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    jleagon's Avatar
    jleagon Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Apr 14, 2008, 11:05 AM
    Lien on Property
    What does a lien on property mean exactly? What has to take place? Do you have to sign papers, etc? Please explain.

    Janet Leagon
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    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #2

    Apr 14, 2008, 09:42 PM
    Liens on property indicates a party initiated an action wherein they attached their claim to a lien. To rid these liens you must track them down and meet with parties to try to remove the liens.an attorney could make quick worj of thes liens,
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Apr 14, 2008, 10:07 PM
    The federal tax lien is a claim against your property, including property that you acquire after the lien is filed. By filing a Notice of Federal Tax Lien, the government establishes its interest in your property as a creditor in competition with other creditors in certain situations, such as bankruptcy proceedings or sales of real estate.

    Once a lien is filed, it may appear on your credit report and it may harm your credit rating. Therefore, it is important that you work to resolve your tax liability as quickly as possible, before lien filing becomes necessary. Once a lien is filed, the IRS generally cannot issue a "Certificate of Release of Federal Tax Lien" until the taxes, penalties, interest, and recording fees are paid in full or the IRS may no longer legally collect the tax.
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