One of the most common liens is a tax lien. For example, if you owe $20,000 in back federal income taxes and you want to sell your home, the proceeds of the sale will go to satisfy the IRS lien first. What remains will then be used to pay off the mortgage. If there is anything left, then you will receive it.
The problem with liens is that they stay against the property until the lien is paid off or the property sold. Often, this can scare off a potential buyer who doesn’t want to bother with the processing delays caused by paying off a tax lien. In addition, liens, like all public records, can have a significant impact on your credit score.
Doctors Financial Resources is available to offer the assistance necessary to remove liens that are reporting inaccurately. Give us a call today at (888) 855-2345.