If a Tax Lien is stopping you from selling a property, refinancing a property, or conducting business that would allow you to make payment(s) to the IRS, we can help you contact them in order to seek and facilitate their cooperation. STATUTE OF LIMITATIONS The IRS can assess taxes within 3 years from the tax return’s due date or the actual filing date, whichever is later. They can collect for 10 years after the assessment. However, this timeframe is tolled (extended) when: There is bankruptcy. There is an offer for an Installment Agreement (IA) or Offer in Compromise (OIC.) There is an agre ..read more

The United States Department of Housing and Urban Development (HUD) has expanded the Federal Housing Administration (FHA) COVID-19 Recovery Loss Mitigation Options to include all borrowers in default or imminent default, regardless of whether they experienced financial hardship due to the COVID-19 National Emergency or obtained a COVID-19 forbearance. This applies to both owner-occupants and non-owner-occupants. The COVID-19 Recovery Partial Claim Amount has also increased to 30% of the borrower’s unpaid principal balance as of the date of default of the first partial claim. The newly expande ..read more

What Is An Offer in Compromise? An offer in compromise is a type of federal tax lien resolution that is an agreement with the IRS that settles your liabilities for less than the full amount owed. Note that this option is usually only available to those who cannot repay their debts through another method, such as installments. Flexible Offers in Compromise are a key part of the IRS Fresh Start Program, started in 2011 to help struggling individual and small business taxpayers clear up their tax issues. Who Qualifies for Offers in Compromise? There are two hurdles in the offer in compromise proc ..read more

Many people believe that they cannot sell their home if it is scheduled for a Sheriff’s Sale or is being foreclosed, but the truth is that, as long as they have equity, they can sell their home to stop a Sheriff’s Sale. Do I Have Home Equity? Home equity is the difference between what you owe for mortgages, liens and judgments, and what someone is willing to pay for the property. You can add up the amounts you owe for any mortgages, liens and judgments, and if you can sell the property for more than the total, you have some equity. The Equity in your home is yours, until the sheriff sale is co ..read more

If you have an IRS tax debt and want to resolve it for less than the total amount due or you need special payment arrangements, the IRS will require you to provide a budget to show how much you can afford to pay each month. As set forth in the internal revenue manual, the IRS will allow you to maintain your normal monthly expenses if you can show that they are necessary for your “Health and Welfare” or necessary for “Production of Income.” In other words, the IRS will not ask you to pay more than you can afford while maintaining your essential needs. At our office we do a thorough review of y ..read more

What Happens to a Mortgage When the Borrower Dies? When a homeowner dies, the lender can foreclosure, but the foreclosure must name the heirs, executors and administrators. When a homeowner or mortgage borrower dies, their Will normally dictates who will be in charge of their property, such as an heir, executor, or administrator. This person will then have to decide what they want to do with the property, such as selling it, continuing to pay the existing mortgage, or seeking a loan modification. What if There is No Will? If the homeowner dies without a Will, the ownership of the property ..read more

Can my Second Mortgage Lender Foreclose on my Property? Your second mortgage lender has as much right to foreclose on the property if you fall behind on payments as your original mortgage lender does. However, a second mortgage lender must pay off the first mortgage if they foreclose, so they will normally only proceed with foreclosure if your property is worth more than you owe on your first mortgage. The more equity you have in your home, the more secure your second mortgage is, and the more likely your second mortgage lender is to pursue foreclosure. If your second mortgage holder thinks t ..read more

During the months of March and April 2022, credit reporting giant, Equifax, one of the three largest credit reporting agencies in the country, issued incorrect credit scores for millions of consumers. If you were denied a home or vehicle loan due to your credit score, you may be entitled to receive compensation. As reported by CNN, the so-called “technology snafu” at Equifax sent out millions of incorrect credit scores to lenders throughout March and April. Some of these reporting errors were so serious that consumers were wrongfully denied house and car loans, among others. Freddie Mac report ..read more

My Mortgage Company Locked My Account and I Can’t Get Mortgage Statements or Account Information. What Should I Do? Many people opt to forgo paper mortgage statements in favor of receiving them electronically, via their lender’s system or app. However, we’re seeing many of our clients get locked out of these systems after they default, which leaves them unable to access their statements and other information. Additionally, this loss of access also means they are unable to change their statement delivery method from digital to paper, leaving them deprived of crucial mortgage information. As a ..read more

Being in foreclosure can be very difficult and draining, but if there is equity in the home, you could be entitled to “Surplus Funds” after a sheriff sale. Beware scams and scam artists who try to take large portions of these funds. These scams specifically target people who have just lost their home, or people who inherited property from homeowners who have died. What are Surplus Funds? Foreclosure is the legal process after there is a default on mortgage payments in which the lender seeks to sell the property at a Sheriff’s Sale to recover the money owed. The Sheriff’s Sale is the public auc ..read more