Are you currently in the process of trying to sell or refinance your home, or thinking about doing so? It’s difficult enough to sell a home in the current economy, but if you have a tax lien, it can be that much tougher. Many people may need to sell their home because they have been forced to relocate for employment reasons. Or perhaps you’re trying to sell or refinance to get out from under a payment you can’t afford. Whatever the reason, most sellers will want to attempt to get their homes sold prior to Dec. 1, so that potential buyers can take advantage of the tax credit for first-time home buyers.
Fortunately, the IRS has stated that they are attempting to speed the process of lien removal for people trying to sell or refinance their property. Normally, the process takes about 30 days; however, the IRS has indicated that they will attempt to expedite these requests. An article on the IRS website states:
We dont want the IRS to be a barrier to people saving or selling their homes. We want to raise awareness of these lien options and to speed our decision-making process so people can refinance their mortgages or sell their homes, said Doug Shulman, IRS commissioner.
We realize these are difficult times for many Americans, Shulman said. We will ensure we have the resources in place to resolve these issues quickly and homeowners can complete their transactions.
If you’re trying to sell your home or refinance to take advantage of the low interest rates, and an IRS tax lien is standing in your way, you can contact a tax professional for more information to see what programs you may qualify for.