Can I get a mortgage if I owe back taxes, but dont have a lien or levy?
I am set up on an installment plan, and make monthly payments.
Originally posted 2010-04-25 20:58:26. Republished by Blog Post Promoter
,,Back taxes, levy, etc? ,My next door neighbor has a $400,000 federal tax lien on his house, plus about $160,000 in mortgage debt.? ,how does a tax lien effect you getting a mortgage loan? ,Will A Mortgage Company Refinance Me For Tax Lien? ,IRS sent a notice of levy to my mortgage co. what does this mean? ,Comments (2)
That’s a decision for the lender to make. You monthly payments will be taken into account when qualifying you for the loan. That said, most lenders are less than likely to consider you for a loan with an outstanding IRS debt. You don’t have any liens because you probably don’t own anything of value that could be attached. Once you buy a home though, the IRS would likely slap a lien on it to secure their position. Tax liens generally take a superior position to the lender’s security interest so most lenders don’t want to take on that risk.
If a lender will loan, there is nothing that should stop them.