Federal Tax Lien on my Property in Tempe Arizona
Welcome back to Part Two on having an IRS Lien on your house in Arizona. This is definitely not a place you want to find yourself in but if you do, we can help buy your house cash in Metro Phoenix and on your terms although speed is of the essence when it comes to selling a house with a lien in Arizona so let’s continue this most informative journey to help you in your time of need.
So now I have a tax lien on my property and I need to remove it so what do I do George? Glad you asked that question and let’s discuss some avenues that are available to you so please look below and then I will be able to expand on this difficult conversation we are about to have.
- Even if the Feds also known as our wonderful and beloved IRS folks have a lien on your property it does not mean that they have taken over your property (just yet) or that you will be forced and I do mean forced to sell. Well how is that George? Glad to see you are raring for more info! Well here goes, you need to be absolutely aware that your property can only be put on the market aka sold if it has a reasonable amount of equity which will pay your debt to the IRS but the sale of the property with a tax lien is rather problematic and downright cumbersome to most folks but not to Cash Now Homes as we are very good at taking care of this problem in Metro Phoenix and I will explain so keep reading (I know you are on the seat of your chair just wanting to know what golden nuggets I have to offer and I thank you for this.)
2) Pay the IRS debt in full (best and simplest way to get the IRS folks to take the lien off your property once and for all.)
3) The next one is one that I see the most and that is to request an installment plan folks. Yes, it works and the IRS will work with you once you explain your current situation but the debt has to be less than $50,000 dollars so if this is you, by all means speak with the IRS folks (or call Cash Now Homes in your time of need as we are here for you.)
Furthermore, you will have to make a number of payments (three payments to be exact) before you can actually file for a request to have the IRS withdraw the lien from your property but it takes time (we all know that our lovely government does not move as fast as the private sector but at least you have an opportunity to take this much needed step.)
How much time does it take George? Geez, you folks are really sharp when it comes to selling property with a lien but I want you to know that it takes up to three months to have the IRS tax lien removed from your property.
It’s not over yet though but the good news is that (remember I told you the IRS folks were reasonable) your lien will be removed and you will be home free (somewhat) even though you will still be making payments to the IRS on a monthly basis but they give you up to six years to do this. How about that good citizens of Metro Phoenix? Six whole years to repay the debt to the IRS!!
- You can also request to sell the property and this is where Cash Now Homes shines because we understand the details involved such as having a sufficient amount of equity in the house to cover the actual debt and the amount of documentation needed on a step by step basis because our beloved IRS requires this so we make sure that all details are covered.
4) Another great question is how to avoid getting that hated tax lien in the first place as you are trying to sell your house. As always, I have some golden nuggets to share that you might very useful such as to make sure to be aware how much you owe in back taxes and pay it in full so you can avoid this scenario which is the easiest way possible if you are trying to sell your house fast in Phoenix.
5) You can also file an extension if you owe more than $10,000 dollars and cannot pay this amount all at once so make sure to file a request that will extend the deadline on your back taxes up to 120 days. Yes, this is possible and I also have seen my clients do this as well but the next golden nugget is the most impressive of all.
6) This next nugget is called an offer in compromise and basically it means that you can file an offer in compromise if you can only and realistically pay back only a certain percentage of the actual debt which the IRS will let you know if they are in agreement with you or not but I do have clients that have been able to accomplish this and only ended up paying less than 20% of the actual amount owed to the IRS folks. Can you imagine that? Of course, you need to have all financial documentation in order for the IRS to grant you the offer in compromise.
At this point in time, I think that you have an idea of what to do if you have a federal tax lien on your property to include calling Cash Now Homes as we are experts at helping all our clients with seemingly insurmountable problems that we find solutions for on an everyday basis so please call us as we are here to help you in your time of need and I hope you enjoyed the article as much as I enjoyed writing especially the part about the offer in compromise (that one is a doozy.)
Call Us Now