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GeorgiaShortSaleCentral.com Blog

Metro Atlanta Short Sale Information and Resource Guide

By Sharon E. Smoot | Agent in Atlanta, GA

Short Sales and Federal Tax Liens

A federal tax lien can be an impediment to the approval of a short sale.  If you have a federal tax lien, your lender will not agree to pay it off out of the proceeds from the sale of the property.  This means that you will have to pay off the lien so that free and clear title to the property can be transferred to the buyer.

If you have a federal tax lien and are considering a short sale, don't be discouraged because there is good news.  It is now possible for homeowners who are facing foreclosure and trying to sell their home to apply for a federal tax lien discharge.  The procedure for applying for a tax lien discharge is set forth in IRS Publication 783.  This publication also outlines all of the documentation which must be submitted with your request for a tax lien discharge.

Keep in mind that if the IRS grants the tax lien discharge, you will still owe the taxes.  The IRS is releasing the lien only to assist you in successfully short selling your home.

For FREE short sale information, visit http://GeorgiaShortSaleCentral.com.

 

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