In some instances, the IRS will let other creditors take their debts before the IRS as they may also make a compromise that permits the taxpayer to make small payments on the debt until it is paid off.
CAN A CREDITOR PUT A LIEN ON MY HOUSE?
Property liens placed by creditors are known as judgment liens. A creditor needs to have a valid court judgment to request and obtain a judgment lien. The court judgment is obtained when a creditor sues a debtor and wins. A certificate of judgment is awarded to the creditor by the court. The creditor officially records the lien by filing with the land records office in whichever county the consumer’s home is located.
IS THERE A LIEN AGAINST A PROPERTY I OWN?
One way to find out if there is a lien against a property you own is simply to search online court records. An alternative option is to ask a property agent to find out on your behalf. Another alternative will cost you a little money, but you might save a great deal of time. If you have a mortgage on your home, call the bank. They can inform you about any encumbrances they have recorded—apart from the loan you owe them. The world of liens is a complex and high-risk one that should be carefully navigated with a real estate agent’s help or help from a financial advisor.
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