PURCHASE OR REFINANCE WITH TAX LIENS
As a Homeowner in need of a Texas FHA refinances is for the IRS to agree to move to the back of the line behind the new mortgage lender that is refinancing your mortgage. If order to accomplish a refinance with an IRS tax lien you must request Certificate of Subordination from the IRS. In other words, you are asking the IRS to subordinate themselves to the new mortgage lender – to move behind the new mortgage lender in priority.
The IRS will usually agree to do this as long as they are paid at the time of the closing tax lien refinance closing. Let’s say for example you have $50,000 of equity in your Home and a tax lien for $60,000. If you refinance and pull all of the $50,000 of equity out of your Home, the entire amount will have to be paid to the IRS but you will still owe them another $10,000. Through the Certificate of Subordination, the IRS lien will agree to move to the back of the line as long as they are paid this $50,000.
IRS SPEEDS LIEN RELIEF FOR HomeOWNERS TRYING TO SELL OR REFINANCE
The IRS announced recently an expedited process that will make it easier for financially distressed Homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of aHome.
If taxpayers are looking to refinance or sell a Home and there is a federal tax lien filed, there are options. Taxpayers or their representatives, such as mortgage lenders, may request that the IRS make a tax lien secondary to the lien by the lending institution that is refinancing or restructuring a mortgage loan. Taxpayers or their representatives may request that the IRS discharge its claim if the Home is being sold for less than the amount of the mortgage lien under certain circumstances.
The process to request a discharge or a subordination of a federal tax lien takes approximately 15 – 30 days after the submission documentation has been completed.
“We don’t want the IRS to be a barrier to saving or selling their Homes. We want to raise awareness of these lien options and to speed our decision-making process so Homeowners can refinance their mortgages or sell their Homes,” said anonymous IRS agent.
“We realize these are difficult times for many Homeowners, “We will ensure we have the resources in place to resolve these issues quickly and Homeowners can complete their transactions.”
Filing a Notice of Federal Tax Lien is a formal process by which the government makes a legal claim to property as security or payment for a tax debt. It serves as a public notice to other liens and creditors that the government has a claim on theHome.
In some cases, a federal tax lien can be made secondary to another mortgage or lien, such as a mortgage lender or institution’s, if the IRS determines that taking a secondary position ultimately will help with the collection of the tax debt. That process is called subordination. taxpayers or their representatives can apply for a subordination of a federal tax lien if they are refinancing or restructuring their mortgage. Without lien subordination, taxpayers may be unable to borrow funds or reduce their payments. mortgage lenders generally want their lien to have priority on the Home being used as collateral.
To apply for a certificate of lien subordination, people must follow IRS directions located in Publication 784, How to Prepare an Application for a Certificate of Subordination of a Federal Tax Lien. Again, there is no form but there must be a typed letter of request and certain documentation. The request should be mailed to one of 40 Collection Advisory Groups nationwide. See Publication 4235, Collection Advisory Group Addresses, for address information.
taxpayers or their representatives may apply for a certificate of discharge of a tax lien if they are giving up ownership of a Texas, such as selling the Home, at an amount less than the mortgage lien if the mortgage lien is senior to the tax lien. The IRS may also issue a certificate of discharge in other circumstances if the taxpayer has sufficient equity in other assets, can substitute other assets, or is able to pay the IRS its equity in the Home. Without a tax lien discharge, theHomeowner may be unable to complete the Homeownership change and the ownership title will remain clouded.
To apply for a mortgage refinance and or tax lien discharge, Homeowners must follow directions in Publication 783, Instructions on How to Apply for a Certificate of Discharge of a Federal Tax Lien. There is no form but there must be a typed letter of request and certain documentation. The request should be mailed to one of Collection Advisory Groups nationwide. See Publication 4235 for address information.
The IRS also urges Homeowners to contact the agency’s Collection Advisory Group early in theHome sale or mortgage refinancing process so that it can begin work on their requests. Sometimes delay informing mortgage lenders of the tax liens, which only serves to delay the sale.
Currently, there are more than 500,000 federal tax liens outstanding tied to both real and personal property. The IRS issues more than 300,00 federal tax lien notices annually.
