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
R. A. Mann's,B. S. Roberts's 10th(tenth) edition (Business Law and the Regulation of Business (Hardcover))(2010)R. A. Mann's,B. S. Roberts's 10th(tenth) edition (Business Law and the Regulation of Business (Hardcover))(2010)
by B. S. Roberts R. A. Mann
from $24.80
Regulation and Its ReformRegulation and Its Reform
by Stephen Breyer
from $7.46
Guyton O TerryAttorney at LawPRACTICE AREA: Personal Injury, Professional Malpractice, Family Law, Criminal Defense, Contracts, Wills & Probate, Admiralty & Maritime Law, Trusts & Estate Planning, Litigation, Military Law & Military Benefits
Richard D DvorakAttorney at LawPRACTICE AREA: Family Law, Administrative Law, Bankruptcy Law, Business Law, Litigation, Military Law & Military Benefits
Elizabeth G RobertsonAttorney at LawPRACTICE AREA: Health Care Law, Military Law & Military Benefits
Rejoice MagazineBut winter storms have exacted a toll on the city and state recently as well, and illuminated some flaws in the system for maintaining infrastructure and ensuring preparedness. Last year's harsh winter caused road repair needs to spike in New York ... more »
Washington PostWhen he returned the vehicle and presented the receipt, a company representative promised him credit for the repair. But the credit never appeared. “I've left at least two phone messages,” says Themelis, a retired engineering manager for the federal ... more »
CBS News... the latest achievement for a group some call the greatest string band in the world. CBS News correspondent Jan Crawford spoke with the guys challenging the status quo in Nashville and reports on how they came to share a writing credit with Bob Dylan. 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