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Answers (7)
Best Answer
- steveb2611
- Contributions:2
FYI To all the lenders out there...I called the IRS and 15 minutes later I had a Lien Release faxed to me from them canceling a 35,000 lien because it was over 10 years old. Total payout $0.00
- Charles Dailey, "charlesdailey"
- Contributions:7
Good work Steve. Now you have to make sure it's off your credit report. If I were you, I'd have a loan officer do this as a rapid rescore using the lien release and a letter referencing this:
According to Section 605(a) of the Fair Credit Reporting Act,
Information excluded from consumer reports.
Except as authorized under subsection (b)
of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.
Information excluded from consumer reports.
Except as authorized under subsection (b)
of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.
Source(s):
- Timothy Sutherland, "SunTrust"
- Contributions:619
I was under the understanding that Liens and judgements did not have a statute of limitations in most states.
I can't answer for most states but in Maryland the statute of limitations on a judgments is 12 years. Some states are as little as 3 years and others up to 21 years.
I can't answer for most states but in Maryland the statute of limitations on a judgments is 12 years. Some states are as little as 3 years and others up to 21 years.
- Robert Benham, "FHA down to 620 OK!"
- Contributions:776
If you're looking to refi, just pay it off with the proceeds. if you are buying,...you gotta pay my man. Sorry.
- wetdawgs
- Contributions:26833
I don't think the 10 year statute applies to tax liens. Why don't you pay it off and then think about the home loan?
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
A lien remains until it's paid. Your tax lein must be paid upon refinance or sale of property.
- Jacqueline Kounkel, "Wells Fargo Banker"
- Contributions:114
I was under the understanding that Liens and judgements did not have a statute of limitations in most states. Have you requested for the credit bureaus to remove it? You may want to contact all 3 bureaus and see if they can get them removed. If they can not get them removed, that is a good sign that the lien is still in force. I do not know of a bank that would be willing to lend on a liened property or the potential of a property being liened upon. The lien will most likely need to be cleared prior to obtaining a home loan.
I have a tax lien that is past the 10 year satute of limitations still on my credit report . can I g
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