2007-11-16 06:07:24 · 4 answers · asked by Boisterous1 1 in Business & Finance ➔ Taxes ➔ United States
It means they get paid first when your home is sold. It also goes on your credit report and is a very negative mark against your credit. This will pretty much eliminate ever getting a loan or credit card unless of course you pay top interest rates. It's a real mess, and you would want to avoid it at all costs.
2007-11-16 06:14:28 · answer #1 · answered by debijs 7 · 0⤊ 0⤋
Tax lien, is like when you bought your house, you went to the bank to get a loan.When you received the loan, you owned the house, but owed the bank what you paid for the house. Therefore until you pay the bank everything you owe, plus the interest, they have a lien on your property. So if the IRS has put a lien on your house for not paying taxes, they can set your home up for a public auction.
2007-11-16 14:16:33 · answer #2 · answered by Ryan W 1 · 0⤊ 0⤋
The home can not be sold nor refinance. The reason that the IRS puts a lien on a home is for nonpayment of taxes. Eventually, the IRS will seize the home because they are not going to wait for ever.
2007-11-18 21:39:53 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
It cannot be sold until the lien is released.
2007-11-16 14:14:10 · answer #4 · answered by npk 7 · 0⤊ 0⤋