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Re: [tips_and_tricks] State Tax Liens and reciprocal agreements

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  • soitgoes2day@aol.com
    regardless of reciprocity (should it exist at all) once any lien is filed, it becomes matter of public record for all to negatively see regardless of where
    Message 1 of 4 , Jan 29, 2007
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      regardless of reciprocity (should it exist at all) once any lien is filed, it becomes matter of public record for all to negatively see regardless of where the filing (jurisdiction) first took place, it will immediately negatively affect your credit rating score. did you ever try obtaining money loan or buying real property with a filed tax lien already in place? difficult being it makes lenders wary, in turn they charge higher interest rates than those who exist w/o lien
       
      denied due process
    • jmoran9700@aol.com
      I ve been doing mortgages for 22 years and you are right a tax lien will affect your credit rating. If your overall credit is good you can still get a purchase
      Message 2 of 4 , Jan 29, 2007
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        I've been doing mortgages for 22 years and you are right a tax lien will affect your credit rating. If your overall credit is good you can still get a purchase money mortgage at a decent rate without paying off the lien. Refer to IRS publication 785 (1-2005) and revenue ruling 68-57.
         
        The reason is the IRS cannot attach an asset that you don't already own. Once you buy the property the lien will be attached in second position behind the new first mortgage. If you sell or refinance the property then you will have to pay it off unless you negotiate a subordination agreement with the taxing agency.
         
        Not too many bankers or mortgage brokers know this, but this is what 22 years experience brings to the table.
         
        John 
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