IRS Liens Can and Will Demolish Your Good Credit and Borrowing Capacity!
By Internal Revenue Service filing federal tax liens ( FTL ), the IRS can make your life absolutely miserable.
Federal Tax Liens are filed in the public records in the courthouse nearest your residence. The federal tax lien will indicate you owe the IRS various federal business or individual taxes . They are filed with the County Clerk in the county from which you or your business operates or your principle residence
Because they are public records they will show up on all your credit report. This often makes it difficult or impossible for a taxpayer or the business to obtain any financing, even for an automobile, home, or other lending opportunities.
In addition, Federal Tax Liens can tie up your personal property and real estate. It is like IRS has a mortgage on the property. Once a Federal Tax Lien is filed against your property, you cannot sell or transfer the property without having the lien removed so that you can transfer a clear title. The federal tax lien will have to be released for any sale to take place.
Taxpayers find themselves in a no win situation where they have property against which they would like to borrow but, because of the Federal Tax Lien, they cannot use it as collateral to back up a loan.
Generally the only ways federal tax liens can be released are by full pay, accepted and paid Offer in compromise or the statue of limitation has expired on the tax years. Contact us so we can help you through this problem.  As a side note, your beacon score on your credit report will drop about 100 points. The federal tax lien has a devastating effect.