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| Is there a legal way to remove a tax lien against a home? My business partner and I purchased an investment home about 2 years ago. We've decided to sell now but there's a big problem: To my surprise and disgust - The IRS has slapped a tax lien against the home since my business partner has to pay back-taxes. We are both on title but I'm solely on the mortgage loan (I messed up in this case, which I know, but I need to deal with removing this tax lien first). She has bad credit so she can't get a loan or even a credit card to pay off her tax debt. I know the housing market is bad but I want to remove this tax lien. Help... S.O.S.... How do I get out of this predicament?
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Pay it before someone else does. If you wait too long, you get to pay the investor back for the lien plus hefty interest. Wait a lot longer and you'll lose your property altogether.You might be able to put the place up for sale and draw up a contract by which the buyer assumes the lien. Outstanding tax obligations are often part of the final closing. You would have to check your state laws though. Call a local realtor and see what they say.
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You may be able to work out a settlement with the IRS. Call them to see if you can work with them to get it released, but you will have to pay it. The IRS will make sure that you can't do anythingunless that is paid.Lesson one in partnerships: always be careful who you partner with. You will be surprised what some people will do when money is involved.Best advice, remove the tax lien once you have a buyer in place and sell it quick. You want to dissolve this partnership before it gets worst... and it can always get worst. Better to cut your losses now. And see if your "partner" will pay you out of the proceeds if any. Also, brainstorm, would your partner give you part of all of their ownership in a quick claim deed. Perhaps then you will have some compensation for paying their bills.If you can afford to pay, look into a small business loan or something. With the current market, it is reminding us that real estate is one of the riskies investments out there!
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