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The Curious Bag
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A federal tax lien is one of many types of liens that can be placed against a home or property. A lien gives an entity legal claim to your property in the event that you do not pay a debt.
Federal Tax Lien
According to the Internal Revenue Service, a Federal Tax Lien can only be placed on a home after "we assess the liability, send you a bill that tells you how much you owe in taxes and you neglect or refuse to fully pay the debt within 10 days after we notify you about it."
Notification of a Lien
The government has five business days to notify you in writing that they have filed a lien. The notification can be left at your home or place of business, or it can be delivered in person.
Releasing a Lien
The lien is released within 30 days after you fully pay the debt or the government accepts a bond that guarantees payment of the debt.
Withdrawal of a Lien
A lien can be withdrawn by the government for several reasons, including if they incorrectly filed the lien or an installment payment plan was arranged.
Considerations
When a Federal Tax Lien is filed, it doesn't only affect your home but also all of your property, including your car. Your credit rating is also damaged when a lien is filed.
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