Amid harsh economic times, the Internal Revenue Service recently sped up the process to help financially strapped homeowners refinance or sell their Denver homes “ even if a federal tax lien is already in place.
The agency said there are options that would still allow the home to be sold, even if a federal tax lien has been filed. For example, the homeowner or their lender may request to have the IRS make the tax lien secondary to the lien by the lending institution that is refinancing or restructuring a loan.
Also, 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.
While the process to request discharge or reorder a lien takes about 30 days after the paperwork is submitted, the federal agency said it will work to speed those requests in wake of the economic downturn, according to the press release.
We don™t want the IRS to be a barrier to people saving or selling their homes, said IRS Commissioner Doug Shulman. We realize these are difficult times for many Americans. We will ensure we have the resources in place to resolve these issues quickly and homeowners can complete their transactions.
The agency advises individuals to contact the Collection Advisory Group if they are in the process of selling or refinancing their homes to expedite the process of their requests.
People sometimes delay informing lenders of the tax liens, which only serves to delay the transaction,according to the agency said.
As of late, more than 1 million federal tax liens are outstanding against properties. The IRS issues more than 600,000 federal tax lien notices annually.
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Jeffery McClintock, is a real estate broker in Denver and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions. Jeffery has been a licensed Realtor since 1995. During this time he has successfully closed over 135 million dollars of residential real estate, and 40 million dollars in un-improved land amounting to 660 individual real estate transactions. His professional experience includes the Denver Colorado front range and the Second Home market in Breckenridge, Colorado located in Summit County.
