In a major concession to homeowners, the Internal Revenue Service announced that it would expedite the process of subordinating a tax lien when a homeowner is refinancing or restructuring a home loan. Moreover, the IRS may waive the tax lien altogether when a homeowner is doing a short sale.
What this Means for You
If you have a tax lien on your property and are in the process of refinancing or restructuring your mortgage you will need the IRS to waive payment of the tax lien, and an agreement from the IRS that the lien will be in a second position to the new loan. Under the new IRS plan the agency will be more lenient in granting waivers, and grant them more quickly.
Moreover, the IRS may waive the tax lien altogether in the event of a short sale.
Props to the IRS
The IRS is about the last place that you would expect a helping hand from – special props to IRS Commissioner Doug Shulman for pushing this reform through.
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