Dallas, TX- I was recently speaking to a group and was asked what could be done if there was a tax lien on the property in the case of a loan modification or short sale.
In the case of getting a loan modification that can be difficult because you would have to get the IRS to lift the lien for the loan modification to be done. A loan modification is an in-house refinance so the mortgage loan is being restructered under new terms and just as a refinance the lien holder wants to protect their interest so loan modifications whereas there is a lien on the property have historically been denied.
In the case of a short sale where there is an IRS lien on the property you can negotiate to have the lien lifted to allow the short sale but you do have to prove there seller will gain no proceeds. The process is detailed and does take time to accomplish and should be started prior to having an offer on the short sale property. Some lenders are now pulling title when a short sale is initiated and will address any liens immediately and there are some lenders who are still not checking the title at all and the deal falls apart at closing. So make sure you are using a title company that is proficient in short sales and are checking for liens when the listing starts.
If you are in need of a short sale and need an expert to assist you then I am your Dallas Short Sale Queen and it would be my pleasure. You can contact me with email at phillis@txhomerealty.com or call 214-650-5536 for a free consultation. We offer loan modification assistance for free, loan modifications can take a while to get approval so make sure you get assistance in applying for one they can be very frustrating to attempt alone. A short sale requires the expertise of a short sale agent and I am available to assist you.
I want to thank you for reading my blog and if you have any questions or comments you can contact me at phillis@txhomerealty.com or call me at 214-650-5536.
The information in my blog are not legal facts for legal information please contact an attorney.
Check out my website at http://www.txhomerealty.com/
If you are in the market for a home I also specialize in all home buyers.
Give yourself financial freedom by calling the expert in the business. I have a proven track record of success with short sales. I am the short sale queen of Texas with the knowledge, experience, training, and team to keep your home out of foreclosure.
