Legal definition of Tax Liens
Credit Repair Legal Terminology

Tax Liens

1
If an owner of a house defaulted on payment of real estate taxes a lien may be placed on the property to secure payment of taxes. A tax lien may be placed for non payment of federal, as well as state taxes.
If there is a federal tax lien on your home, you must satisfy the lien before you can sell or refinance your home. There are a number of options to satisfy the tax lien. Normally, if you have equity in your property, the tax lien is paid (in part or in whole depending on the equity) out of the sales proceeds at the time of closing. If the home is being sold for less than the lien amount, the taxpayer can request the IRS discharge the lien to allow for the completion of the sale. Taxpayers or lenders also can ask that a federal tax lien be made secondary to the lending institution's lien to allow for the refinancing or restructuring of a mortgage. Source: www.irs.gov
Find a legal term by clicking on the first letter of a legal word or phrase:
Book of the Day in our Store
Share it on TwitterFacebook
Assisted Death: A Study in Ethics and LawAssisted Death: A Study in Ethics and Law
by L. W. Sumner
  • Price: $34.95
from $5.11
View
Your Florida Will, Trusts, & Estates Explained: Simply Important Information You Need to Know (Back-To-Basics)Your Florida Will, Trusts, & Estates Explained: Simply Important Information You Need to Know (Back-To-Basics)
by Linda C. Ashar Attorney at Law
  • Price: $19.95
from $9.14
View
Donald J AnzelmoAttorney at LawPRACTICE AREA: Professional Malpractice, Elder Law, Admiralty & Maritime Law, Labor & Employment Law, Insurance Litigation, Workers Compensation
Terrance R HarrisAttorney at LawPRACTICE AREA: Professional Malpractice, Real Estate Law, Business Law, Labor & Employment Law, Insurance Litigation, Litigation, Workers Compensation, Industrial Development Law
Steve VinyardAttorney at LawPRACTICE AREA: Administrative Law, Labor & Employment Law, Workers Compensation
Orlando SentinelWhere do I Start?, 10 a.m.-noon March 1, free; Credit Repair - Myth and Reality, 10 a.m.-noon March 15, free; Business Plans, 10 a.m.-noon March 21, free; all classes at Small Business Incubation Center, 1445 Dolgner Place, Sanford. Details and ... more »
CBS Local(Credit: 1st Battalion, 184th Infantry Regiment, California Army National Guard). OROVILLE (AP) – A California National Guard official says they will provide eight helicopters to assist with emergency spillway reconstruction at the nation's tallest dam ... more »
Opelika Auburn NewsThough they have yet to formulate a plan, Tolbert said she envisions the organization may offer rent-to-own programs, credit repair programs and resident services along with other economic development activities. If established, the rent-to-own program ... more »
It's a free online legal dictionary search engine for definitions of legal terminology and legal words, legal abbreviations, and legal jargon you may meet when reading legal acts, law books, documents, legal forms and other legal content