Hi. I'm a newbie. Glad I found this site! I am at a dead end and don't know what else to do. Here's the story. My husband and I made a huge mistake back in the early 90's and didn't pay the IRS what we owed...my husband was self-employed and we owed about 10,000 in taxes for several years. Well, time goes on and we get zapped with 2 tax leins. We got scared and have not sent in a return since then (mid 90's). Well, we have a tax attorney completing our tax returns now and he has done several years worth. So, we are getting that part of the problem straight. (It's costing an arm and a leg, too!) We cannot pay the IRS what we owe. We've been paying child support for years and just couldn't pay all the bills timely. We can't even borrow the money from the bank to pay the IRS. The real problem arises with the house that we are living in. We are in a lease purchase agreement. Five years we've been in the agreement. We've got over $10,000 in escrow for the downpayment on the house. We've got until June to find a mortgage. I looked everywhere and as soon as they find out about the tax leins we get the ole boot. The worst part is the house belongs to our church! I've been going to this church since I was an infant...(a loooonnnnggg time!). Can anyone give me some ideas on what to do now? Time is running out and they've already extended the date numerous times so that 's not an option. Any advice is appreciated. Thanks ~louise
Re: ~Bump~ Please don't take this the wrong way - I, too, have been going to the same church for a very long time, so I could imagine your uneasiness. Is it possible for you to get out of that agreement & withdraw the escrow $$ to pay the IRS? Then maybe you could start another lease-purchase agreement period. By the time you save up enough down payment again, the tax liens, though they may still be on your report, would at least be satisfied. Your financial security is much more important than your pride.
I have a tax lein($9500+) as well, that I have been paying for about 5 or 6 years(off and on - $5000 to go). My last payment will be made on 10/28. So I feel your pain!!! To your situation, I don't think you can do any thing until you pay the lein amounts. Even after it will still show up as PAID, which is better. You may, however, try disputing them with the cb's.
rina It's in the lease-purchase agreement that if the money in escrow isn't used for the mortgage we forfeit it! So the only purpose of the escrow is for downpayment -- trust me, I've thought about that one.
I think the lender will hire a service to check you out even if there are no liens showing on your credit report. So just cleaning the credit report will not solve the problem. You might get a preliminary approval but the lien will catch up with you eventually.
Re: rina I've heard of tax attorneys getting the IRS to release the lien in order for the taxpayer to get a loan. The taxpayer is given a set amount of time to get the loan. If the taxes aren't paid the lien goes back on CR.
answers to some of your questions The church has not had a pastor living in the house for well over 8 years. They are just ready to sell. Actually when we moved in the house was for sale and had been for quite some time. That's when interest rates were high. If they were to put it on the market today, it would sell quickly. To the last poster: So are you saying I could get with the tax guy and see if he can help us get it lifted long enough for a loan to go thru? Is that really possible? Does anyone have any suggestions of mortgage companies to try? We live in Virginia. Thanks!
Re: answers to some of your questions try this site, there is a link for "less than perfect credit". if you don't mind me asking, what business was your husband in? http://www.americanloansearch.com/
Re: answers to some of your questions Thanks for the link, I'll give it a shot. No, I don't mind you asking. My husband was an "independent distibutor" for a pastry company. Technically, he was self employed. ~louise
Re: answers to some of your questions Yes a friend owed the IRS and his attorney got the IRS to temporarily remove the lien so he could get a loan to pay his IRS debt.
Re: answers to some of your questions Never did figgure this one out! Creditor trashes your credit because he wants his money So now you can't get a loan so you can give him his money. Which leaves the creditor wondering why he can't get his money. It should have been a permanent removal !
Re: answers to some of your questions Louise, you may want to try this link too. You're under no obligation and someone will at least talk to you about your situation. www.loansearching.com
Re: answers to some of your questions If you get the Church to take back a mortgage at a high enough interest rate,they can probably resell the mortgage and get back the same amount of $$.
Re: answers to some of your questions Thanks for that link biznoteguy...I filled out the form. We'll see what happens next. And, WhyChat, I'm confused. Sorry, I don't quite understand what you mean. Please explain.... ~louise
Re: answers to some of your questions Lizardking, on a lease-option, the purchaser can do a few things to their advantage. One being, that they can "lock-in" on a purchase price. The advantage is that when they go to purchase the property, they will already have equity built up in the home due to the Real Estate appraisal going up every year. Also, they can request that a portion of their lease payment go toward the purchase price of the home. By this being done, the purchaser will be able to pay down the principle of the home BEFORE purchasing. There are some other options/scenarios . . . this just gives you an idea. Hope it helps.
Re: answers to some of your questions Always rent or always buy. When you do both you get the worst end of both deals.
Louise, I am not trying to drum up business, but please email me with direct contact info and I will call you. I am in the mortgage business and do have a couple of lenders that will lend even with existing tax liens( the IRS in many cases is willing to subjugate the lien and place it second so that the mortgage is first in line)...also several lenders will look on a lease-option as a refinance instead of a purchase and that makes it easier to qualify for a mortgage. I am located in Fl and depending on where you are I can try to find a loan officer that works in your area with some of my investors. Hope that I can help you. fla_tan
Bless You! Fla tan, I will e-mail you later on this evening. I had heard from somewhere else that some lenders may consider it a refinance....
