Home Buying in Staten Island>Question Details

Michelle, Home Buyer in Staten Island, NY

I have tax liens from years ago but am in a current payment plan. I make more than 200K a year with good credit. Will I get approved for a mortgage?

Asked by Michelle, Staten Island, NY Sat Aug 16, 2014

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6
You will most likely not be able to purchase as long as the tax lien is attached to the property. Most mortgage lenders require a first lien position on the property, and a tax lien will have first lien priority over the new mortgage loan. Therefore, your mortgage lender will require somebody to pay the taxes and have the tax lien removed before it will give you a mortgage loan on the property. The other issue with purchasing a property subject to a tax lien is that you might not be able to obtain title insurance on the house. Title insurance is a standard purchase for homeowners because it protects the purchaser's title to the house. Most title insurance companies are wary of tax liens and will not issue a homeowner's policy until the tax lien disappears.
0 votes Thank Flag Link Mon Oct 6, 2014
Michelle,


Your good credit and ample income will definitely help.

If you're in repayment then I will need copies of 3 months cancelled checks to prove this to underwriting in addition to the terms/agreement of repayment. If you're just making payment with no established payment plan then you will need to structure one immediately and we'll have to wait 3 months to verify payments.

To ensure other aspects of mortgage qualification are met it is best that we speak to go over your scenario as a whole. Please contact me at your earliest convenience so we may begin weighing out your options and planning your upcoming home purchase. I may be reached directly via phone or email, whichever method is easiest for you. I look forward to helping!



Kind regards,


Paul Marzolla
Vice President
Direct: (201) 957-6768
Email: info@paulmarzolla.com
http://www.PaulMarzolla.com
__________________________________________________

NMLS#922891
Licensed by New York Department of Financial Services
Member of NAMB - The Association of Mortgage Professionals
Member of New York Real Estate Investors Association
__________________________________________________
0 votes Thank Flag Link Wed Oct 1, 2014
Michelle,


Your good credit and ample income will definitely help.

If you're in repayment then I will need copies of 3 months cancelled checks to prove this to underwriting in addition to the terms/agreement of repayment. If you're just making payment with no established payment plan then you will need to structure one immediately and we'll have to wait 3 months to verify payments.

To ensure other aspects of mortgage qualification are met it is best that we speak to go over your scenario as a whole. Please contact me at your earliest convenience so we may begin weighing out your options and planning your upcoming home purchase. I may be reached directly via phone or email, whichever method is easiest for you. I look forward to helping!



Kind regards,


Paul Marzolla
Vice President
Direct: (201) 957-6768
Email: info@paulmarzolla.com
http://www.PaulMarzolla.com
__________________________________________________

NMLS#922891
Licensed by New York Department of Financial Services
Member of NAMB - The Association of Mortgage Professionals
Member of New York Real Estate Investors Association
__________________________________________________
0 votes Thank Flag Link Wed Oct 1, 2014
Lenders do not approve mortgage closing unless IRS is willing to subordinate their claim to the lender.
Most recently IRS has made major changes to help borrowers secure mortgage, namely willing to subordinate their claim to the lender and issuing lien withdrawals to taxpayers entering into a direct debit installment agreement. IRS will withdraw a lien if a taxpayer on a regular installment agreement converts to a direct debit installment agreement. Once taxpayer is on direct debit installment agreement and have finished a probationary period to prove the direct debit will be honored they must request withdrawal of the lien.
I hope this helps. If you need to get a formal mortgage pre approval please get in touch with me.
My contact information is given below.

Thanks




Sanjeev Ahuja, MLO NMLS 148731

30 Years of Financial Service Industry Experience

Home Funding LLC NMLS 885573

110 Jericho Turnpike Suite 214

Floral Park, NY 11001

Tel: 516-216-1987

Fax: 516-216-1986

Mobile: 917-517-2552

Email: sahuja@homefunding.biz
0 votes Thank Flag Link Sun Aug 17, 2014
It is unlikely all mortgage programs will be available with IRS tax liens. You should check with a local and trusted loan officer who can look at all your credit and financials to let you know.
0 votes Thank Flag Link Sun Aug 17, 2014
Consider paying your tax liens beforehand, but for a personalized answer you really should visit with any licensed loan officer; be aware that a mortgage preapproval letter is necessary to determine your price range and for any offers to be taken seriously....
0 votes Thank Flag Link Sun Aug 17, 2014
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