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Recent Tax Lien Public Record

Regular Contributor

Re: Recent Tax Lien Public Record

I'm still paying on my 2006 taxes and my reports are clean. As far as I know the only way the IRS will put a tax lien on you is if you ignore the letters they send you or if you don't make your agreed upon monthly payments. I know a few people who have have made monthly payments to pay back taxes off and they didn't get hit with tax liens either.
Message 11 of 14
Frequent Contributor

Re: Recent Tax Lien Public Record

Liens appear in several places-

 

(a) your credit report

(b) the county recorder’s office in your county- much like a judgment

 

after the tax lien is filed w/the county recorder, the irs often then files a levy against your real property (if you have any).  That gets recorded w/the county recorder.

 

Liens mean the irs has a claim against ALL your property, including property you acquire AFTER the lien is filed.  Did I mention liens are a nasty beast?  Yep, they are + that’s putting it mildly.

 

the irs is under a different (+ VERY loose) set of notice requirements re liens + re things like wage garnishments, bank levies, etc.  often times, the FIRST time the taxpayer finds out is bam, you have a lien filed against you (the irs has 5 days AFTER the lien is filed to tell you 1 has been filed- thought they ARE supposed to mail you asking for payment BEFORE the lien is filed) or bam, your check is now 25% less than what it should be (your employer inserts a notice from the govt explaining the wage garnishment) or woops, your bank balance just decreased by X.

 

releases-  NOTE- the release of a lien will NOT remove the lien from your credit report.  The lien can stay on your credit report up to 10 YEARS AFTER THE RELEASE

 

 

consider the SOL- The IRS normally has a 10 year period to collect back taxes owed from the date that they were originally assessed.  STATE sols differ- ex., in CA, there is NO sol for the FTB to collect taxes

 

proceed w/caution + gl dealing w/this.

Message Edited by fused on 02-06-2009 09:57 AM
Message 12 of 14
Frequent Contributor

Re: Recent Tax Lien Public Record

 

I've had intermittent tax issues over the years, and whenever anything negative resulted it was due to the fact that I ignored multiple requests. This time I paid my 2007 taxes and then a few months later received a fairly nice letter saying I owed back taxes, please remit payment or contact us, etc...

 

Then, nothing at all was received for a few more months, until I got a knock at my door with a certified letter. I assumed it was a final threatening letter saying I had xx amount of days, etc....but no, it was a big fat lien. I was kind of waiting for a final warning/threat before contacting them. Didn't work out too well, and now I'm planning on getting in touch with an expert. I really want to get the lien removed and I'm hesitant to pay anything until I get some good legal advice.

 

But, my original question was:

 

still with relatively decent fico scores (high 600's), are there any credit card companies that will likely approve with an open lien on my reports? I have a mortgage soon to appear on my reports as well, and don't know if I should apply prior to the mortgage reporting or after (if ever).

 

Any advice is as always much appreciated.

 

Thanks!

Rust never sleeps and neither does my fico score...
Message 13 of 14
Frequent Contributor

Re: Recent Tax Lien Public Record

It is hard to say what ccs you can/will get, esp. now.  Ccs I got w/an open (but relatively old- 2003) tax lien, No baddies since 03, ficos were < 680 (ranged from 570s-mid 600s; these apps were done from 4/08-9/08), but i had NO mortgage Ba 99/500 (about to unsecure in 2 more stmts) Cap 1 x2 1.1k cl ea. Hooters- though people have said they’ve been denied b/c of NEW mortgages Best buy rewards zone mc (meant to app for store cc; hit wrong button) Target store cc 

 

Ccs I know WILL deny you JUST b/c of a lien (if unpaid)- Wells fargo Ccs I know are VERY unfriendly towards public records + from what I’ve heard (no personal experience), you’re more likely to be DENIED than approved b/c of the tax lien- GembCitibankUsbank 

 

If I were you, I’d check the credit pull sites that list who got what ccs w/what ficos.  Sometimes people will put their baddies in the comments, so you can often tell if a creditor is likely to be friendly to you w/the lien. 

 

Right now, it’s a tough credit environment + I haven’t apped since early sept, so can’t tell you how apps are nowadays.

Message 14 of 14