Sometimes renting is more expensive than buying. Maybe your family is growing, or you have to move and there is a great deal on a house close to your new job. But there is a problem: that pesky IRS lien filed against you. Can you still buy a house?
The short answer is yes…but there are some factors to consider.
How an IRS Lien Affects a Home Purchase
- The IRS lien is automatically inferior to a mortgage loan properly recorded for the purpose of buying your home.
- The property is still subject to the lien, and any equity you build is at risk of IRS action — such as a seizure of the property or a suit to foreclose the lien.
- Government loan programs and most mortgage originators require you to have some kind of arrangement with the IRS, such as a payment plan.
There are solutions to every problem. If the IRS has filed a lien against you, it is advisable to consult with an IRS expert who can review your options and help guide you through the process of dealing with the tax lien.
At Falcon, we are lien experts. Our team of former IRS officers will be happy to review your situation. We are here in San Antonio, ready to meet with you in person, and we serve the San Antonio metro area, Houston, Austin, and South Texas.
At Falcon, we are lien experts.
A payment plan (an Installment Agreement), a settlement (an Offer in Compromise), or a creative strategy such as penalty removal (IRS Penalty Abatement) may be the next step to leave the stress of a lien behind and move forward with the dream of buying your home.
The Longer You Wait, the Fewer Options You Have.
Your case review is free, confidential, and comes with no obligation — just a clear picture of where things stand and what can still be done.