Posted on: 24th Jun, 2008 05:55 am
What is a Tax Lien exactly? I keep reading about no tax liens allowed....I owe the IRS for taxes last year and this year and set up a payment plan. The payment plan is set to begin this month. I've never received a paper from the IRS that specifically states "Tax Lien" - just statement saying I needed to pay the taxes or set up a payment plan. Is this a "Tax Lien"??? Will it affect whether or not I'm approved for a home loan? I already have low scores (560 mid) - and getting FHA approval is iffy at best because I have a late CC payment from 01/08 (lost job) and 08/07 (medical reason). Please explain tax lien.
Hi Guest.
Welcome to the forum.
Tax Lien can be attached to your property for the delinquent property tax or income tax. You should pay off the tax lien ASAP. Otherwise it will have a negative effect on your credit report. Know more about Tax Lien at http://www.mortgagefit.com/tax-lien.html
Hope it helps. Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
Tax Lien can be attached to your property for the delinquent property tax or income tax. You should pay off the tax lien ASAP. Otherwise it will have a negative effect on your credit report. Know more about Tax Lien at http://www.mortgagefit.com/tax-lien.html
Hope it helps. Feel free to ask if you have any further questions.
Best of luck,
Larry
hello wantahome...you do not have a tax lien. you would have to be the owner of real property in order for there to be a lien. you will, undoubtedly, be adversely affected right now if you attempted to obtain a mortgage for the purchase of real property.
not only is your credit score in need of improvement, but the tax situation could cloud title to any property you came to own. lenders will not look at your overall picture favorably right now.
make your payments to the irs - accelerated if possible - and continue to make other debt payments on a timely basis so as to bump that score.
not only is your credit score in need of improvement, but the tax situation could cloud title to any property you came to own. lenders will not look at your overall picture favorably right now.
make your payments to the irs - accelerated if possible - and continue to make other debt payments on a timely basis so as to bump that score.
At this point, I have set up payment arrangements that are directly debited from my account because I always wanted them (payments) to be there at exactly the right time - no matter what. If you are making the payments and aren't late - then why would there be a "lien" - wouldn't that only come into effect if I DID NOT make the payments as arranged? The total I owe is about $3000 - as I said, the IRS accepted the payment arrangement. I'm hearing - from what you're saying - that even if you get approved for a loan you have to go through a title process and at that stage - the taxes owed would become an issue, is that right?
FHA May possibly allow it. I have not done a situation like this but if I remember the guidelines say you can owe a federal debt if you are in a repayment plan and paying as agreed.
I may be wrong? It happens
B
I may be wrong? It happens
B
