May 4, 2012 /24-7PressRelease / -the IRS can file a lien on the property of a person who does not have to pay a tax duty. A tax lien is a charge on the property of the debtor which guarantees the interests of the Government in the property for the amount of the debt. Those with disabilities to tax should be aware of the effects a tax lien, how tax privileges particularly affect homes and how to pay a tax lien.
Effects of a tax lien
After the IRS determines that a person must taxes and did not pay, the IRS is advising the person of his duty. If the person still does not pay, the IRS will file a notice of federal tax lien, a public document announcing the right to property of the person of the Government.
A tax lien can affect many facets of a person's life. The privilege attaches to the whole of the property of the person, including real estate, personal property and financial accounts. It focus also on the assets, a person acquires in the future, as long as the privilege exists. A tax lien may affect the ability to obtain credit, such as a loan, mortgage or auto. In addition, if a person files bankruptcy, the tax privilege can survive the discharge of debt in bankruptcy.
Residential tax privileges
If there is a tax lien on a home, the owner must satisfy the privilege before he or she can sell the House or refinance it. Many homeowners pay the amount they are the proceeds of the sale of the House, but if the privilege is higher than the amount of the sale the owner may apply to the IRS discharge privilege for sale can browse. The owner may also request that the IRS do the secondary lien at the request of the lender a mortgage if the owner attempts to refinance.
Remove a lien
The simplest way to remove a tax lien is the amount that a person must. However, if this is not possible, there are options to remove a lien on private ground. A person may request leave of a particular piece of property to allow the free sale of privilege.
A person may also request the IRS to subordinate (assign a lower priority to) his interest in a piece of property to another creditor, such as a mortgage lender. The privilege still exists on the property, but the interest of another creditor is higher than the IRS.
Finally, a person may request the withdrawal of the privilege, so that there is no more public notice of lien to other creditors, announcing the Government's interest in the property.
Article provided by Law Offices of Angelique M. Neal, PLC
Visit us at the http://www.nealtaxlaw.com
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