How does a charge lien effect you getting a mortgage loan?
i am a first time (or hope to be) home buyer, and i have a tax lien on me, however i am classified 'currently non collectible' by the irs. so surrounded by short,how does this effect my chance of getting a mortgage loan. also, the tax debt is not even within the 5 digits, it that even matters. thanks!
Answers:
You would have what creditor's concider "high risk" credit and your loan may enjoy a higher interest rate because of it. Depending on how old the lien is, you can write to the IRS for a copy and progress check your local county court house for a copy of the lein. It could be a "self releasing" type and can be removed from your credit report.
they normally need to be pleased in order to return with a loan
If the lender see it you would not get the loan. Federal tax liens are serious and is a big low blow to your credit rack up. If you can't afford 4 digits of debt, why should the bank give you 6? Source(s): Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn within 7 Days by Don Sausa
maybe i am missing something here... but your noncollectable by the irs then how do you have an idea that you can qualify for a mortgage ?
something is missing here, you have the money to put down but yet the irs know nothing of it ? I would not announce that too loud on the internet they may just be watching....
Any lien that could effect title of the home would be required to be salaried off. It will really depend on the title company and if they pull up the lien against you when they do their furrow. Of course if it is already showing on your credit report then you will be stuck paying it off too. Source(s): 10+ yrs within mortgages
Related Questions:
My mortgage company modified my loan so.?
can a legal clinic help me get hold of more help from my mortgage company? I was referred to a allowed clinic by the FHA and I don't want to go and waste my time if they can't minister to me. I told them I just got...
Answers:
You would have what creditor's concider "high risk" credit and your loan may enjoy a higher interest rate because of it. Depending on how old the lien is, you can write to the IRS for a copy and progress check your local county court house for a copy of the lein. It could be a "self releasing" type and can be removed from your credit report.
they normally need to be pleased in order to return with a loan
If the lender see it you would not get the loan. Federal tax liens are serious and is a big low blow to your credit rack up. If you can't afford 4 digits of debt, why should the bank give you 6? Source(s): Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn within 7 Days by Don Sausa
maybe i am missing something here... but your noncollectable by the irs then how do you have an idea that you can qualify for a mortgage ?
something is missing here, you have the money to put down but yet the irs know nothing of it ? I would not announce that too loud on the internet they may just be watching....
Any lien that could effect title of the home would be required to be salaried off. It will really depend on the title company and if they pull up the lien against you when they do their furrow. Of course if it is already showing on your credit report then you will be stuck paying it off too. Source(s): 10+ yrs within mortgages
Related Questions:
My mortgage company modified my loan so.?
can a legal clinic help me get hold of more help from my mortgage company? I was referred to a allowed clinic by the FHA and I don't want to go and waste my time if they can't minister to me. I told them I just got...