Legal definition of Tax Liens
Credit Repair Legal Terminology

Tax Liens

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:
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
The Legal Analyst: A Toolkit for Thinking about the LawThe Legal Analyst: A Toolkit for Thinking about the Law
by Ward Farnsworth
  • List Price: $25.00
  • Price: $19.74
  • You Save: $5.26 (21%)
from $13.63
Understanding JurisprudenceUnderstanding Jurisprudence
by Raymond Wacks
  • Price: $52.48
from $36.05
Daniel R DoorakianAttorney at LawPRACTICE AREA: Real Estate Law, Wills & Probate, Trusts & Estate Planning, Litigation, Animal Law, Industrial Development Law
Steven W PerbixAttorney at LawPRACTICE AREA: Criminal Defense, Asbestos Litigation, Business Law, Litigation, Animal Law, Workers Compensation
Randolph L RoebuckAttorney at LawPRACTICE AREA: Personal Injury, Labor & Employment Law, Health Care Law, Insurance Litigation, Litigation, Animal Law, Aviation
Examiner.comTwo methods are recommended for credit repair: do-it-yourself and professional repair agency. Familiarize yourself with some of the laws that surround credit repair companies. The Credit Repair Organizations Act was drafted to protect you, the consumer ... more »
WTVMAnother troubling trend among credit repair scammers is the promise of an entirely new credit identity, which can unwittingly land a consumer in trouble with the law. You can spot these scams when a service suggests abandoning a social security number ... more »
ACA InternationalThe Consumer Financial Protection Bureau released its monthly complaints snapshot Thursday, detailing complaints on products and services including debt settlement and credit repair as well as nationwide trends. As of Jan. 1, 2016, the CFPB has handled ... 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