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aduncan
58 Posts |
 Posted - 07/16/2008 : 4:01:51 PM
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| I have a refi in Fl, they have a tax judgement that is 13years old. Can onyone reefi and ignore the lien? |
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cspatmon
1229 Posts |
Posted - 07/17/2008 : 07:59:28 AM
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| No! It can be a 50yr tax lein..... |
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lscalder
1032 Posts |
Posted - 07/17/2008 : 08:03:12 AM
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| IF they are on a payment plan a lender might ignore the lein. |
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cspatmon
1229 Posts |
Posted - 07/17/2008 : 08:06:49 AM
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| What lender will ignore a tax lein? Slim to none...that was a consideration during the subprime era.... |
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vburek
507 Posts |
Posted - 07/17/2008 : 08:29:49 AM
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| I doubt a lender will ignore, but since it is so old, i would have your client contact whoever placed the tax lien and negotiate a lower payoff, but it will have to be paid. |
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ownerop
367 Posts |
Posted - 07/17/2008 : 08:56:25 AM
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quote:
Originally posted by aduncan
I have a refi in Fl, they have a tax judgement that is 13years old. Can onyone reefi and ignore the lien?
You will have to find out if the Judgement has been re-filed, by law judgements are good for 10 years and can be re-filed again indefinately every 10 years, if it has not been re-filed then the judgement is unenforceable, however the burden of proof is on you to prove. You will need to check with the local county recorder to see if it was re-filed or not. If it is for federal taxes they IRS will subordinate taxes, I have done this many times, but you will have to find a lender that will accept a subordination of federal taxes. This should not be hard to do. |
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sbuckman
498 Posts |
Posted - 07/17/2008 : 08:57:44 AM
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| I have closed an FHA purchase before where they were under a payment arrangement for a year and they did not require it to be paid. It was also a tax lien. But I don't know about a refi. You would probably have to settle it. |
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acitymortgagelj
120 Posts |
Posted - 07/17/2008 : 09:27:07 AM
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| It depends if the tax lien is just on his credit or against the property. Some lenders will not require payoff if it does not affect title...meaning if it is not attached to the property. Your title company will know. |
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cspatmon
1229 Posts |
Posted - 07/17/2008 : 12:13:01 PM
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| Tax judgements, are either recording taxes owed from the Local, County, State and Federal Governments. What lender will allow you to waive?.... |
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VVance
1764 Posts |
Posted - 07/17/2008 : 12:28:11 PM
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quote:
Originally posted by aduncan
I have a refi in Fl, they have a tax judgement that is 13years old. Can onyone reefi and ignore the lien?
How much is the lien for? My experience in other states is that these can be settled for pennys on the dollar. If the amount of the lien is not 6 figures, it might behoove you to have your client higher a specialist to resolve this. |
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cspatmon
1229 Posts |
Posted - 07/17/2008 : 3:58:42 PM
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| Bump! |
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aduncan
58 Posts |
Posted - 07/17/2008 : 4:06:22 PM
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| The clien is working a tax firm but the process takes a long time. The settlement is based on what the clients makes and ability to repay. |
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ownerop
367 Posts |
Posted - 07/17/2008 : 9:18:41 PM
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| Take it from someone that know this business and has actually done this for years. You can subordiate a federal tax lien, contact the IRS and get the subordination paperwork. I have done this many times. Just about any lender will do it with a subordination. The real issue is getting a title policy, but with a subordination you don't have that problem. Try Wells, CWBC or just about anyone else will do it, but you need the subordination first. |
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amoran262008@gma
6 Posts |
Posted - 07/17/2008 : 11:21:12 PM
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Alt: Andrew@loansafesolutions.com
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cspatmon
1229 Posts |
Posted - 07/18/2008 : 10:03:47 AM
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| That's not true for all taxes that you will receive a subordination. Best to find the circumstance regarding the type of taxes owed. It's a very rare occasion that the Feds. will subordinate. They will lift a lien and suspend it for X amount of time to give the borrower an opportunity to pay their debt. |
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AGreene00
2769 Posts |
Posted - 07/18/2008 : 10:08:17 AM
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How long does a tax lien stay with you?
"FOR--EV--ER! FOR-EV-ER!"
Signed,
Kid from The Sandlot |
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VVance
1764 Posts |
Posted - 07/18/2008 : 10:41:05 AM
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quote:
Originally posted by AGreene00
How long does a tax lien stay with you?
"FOR--EV--ER! FOR-EV-ER!"
Signed,
Kid from The Sandlot
Not entirely correct. They have a problem with collecting these liens when your dead...although I've heard they're working on that... |
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cspatmon
1229 Posts |
Posted - 07/18/2008 : 11:00:50 AM
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| Ask your Tax Attorney, what happens when a person dies regarding tax obligations. That is one of the reasons they promote estate planning. Let's be sensible, if a borrower for what ever reason are in a position to buy whatever; why can't they pay their delinquent taxes. Yes, the only way is that you die out of it.....First hand knowledge I have been paying on my delinquent tax debt since 1995. I'm almost paid up...... |
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VVance
1764 Posts |
Posted - 07/18/2008 : 11:03:19 AM
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quote:
Originally posted by cspatmon
Ask your Tax Attorney, what happens when a person dies regarding tax obligations. That is one of the reasons they promote estate planning. Let's be sensible, if a borrower for what ever reason are in a position to buy whatever; why can't they pay their delinquent taxes. Yes, the only way is that you die out of it.....First hand knowledge I have been paying on my delinquent tax debt since 1995. I'm almost paid up......
We'll probably find out they have people waiting on the other side... |
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cspatmon
1229 Posts |
Posted - 07/18/2008 : 11:18:24 AM
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