Need to get a loan, but have a IRS tax lien.

johnnyq214 · Joined: 29 Aug 2005 Posts: 2

Need to get a loan, but have a Irs tax lien. Find out what you need to do!

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Pay...it...off.

m2c · Joined: 03 Aug 2005 Posts: 762

"In theory" can be done with a FHA loan IF the Feds subordinate and IF there is a repayment plan with payment included in the debt ratios. Personally I wouldn't touch it with a 10 foot pole. With commerical loans it can be worth the trouble but I would avoid it in residential.

Other option is a coborrower, e.g. spouse usually. Can't tell whether the implied pronoun is plural but if there is another borrower, this is done all the time. You just cannot be in title; lien would attach, probably in a superior position.

Yes, the best advice is "pay the man" and get this behind you.

biggermortgages · Joined: 04 Sep 2005 Posts: 10 Location: California

How much is the TAX lein is it $10k or $300k ???

Are you on a payment plan or just have lein?

What are your scores? in sure its tanking them, Try to pay them off if you can.

If the amounts are low enough and your fico is above 580 you may be able to wrap them into the purchase price...

You can always ask seller of house to give you $10k cash at closing....

chow · Posted: Mon Sep 05, 2005 8:51 pm Post subject:

"you can always ask the seller to give you the 10K cash at closing for the IRS"

okay,

I'm about stupid, born at night, and blonde. So...you wann buy this property 8) but:

Since when does a seller walk into a closing-willing to pay off a IRS lien, without a pure settlement statement of cost, and a release-based on the closing date-ran through a national title agency-without????? :?: :?: :?: :?: :?: :?:

I'm just the Devil's Avcocate....remember that.

chow · Posted: Mon Sep 05, 2005 8:54 pm Post subject:

biggermortgages wrote: How much is the TAX lein is it $10k or $300k ???

Are you on a payment plan or just have lein?

What are your scores? in sure its tanking them, Try to pay them off if you can.

If the amounts are low enough and your fico is above 580 you may be able to wrap them into the purchase price...

You can always ask seller of house to give you $10k cash at closing....

You may want to study a few things before you say this.

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Quote: You can always ask seller of house to give you $10k cash at closing....

Ahhh the fine art of the 'grey area' of lending.

Please be careful what you say. Please remember that while the seller could concess for gifts and closing costs on certain programs, you might want to check on that whole 'here's a 10,000 check at closing' deal.

m2c · Joined: 03 Aug 2005 Posts: 762

Haplo,

Grey ..... grey?

Maybe Wells has moved farther to the dark side that I thought!

Care to take a bet whether Bigger's $10K would show on the HUD 1? Or on the title commit.tment?

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

I wasn't talking about me =\

I would highly doubt it would show up on paper, hence the 'grey area' of which I spoke of.

m2c · Joined: 03 Aug 2005 Posts: 762

I still call it one of the BLACK arts

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Haha, I see your point now ;) I simply didn't mean to imply it being fully black, see just in case it was all legit and stuff.