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This may be a dumb question, but if the IRS puts a lien on a house a person owns, does the IRS take action and make that person sell the house?
Or is it a scenario where that lien just sits there until the property is refinanced or sold?
Thanks.
An IRS lien is different than a regular lien. They will take your home and sell it. they don't carehow much they get, because it it sells for less than you owe them, then the go after you for the balance. One way or another, they WILL get their money...
The IRS has the power to do anything they want, and they are heartless...!
A quote from Federal or State Tax Lien - IRS Tax Lien Certificate on Property - DebtHelp
A Notice of Federal Tax Lien gives the Internal Revenue Service (IRS) legal ownership over your property as payment for tax liability. The tax lien certificate may be filed if and only if (1) the IRS assesses your tax debt, (2) the IRS notifies you and sends a demand for payment, and (3) you do not respond in payment within 10 days of notification.
The tax lien certificate grants legal claim to the IRS over all of your property and removes your rights to the property. Your creditors will be notified of the lien, and your credit rating may be harmed. You likely will have difficulty securing a loan.
Yes ;its the same with all lien. What they ultimately want and will get some day is the money which adds up.My suggestion is tpo try to workout a payment plan ;they are pretty flesibale on that from wehat I have seen .
An IRS lien is different than a regular lien. They will take your home and sell it. they don't carehow much they get, because it it sells for less than you owe them, then the go after you for the balance. One way or another, they WILL get their money...
The IRS has the power to do anything they want, and they are heartless...!
A quote from Federal or State Tax Lien - IRS Tax Lien Certificate on Property - DebtHelp
A Notice of Federal Tax Lien gives the Internal Revenue Service (IRS) legal ownership over your property as payment for tax liability. The tax lien certificate may be filed if and only if (1) the IRS assesses your tax debt, (2) the IRS notifies you and sends a demand for payment, and (3) you do not respond in payment within 10 days of notification.
The tax lien certificate grants legal claim to the IRS over all of your property and removes your rights to the property. Your creditors will be notified of the lien, and your credit rating may be harmed. You likely will have difficulty securing a loan.
Thanks for the above info--very helpful. My particular scenario is such that I have a payment plan worked out presently with the IRS for a couple of years worth of taxes (almost paid off). However, they filed a lien on my house in Nov for my amounts I owe from 2 most recent years. Very frustrating!
The monthly amount I pay is significant (just under $700).
So, I suppose once my first 2 yrs are paid off under this agreement, I'll have to continue paying on the lien amount placed on my house. I imagine they wouldn't take any further action as long as I am paying on time each month.
NOT TRUE...! In a regular lien, you may wait fifty years to get any money, only when the lien property sells does the person holding the lien get any money.
The IRS can immediately take possession of your property and it belongs to them. No waiting, no fuss, no muss, it's their property as soon as they show up at your doorstep.
That's why I included the web site, figuring people could read...!
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