by: Anthony Parent
Yesterday, a customer asked us if there have been a situation by which a Federal Tax Lien concern would ever be more than a mortgage that is existing. We thought it was a great opportunity to discuss federal tax liens and how they work in relation to previously recorded liens and mortgages while we believed that as a matter of public policy that the Federal Tax Lien priority never would.
1. So How Exactly Does Federal Tax Lien Priority Work?
A concern lien, after charges and home fees, are liens which have вЂpriority under federal lawвЂ™, such as for example mortgages along with other secured asset loans.
Possibly that does not help much, so think about liens a a deck of cards. The Ace could be the greatest. That could be very first home loan. In the event that you have 2nd home loan, that 2nd home loan is the King. In the event that IRS filed a tax that is federal, that might be the Queen. Continue reading