. Does anyone know if/how I can get the money from my IRA for my deposit, so that my IRA completely holds the entire interest in these assets? Thanks in advance for your help.
Can I find a tax lien or levy? How can I find out if a company has placed a lien on my federal or california state taxes? Last year a doctor's office took a little bit of my federal tax return although I never knew it. How can I find out if there have been liens placed on my federal tax return or state tax return?
Is it illegal for a bank to open a business checking account to a company whose owner has a state tax lien? We wanted to move our business checking account to another bank offering more services and were denied an account because of a state tax lien. Is this the law or is this the bank not wanting to deal with any hassle of a bank levy? The tax debt has since been put into a reorganization wage earner bankruptcy and is being paid every month. Would we be able to propose this to the new bank and have a better chance of getting an account or is just a legal matter that they cannot. The tax lien will stay on our credit report until it is completely paid (not for a while yet)
How do I make money from Tax Lien? How do I make money from Tax Lien? Is it a better and safer option than investing in foreclosure? what other ways are there to profit from the current market? thanks for any input?
Is a tax lien priorty payment in a foreclosure? Since my house was foreclosed on, will the tax lien be paid out of the proceeds? Obviously they took a lot less for the property than it is worth. House was just appraised at 400,000, I owe ~$250,000, they sold for 242,000 (I was told by the person who showed up at my door), this whole situation is worse than anyone would be believe...I am sure others are going thru it too, and really I think I only have my self to blame. Thank you for your help and answers!
How can I get a paid state of GA. tax lien released? Tax lien was paid with federal tax return money last year. The state automatically took what was needed to pay it and then I received the rest of my federal return then. State of Ga. dept of Rev shows it paid but courthouse does not. Dept. of rev supposedly sent release to courthouse but was lost and now they are all just waiting. I have called dept. of rev repeatedly for over six months and still is not resolved. Tax liens have been paid since 02/13/06. Need Help bad!!!!!!!
Powered by Yahoo! Answers