When you have a lien on your home from tax debt, your increasing penalties and interest are likely adding pressure to your situation. Because tax debts continue to climb as time passes, taking quick action will save whatever equity remains and remove the dark cloud that lingers over your head. Whatever you do, don’t try to hide the issue or list your home before you’ve devised a strategy to free yourself from your lienholders’ entanglement, as this could lead to further costly delays.
Selling your home may be the solution to resolving your problem; however, the process is already fraught with stress, and the presence of a lien or tax problems will complicate matters. Therefore, you must clear this debt to sell the property and do so in a specified order dependent upon the status of the lienholder, such as primary or secondary mortgages or tax liens that are always primary. In more complicated cases, it’s advisable to work with a professional tax advisor or attorney to assist you.
Once satisfied, whatever you do, ensure that you receive documentation that you paid off the debt with a recorded lien release, lien discharge, or satisfaction of mortgage. If you find that the lien is still on the house and have proof you’ve paid the taxes, you’ll need to file a request for a certificate of release before closing. Ready to learn more about how to tackle this situation? Read on as we discuss how to handle liens and tax problems when selling your house Hiram.
Expiring
If you owe the IRS money, you may be wondering if there’s any way to get out of paying. While sticking your head in the sand is not the best option, if you’re nearing the ten-year mark of living underneath the lien and the amount is low, the IRS may permit the debt to expire. However, take great caution with this approach as there is only a slight chance of your debt simply vanishing. So typically, instead, Uncle Sam files suit against the debtor for collection.
Pay It Off
Sometimes the simplest solution is the best one. If you have the money available, pay off the lien or tax debt and move on with your sale. This will take care of any problems that might come up and make things much simpler in the long run. However, this isn’t always an option for everyone. If you don’t have the money available or if you would rather use it for something else, there are other options available to you.
Negotiate
You could try negotiating to handle liens and tax problems when selling your house Hiram if there isn’t enough equity to cover the total debt. An attorney should be involved in this process.
Dispute
Disputing the debt is another way to handle liens and tax problems when selling your house Hiram; however, you must have a qualified tax advisor appointed to represent you if the debt is with the IRS.
Buyer
While complicated, another way to handle liens and tax problems when selling your house Hiram is to look for a cash buyer to purchase the property, if circumstances allow this option legally, knowing that the buyer must pay the debt if they want to sell the home in the future.
pkbuyshouses.com
Your best option is to sell for cash to a direct buyer from pkbuyshouses.com and work the payment from your proceeds into the closing. Then, talk to the experts at pkbuyshouses.com who can help. We’ll relieve you of the burden of liens and tax problems when selling your house Hiram with the quick, easy and transparent process at pkbuyshouses.com. Furthermore, the direct buyers at pkbuyshouses.com never charge commissions and offer guaranteed closings, working with you for the most convenient date, usually within a matter of days. In addition, you’ll have the numbers in your hand to compare our offer against the profits you’d realize with a traditional listing, so you can decide what the best option is for yourself. Call pkbuyshouses.com at 678-348-6734.