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
Hay, Weintraub and Borchers' Conflict of Laws, Cases and Materials, 13th (University Casebook Series) (English and English Edition)Hay, Weintraub and Borchers' Conflict of Laws, Cases and Materials, 13th (University Casebook Series) (English and English Edition)
by Peter Hay, Russell Weintraub, Patrick Borchers
  • List Price: $202.00
  • Price: $191.90
  • You Save: $10.10 (5%)
from $3.95
Conflict of Laws: Cases and Materials (Aspen Casebook Series) 6th (sixth) editionConflict of Laws: Cases and Materials (Aspen Casebook Series) 6th (sixth) edition
by R. Lea Brilmayer
from $106.99
Richard L HillAttorney at LawPRACTICE AREA: Administrative Law, Business Law, Sports Law
David R NagleAttorney at LawPRACTICE AREA: Family Law, Real Estate Law, Criminal Defense, Contracts, Litigation, Sports Law, Industrial Development Law
Thomas B ShuttleworthAttorney at LawPRACTICE AREA: Personal Injury, Professional Malpractice, Admiralty & Maritime Law, Sports Law
NerdWallet (blog)Beyond cash back rewards, some credit cards for poor credit offer perks that can help with credit repair. Look for cards that recognize on-time payments with credit limit increases. Having a higher credit limit can lower your credit utilization ratio ... more »
New York TimesIn 1992, she learned that she owed $5,000 to the Internal Revenue Service, and she is paying it back with interest, in addition to paying her credit card bills. Two years ... With other bills and unexpected repair costs for her own car, she fell behind ... more »
DailyFinanceThat's right: If you originally purchased the phone with a credit card, you may very well be covered for an additional year on top of the manufacturer's warranty. American Express (AXP) and Visa (V) Signature cards even cover wear and tear and ... 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