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If you receive your “Notice & Demand of Payment” and you don’t pay the tax debt, the IRS can then choose pursue the lien on your property. When they do, all of your creditors are notified that the government now has a claim against your property. Not only does it place a lien against property that you currently own, but it’s also against any future property that you might own, as well as accounts receivable if you own a business (money that’s owed to you). This is why a lien can do serious damage to your credit rating. Why would someone consider giving you a loan for property if they know that the government will immediately have a lien against it? What If I Already Have A Lien on My Property? This may be catching you a little late. Perhaps you already have a lien on your property. There may still be some options: 1) Pay the Tax – this is the most obvious, but it’s still worth mentioning. If there’s any way you can get the money and pay the tax, you should look into every option seriously. 2) Appeal – the IRS has strict rules that must be followed in assessing your taxes and placing a lien. If any of these rules have been broken, you may have a case to get the lien removed. You need a lawyer to represent you if you are going to appeal. Call me. 3) Partial Discharge – in order to pay-off your tax, you may need to consider selling your house or rental property. But if you have lien against the property, it will be virtually impossible to sell. We may be able to negotiate a “Partial Discharge” of the lien, enabling you to get the property sold, satisfy your debt with the IRS and get on with your life. There may be other options. Regardless if you’ve just been notified of a lien or you’re already experiencing what it’s like to be under one…you know that it’s serious business.
