Knowing Your Tax Lien Options

Having a tax lien on your property can be quite a stressor in one’s life. Although there are many ways in which you can prevent getting to this point the fact of the matter remains, for those already in the messy situation, that “what if’s” won’t make the problem go away. There is hope though. There are different options for paying off the tax lien that are fairly easy to accomplish.

Before issuing a tax lien the government will make several attempts to contact the owner regarding their overdue taxes. They are willing to make payment arrangements with the owners as well. All they want is their money and while added interest and fees are nice, getting the money in the first place would have been even better in their eyes. Once the tax lien is attached to the property there is no going back (unless of course it is all a huge mistake that can simply be sorted out and fixed). This is not to make it seem as though getting out of the tax lien is very difficult, on the contrary there are several options.

One of the options available to owners whose properties are financed is generally taken care of for them. When the government contacts the owners concerning the defaulted taxes they also inform the lenders who then promptly pay the government and require that the mortgagee pay them back through the use of an escrow account (which had it been set up in the first place could have prevented this whole situation).

Most tax lien properties do not have any financing attached. Many of them are inherited properties that people don’t really care about. In an instance like this you can choose to sell your property. Just make sure you include paying off the tax lien and all related interest and fees in the closing costs or else the title will not be transferred.

Another choice is simply to leave the handling of the property to the government. Just let the property and the tax lien go. The government will then sell the property at a tax deed auction or as a tax lien certificate to investors. Either way the problem is out of your hands.

Deciding how to handle a tax lien can be difficult, it can be hard to weigh the pros and cons of the situation. Rest assured the right answer for you is out there and that you will be able to feel confident in any choice to make. Life with a tax lien may be hard for a little while, but it is easily managed when you have the right information in your hands and know what you are doing.

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