When you owe tax cash to the IRS, it’s difficult to make progress towards your monetary targets. Your entire assets are directed to paying off your tax lien, leaving nothing for investments. When you can relate to this example, you may need determined to place your actual property aspirations on maintain till your tax lien is beneath management.
What should you can’t wait to purchase your property or develop your actual property portfolio? MortgageDepot may need an answer. In sure conditions, debtors can have a present tax lien and nonetheless get a mortgage.
What Is an IRS Tax Lien?
An IRS tax lien is a authorized declare towards property. When you don’t pay your taxes, the federal government will take a authorized declare towards your property, together with actual property, funds and private property. A tax lien ensures that the federal government will receives a commission a technique or one other.
When you have a present tax lien, it may be simpler than you suppose to safe a mortgage. At MortgageDepot, debtors with a present tax lien can nonetheless work towards their actual property targets. Debtors should meet these eligibility necessities to qualify:
- There can’t be a Discover of Federal Tax Lien filed towards the borrower in the identical county because the property in query.
- The lender requires an permitted IRS installment settlement stating the phrases of lien compensation.
- The borrower should produce proof that they’re up-to-date on their lien funds.
- The borrower should make no less than one lien cost earlier than closing on the property in query.
Though that is often uncharted territory for our purchasers, our mortgage officers are adept at compiling the paperwork required to acquire a mortgage with a present tax lien.
The MortgageDepot Distinction
At MortgageDepot, we perceive that every consumer has walked a special path earlier than arriving at our door. If you associate with us, you’ll obtain:
- Entry to a choice of loan programs that deal with our purchasers’ distinctive wants.
- A considerate mix of latest expertise and time-tested strategies to make sure high quality service.
- Mortgage applications with the bottom rates of interest obtainable.
Contact MortgageDepot At present!
When you have a present tax lien, don’t put your actual property targets on maintain. Contact MortgageDepot in the present day to determine your subsequent transfer in the actual property sport and emerge as a winner!
Contact one in every of our loan consultants to be taught extra.