IRS Tax Lien Relief

Do you have a Federal Tax Lien on your home? The IRS has announced it will expedite the relief from these tax liens for distressed homeowners. Why is this important?

If a homeowner needs to sell their home or refinance a loan, the seller needs to pay off the tax lien. But in today's economic situation, most homeowners do not have the cash or the equity in their homes to do so.

What the IRS does is make the tax lien subordinate (or secondary) to the lien of the refinancing lender. If you're selling your home, you can request that the IRS simply discharge the lien.

The current time frame for subordination or discharge has been 30 days or so, but they want to speed up this process.

Need more information? IRS Publication 783 is for discharges, IRS Publication 784 is for subordination. More information can also be found at the IRS website.

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