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Tax Lien Damage

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Crossdivided
Established Contributor

Tax Lien Damage

heres one for the pros I've always wondered about...

Does a fed tax lien do any more damage than any other pr, ca, or co or are they all scored the same damage wise?
Message 1 of 10
9 REPLIES 9
DaBears
Senior Contributor

Re: Tax Lien Damage

I believe a federal Tax Lien is worse than a CO, Collection, etc!!!! From what I have seen.

Message 2 of 10
guiness56
Epic Contributor

Re: Tax Lien Damage

Acutally 90+ days, COs, Collections, repossessions, foreclosures, BK and judgments all are about equal in damage to your credit score.

 

Message 3 of 10
DaBears
Senior Contributor

Re: Tax Lien Damage

See I learn something new everyday Smiley Happy

Message 4 of 10
Crossdivided
Established Contributor

Re: Tax Lien Damage

ok great thanks.

 

my plan WAS to pif before one of the years hits CSED next month because even if I PIF all other years after that, they wont do a full withdrawal.

 

now its looking my 'financing' to do this wont happen til after the CSED...naturally.

 

im curious as to what effect a RELEASED lien has on mortgage apps, etc. cant be good, but they would be in no danger of losing any of their interest in the property. anyone ever app for mortgage with a released fed lien? any thoughts?

Message 5 of 10
guiness56
Epic Contributor

Re: Tax Lien Damage

A released lien means it is paid.  I would think you would fare better with it released.  Unless I'm missing the point, which is likely.

Message 6 of 10
Crossdivided
Established Contributor

Re: Tax Lien Damage

well an open lien would for sure be a deal killer, since the irs would immediately attach to the new house.

 

i meant after its shown as released, would an UW shy away from that listing more than they would, say a paid judgement or paid large collections?

 

im speaking strictly on manual review now, not the fico model (sorry i jump around alot i know im hard to follow).

Message 7 of 10
guiness56
Epic Contributor

Re: Tax Lien Damage

I can't say for sure.  Paid is paid.  Most of the issues arise from items being unpaid.  What type of loan are you applying for?

Message 8 of 10
Crossdivided
Established Contributor

Re: Tax Lien Damage

for the most part mortgage...thats the only thing i can think of that would be scrutinized so closely...those guys even kill deals just over a dispute comment.

 

i asked the question over on the mortgage boards, but nothin yet. i think the population over there is just a fraction of what we have on the rebuilding boards.

Message 9 of 10
guiness56
Epic Contributor

Re: Tax Lien Damage

It does depend on the type of loan you would apply for.  From what I understand as long as the lien happened over 12 months ago, you can get an FHA loan, it just has to be paid.

 

I would go to the mortgage thread and look around.  There will be some good answers there.

Message 10 of 10
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