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refinancing home........owe money to IRS......have established a current and up to date payment plan.....and no lien on property......was told by FHA loaner that we have to pay IRS off because we dont have a 12 month payment history with them........is this true
refinancing home........owe money to IRS......have established a current and up to date payment plan.....and no lien on property......was told by FHA loaner that we have to pay IRS off because we dont have a 12 month payment history with them........is this true
are you going to ask in the real estate forum too?
see your attorney or at least your RE agent.
refinancing home........owe money to IRS......have established a current and up to date payment plan.....and no lien on property......was told by FHA loaner that we have to pay IRS off because we dont have a 12 month payment history with them........is this true
Yes, if you are making monthly payments for back taxes you have to have a 12-month history to be considered for a government-backed mortgage.
Sec. 6321. LIEN FOR TAXES.If any person liable to pay any tax neglects or refuses to pay the same after demand, the amount (including any interest, additional amount, addition to tax, or assessable penalty, together with any costs that may accrue in addition thereto) shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belong to such person.[
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It's just upsetting because we've never owed the irs.......Unfortunately my Dad passed and my family who initially told me they would sign over rights to an insurance policy my Dad wanted my husband and I to have since we took care of him decided not to sign over the rights to the policy .......They assured us they had no problem in signing the papers but when it came down to it they didn't..........My husband and I at that point on their word put a down payment on a house and couldn't afford to love the 11000 we put down...........At that point we took a hardship withdrawl on my husband's 401k and well paid the penalty on the withdrawl and that is how we ended up with the amount owed to the IRS............OH WELL.........we're ok though...................
The I.R.S. will have to be paid. The service has a statutory lien for the tax liability (the so-called "secret lien") under 26 U.S.C. § 6321 that relates back to the date of assessment and precedes the FHA refinancing.
Not an IRS question. Real Estate Question. The IRS has nothing to do with what you are doing with outside purchases.
Yes it does. The OP is trying to finance through FHA. Their guidelines state that if an individual is repaying back taxes on an installment plan they have to have a 12 month payment history to qualify.
If they weren't financing through FHA you would be correct, though.
Yes it does. The OP is trying to finance through FHA. Their guidelines state that if an individual is repaying back taxes on an installment plan they have to have a 12 month payment history to qualify.
If they weren't financing through FHA you would be correct, though.
If a private lender had done its "due dilligence" inquiry, the existence of the IRS obligation would pose an impediment to the priority of their security interest, as the IRS could file a notice of tax lien at any time prior to the recording of their mortgage, and preclude title insurance. In this time of tightened lending, I doubt that any mortgagee that would not insist on payment of the taxes.
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