How To Conquer The 2021 Tax Lien Nightmare
Updated: Nov 3
The United States is in the middle of a tax lien nightmare. The number of liens filed with the U.S. Treasury Department has projected to increase even more as duration of the pandemic proceeds. The root of the issue is mainly due to the abundance of back taxes that has been accumulated over the years. These tax liens that have been a major threat to the homes of taxpaying families and individuals. Don't fret, there is a way out.
What Is A Tax Lien?
A tax lien is a claim made by the government against property for non-payment of taxes. In addition, they can have drastic effects on your credit if not handled properly. Tax liens are typically filed in a public land records office and become enforceable when proper notice is given to all parties with an interest, including mortgage holders and other lienholders. A tax lien can be levied on real estate or personal property. In other words, you can end up homeless if you do not pay your taxes.
What Are The Types Of Lien Status?
-A Lien Discharge happens when the IRS eliminates a lien on property, allowing it to be transferred to a new owner lien-free.
- A Lien Subordination arrangement permits a new creditor to prioritize over the IRS. The property will continue to be burdened by an IRS tax lien. It will, however, be in a lesser position than the security interest of the new lender.
-A Lien Withdrawal can occur if you can show that the lien notice was submitted too soon or that it goes against its own regulations, you can get a tax withdrawal. This generally occurs when you're trying to sell a property quickly and discover that the Notice of Lien was filed incorrectly.
The BEST Chance You Have
Obviously, none of these statuses are actual lien releases. With the intentions to receive a lien release, the only viable option is to pay your tax debt in full. Tax Liens are associated with owing money to the IRS due to back taxes, so attacking the issue directly from its core will release the tax lien imposed by the IRS. The Fresh Start program accelerates the process of repaying a large tax debt while also removing some of the constraints that come with owing the IRS large quantities of money, such as liens, levies, wage garnishments, and penalties. This program that consolidates many major relief programs (ex. OIC, Penalty Abatement, etc.) into a one-size-fits-all assistance program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
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