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IRS Tax Lien Removal |
Reduce Your IRS Tax Owed
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| I got served with an IRS
Tax Lien and want to share some selected articles and resources with you.
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In U.S. law, lien is the
broadest term for any sort of charge or encumbrance against an
item of property that secures the payment of a debt or
performance of some other obligation.
Liens can be consensual or non-consensual. Consensual liens
are imposed by a contract between the creditor and the debtor.
These liens include:
mortgages;
car loans;
security interests;
chattel mortgages
Non-consensual liens typically arise by statute or by
the operation of the common law. These liens give a
creditor the right to impose a lien on an item of real
property or a chattel by the existence of the
relationship of creditor and debtor.
These liens include:
tax
liens, imposed to secure payment of a tax;
attorney's liens, against funds and documents to secure
payment of fees;
mechanic's liens, which secure payment for work done on
property or land;
judgment liens, imposed to secure payment of a judgment
maritime liens, imposed on ships by admiralty law.
Liens are also "perfected" or "unperfected." Perfected liens
are those liens for which a creditor has taken the steps
required by law to give third parties notice of his interest
in the property in which a lien is claimed. The fact that an
item of property is in the hands of the creditor usually
constitutes perfection. Where the property remains in the
hands of the debtor, some further step must be taken, like
recording a notice of the security interest with the
appropriate office.
Perfecting a lien is an
important part of the task of protecting the secured
creditor's interest in the property. A perfected lien is valid
against bona fide purchasers of property, and even against a
trustee in bankruptcy; an unperfected lien may not be.
Retrieved from "http://en.wikipedia.org/wiki/Lien"
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Continue Search... Tax Lien Removal |
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TAX LIENS |
A tax lien is a lien
imposed on a property by a government body to secure
payment of delinquent taxes owed on real property or
personal property.
Unlike personal debts, tax liens on real estate "run
with the land"; that is, a property owner becomes
responsible for payment even if the debt was incurred by
a prior owner.
Repayment of tax liens occur through one of three
methods:
Payment may be made by either the property owner or,
more commonly, by the mortgage holder using an escrow
account. Notice is given both to the property owner and
mortgage holder when a tax is delinquent; thus, even if
the property owner does not have an escrow account on
the mortgage, the mortgage company will still pay the
tax and then create an escrow account to recoup the
proceeds, since the mortgage company would lose its lien
at a judicial foreclosure.
If a property is sold prior to foreclosure by the
government body, the lien (which is generally discovered
as part of a title search is paid as part of closing
costs from the sale proceeds.
In the event a lien is not paid within a specified time
(and after several notices are generally given), on
personal property the item is seized and sold at
foreclosure sale. On real property, one of two methods
may be used: either the property itself may be seized
and sold at foreclosure (a tax deed sale), or the lien
may be offered to investors with an accompanying right
for the investor, after a specified period of time, to
institute foreclosure proceedings (a tax lien sale).
Retrieved from
"http://en.wikipedia.org/wiki/Tax_lien"
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| This
site is dedicated to TAX LIENS. The information
is derived from believed to be reliable government sources
and is not meant to be legal advice. |
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