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A lien consists of a creditor applying a notice of amount due to any property a debtor may have. This amount must be paid before the property can be sold.
A judgment happens when a creditors goes to court to obtain any amount owed. If you were to apply for a loan after a judgment is granted, you may have to pay the judgment before any other credit can be obtained.
Both items reflect negatively on your credit report and may prevent future credit. [sale or purchase]
In tax-speak, Tax Lien and Tax Judgment mean the same thing -- it is a public record, and a notice to the public that you owe taxes. Most tax liens attach to both real property and personal property.
If you own your home, the taxing agency that placed the lien against you uses a tax lien to create a security interest -- once the lien is filed, they are a secured creditor. If you try to sell your house, you will have to pay the lien off at the closing to ensure that you have a clear title to transfer. The taxing agency will be in line for proceeds based upon when they filed the lien.
Wiki User
∙ 8y ago
Wiki User
∙ 16y agoA judgement is a finding you owe money.
A lien is a method of securing (that means making it a part of the public record) that debt to something...generally property or something you could sell. It remains as a claim against the property (or the rights, or whatever). Hence, you can't sell it because anyone buying gets the responsibility of paying off the debt before they can get title or ownership.
A State or Federal tax lien just shows the debt originated from taxes.
Wiki User
∙ 12y agoYou have outstanding tax debts...and they are attaching...claiming your property nd maybe your earnings and bank accounts to get it.
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If you have unpaid taxes, and you did not response the notice that IRS or states sends to you about the tax liability. They may consider that you are not willing to pay for the tax debt. They file a tax lien to make sure that if you sell your properties, the taxes will be paid. More information, you can visit the resources link below.
Wiki User
∙ 14y agoA tax lien is an obligation for someone to pay taxes. A state lien is placed by the state someone lives in.
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Classifications of liens?
There are few types: construction, security, tax, judgment, artisan... you should check your state statutes (lien laws) for the types of liens and the requirements for each. Most state statutes are available online.
Tax Lien priority in foreclosure?
Well it depends on what type of Tax lien we are talking about. But first rule of thumb, liens have priority based on Irs Tax liens are prioritized like most other liens, by date of recordation. Actually IRS liens can fall further down the list based on when perfected.....but all in all, IRS tax liens do not supercede other legal liens State Tax Liens can superced tax liens depending upon State laws but stilll are subordinate to all other previously filed legal liens. Property Tax liens take priority over all liens, regardless or recordation, perfection, etc. Think of it this way, when you buy property, property taxes are an inherent obligation that attaches as soon as the ink on the deed is dry. There's no attorney on earth that can record a mortgage lien that fast!
how do you look up tax liens?
HOW DO YOU LOOK UP TAX LIENS
Does a tax lien stay on property forever?
A tax lien does not stay with property, it follows the person. (State and Federal Tax Liens) Other types follow the property....Abstracts of Judgment, Mechanics Liens.....also voluntary liens such as Deeds of Trust, those follow the property as well.
How do you remove old state tax liens?
If you have prof they are satisfied provide to title co.
need a list of current tax liens?
can you show me a list of current tax liens in Baltimore, Md.
Are liens valid after a tax foreclosure sale?
Tax liens, especially real estate tax liens, take priority. Other liens, such as judgment liens, take a back seat. A property tax taking is often for much less than the property value, and if the debtor does not redeem the property by paying the tax due, the tax sale buyer gets a huge bonus. The other liens, including mortgages, go away, but the debtor still owes the money.
Is a statutory lien an involuntary lien?
Yes. Statutory liens include tax liens, mechanic's liens, judgment liens, etc.
Why are tax liens considered to be risky?
Tax liens can be risky for many reasons. They are attractive because they can offer high rates of return but investors need to be aware that they are also very risky. Your responsibilities as a tax lien holder vary from state to state so a lot of research may be required. Tax liens also expire so you have to stay on top of managing them. After you acquire a tax lien you may need to pay the property taxes so that no-one else can acquire it moving forward.
What is difference between state tax lien and tax warrants?
They are essentially the same thing. Some states call them liens, some call them warrants.
Will IRS tax lien affect credit score?
Generally, tax liens (both state, county and federal) do appear on your credit report and will impact your credit worthiness.
Can medical delinquent bills take your state tax refund?
Medical bills are usually collected through garnishments, liens, and attachments. Tax returns are usually taken to pay old tax debts.