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1 Houston Tax Lien Mortgage Lenders 2,296,224 2,100,389 9.34%
2 San Antonio Tax Lien Mortgage Lenders 1,469,845 1,327,407 10.73%
3 Dallas Tax Lien Mortgage Lenders 1,317,929 1,197,816 8.53%
4 Austin Tax Lien Mortgage Lenders 931,820 790,390 17.89%
5 Fort Worth Tax Lien Mortgage Lenders 833,319 741,206 12.42%
6 El Paso Tax Lien Mortgage Lenders 681,124 649,121 4.93%
7 Arlington Tax Lien Mortgage Lenders 388,125 365,438 6.20%
8 Corpus Christi Tax Lien Mortgage Lenders 324,074 305,215 6.17%
9 Plano Tax Lien Mortgage Lenders 283,558 259,841 9.12%
10 Laredo Tax Lien Mortgage Lenders 255,473 236,091 8.20%
11 Lubbock Tax Lien Mortgage Lenders 249,042 229,573 8.48%
12 Garland Tax Lien Mortgage Lenders 236,897 226,876 4.41%
13 Irving Tax Lien Mortgage Lenders 236,607 216,290 9.39%
14 Amarillo Tax Lien Mortgage Lenders 198,645 190,695 4.21%
15 Grand Prairie Tax Lien Mortgage Lenders 187,809 175,396 7.07%
16 Brownsville Tax Lien Mortgage Lenders 183,887 175,023 5.06%
17 McKinney Tax Lien Mortgage Lenders 162,898 131,117 24.23%
18 Frisco Tax Lien Mortgage Lenders 154,407 116,989 31.98%
19 Pasadena Tax Lien Mortgage Lenders 153,784 149,043 3.18%
20 Mesquite Tax Lien Mortgage Lenders 144,788 139,824 3.55%
21 Killeen Tax Lien Mortgage Lenders 140,806 127,921 10.07%
22 McAllen Tax Lien Mortgage Lenders 140,269 130,242 7.69%
23 Carrollton Tax Lien Mortgage Lenders 133,168 119,097 11.81%
24 Midland Tax Lien Mortgage Lenders 132,950 111,147 19.61%
25 Waco Tax Lien Mortgage Lenders 132,356 124,805 6.05%
26 Denton Tax Lien Mortgage Lenders 131,044 113,383 13.24%
27 Abilene Tax Lien Mortgage Lenders 121,721 117,063 3.97%
28 Odessa Tax Lien Mortgage Lenders 118,968 99,940 19.03%
29 Beaumont Tax Lien Mortgage Lenders 118,129 118,296 –0.14%
30 Round Rock Tax Lien Mortgage Lenders 115,997 99,887 16.12%
31 The WoodlandsTax Lien Mortgage Lenders 112,505 93,847 19.88%
32 Richardson Tax Lien Mortgage Lenders 110,815 99,223 11.68%
33 Pearland Tax Lien Mortgage Lenders 108,821 91,252 19.25%
34 College Station Tax Lien Mortgage Lenders 107,889 93,857 14.95%
35 Wichita Falls Tax Lien Mortgage Lenders 104,710 104,553 0.15%
36 Lewisville Tax Lien Mortgage Lenders 104,039 95,290 9.18%
37 Tyler Tax Lien Mortgage Lenders 103,700 96,500 7.46%
38 San Angelo Tax Lien Mortgage Lenders 100,450 93,200 7.77%
39 League City Tax Lien Mortgage Lenders 98,312 83,560 17.65%
40 Allen Tax Lien Mortgage Lenders 98,143 84,246 16.49%
41 Sugar Land Tax Lien Mortgage Lenders 88,156 78,817 11.84%
42 Edinburg Tax Lien Mortgage Lenders 84,497 77,100 9.59%
43 Mission Tax Lien Mortgage Lenders 83,298 77,058 8.09%
44 Longview Tax Lien Mortgage Lenders 82,287 80,455 2.27%
45 Bryan Tax Lien Mortgage Lenders 82,118 76,201 7.76%
46 Pharr Tax Lien Mortgage Lenders 76,538 70,400 8.71%
47 Baytown Tax Lien Mortgage Lenders 76,335 71,802 6.31%
48 Missouri City Tax Lien Mortgage Lenders 74,139 67,358 10.06%
49 Temple Tax Lien Mortgage Lenders 72,277 66,102 9.34%
50 Flower Mound Tax Lien Mortgage Lenders 71,253 64,669 10.18%
51 New Braunfels Tax Lien Mortgage Lenders 70,543 57,740 22.17%
52 North Richland Hills Tax Lien Mortgage Lenders 69,204 63,343 9.25%
53 Conroe Tax Lien Mortgage Lenders 68,602 56,207 22.05%
54 Victoria Tax Lien Mortgage Lenders 67,574 62,592 7.95%
55 Cedar Park Tax Lien Mortgage Lenders 65,945 48,937 34.75%
56 Harlingen Tax Lien Mortgage Lenders 65,774 64,849 1.42%
57 Atascocita Tax Lien Mortgage Lenders 65,844 65,844 0.00%
58 Mansfield Tax Lien Mortgage Lenders 64,274 56,368 14.02%
59 Georgetown Tax Lien Mortgage Lenders 63,716 47,400 34.42%
60 San Marcos Tax Lien Mortgage Lenders 60,684 44,894 35.17%
61 Rowlett Tax Lien Mortgage Lenders 60,236 56,199 7.18%
62 Pflugerville Tax Lien Mortgage Lenders 57,122 46,936 21.70%
63 Port Arthur Tax Lien Mortgage Lenders 55,340 53,818 2.82%
64 Spring Tax Lien Mortgage Lenders 54,298 54,298 0.00%
65 Euless Tax Lien Mortgage Lenders 54,219 51,277 5.73%
66 DeSoto Tax Lien Mortgage Lenders 52,486 49,047 7.01%
67 Grapevine Tax Lien Mortgage Lenders 51,404 46,334 10.94%
68 Galveston Tax Lien Mortgage Lenders 50,180 47,7
