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| *The Commerce Journal>>>Renting & Real Estate |
Can I purchase a home with a federal tax lean on it? |
My mother is in very bad tax trouble. She owes 4 years of property tax and 8 years of bad taxes. I currently pay the mortgage on one of her homes but the home has a lien placed on it, both homes do. How could I possibly get the house transferred into my name so that she wont lose it? I would like to pay for it so she will have it for retirement. Currenly I dont even want to pay the 4 years of property tax b/c I dont want to spend the money if she will lose it anyways. I rather purchse a new home. However, I really love this home, she does not owe a lot and the mortgage is really low. What could I possibly do? Is there any way to transfer the deed to the house even though it has a lien from the feds? You won't be able to transfer the house into your name until the liens are first resolved. The liens are the governments safety net to be paid and won't simply let you assume the debt but will be happy to take it from you on her behalf before transfer takes place. If you transfer title of those homes into your name, you will assume the liability of those liens. Period. I Suggest you seek advise from a professional tax advisor. It would be a shame to let those homes go. It's possible you could schedule a repayment plan, but it would be in your and your mothers best interests to seek professional advise. |
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