Posted on: 22nd Dec, 2008 10:30 am
We are purchasing 20 acres of property that has a tax lien on it. Is it possible to use the 20 acres as collateral to obtain a loan to purchase that same 20 acres?
Sincerely - thank you!
Sincerely - thank you!
Hi SHO,
As there is a tax lien on the 20 acres of property, you cannot use the same 20 acres of property as a collateral to secure a loan. As far as I know, you will have to pay off the tax lien first and get a lien release certificate. Then you can apply for a loan.
Thanks
As there is a tax lien on the 20 acres of property, you cannot use the same 20 acres of property as a collateral to secure a loan. As far as I know, you will have to pay off the tax lien first and get a lien release certificate. Then you can apply for a loan.
Thanks