Selling home w/lien to fund accepted OIC

[Aginn10]

What is the name of your state? Texas

I need some guidance. The IRS accepted my offer of $29k, to settle a $200k debt. I have $54k in tax liens on home. The funds to pay the $29k are coming out of the money from selling the house. The house is going to sell for around $130k, less balance $53k, less the $29k offer amount that was accepted. I have some questions and am on a major timeline now. I have to get rid of the lien to sell but can’t sell with the lien. I applied for a discharge and it was denied. I REALLY need some assistance.

 

[Zigner]

What is the name of your state? Texas

I need some guidance. The IRS accepted my offer of $29k, to settle a $200k debt. I have $54k in tax liens on home. The funds to pay the $29k are coming out of the money from selling the house. The house is going to sell for around $130k, less balance $53k, less the $29k offer amount that was accepted. I have some questions and am on a major timeline now. I have to get rid of the lien to sell but can’t sell with the lien. I applied for a discharge and it was denied. I REALLY need some assistance.

Discuss this with the escrow company that is handling the sale. They should know how to handle this.

 

[Aginn10]

They don’t. I don’t know and no one seems to know if despite the accepted OIC for $29k, if I’ll still be forced to satisfy the lien amount of $56k in addition to the $29k.

 

[LdiJ]

They don’t. I don’t know and no one seems to know if despite the accepted OIC for $29k, if I’ll still be forced to satisfy the lien amount of $56k in addition to the $29k.

What is the lien amount of $56k for? If its for non-tax debt, then of course you have to pay both. If the $56k is the tax debt, then where does the $200k come from?

 

[Zigner]

They don’t. I don’t know and no one seems to know if despite the accepted OIC for $29k, if I’ll still be forced to satisfy the lien amount of $56k in addition to the $29k.

Then find a different escrow company.

 

[adjusterjack]

I have $54k in tax liens on home.

Are these IRS tax liens or property tax liens?

 

[Taxing Matters]

They don’t. I don’t know and no one seems to know if despite the accepted OIC for $29k, if I’ll still be forced to satisfy the lien amount of $56k in addition to the $29k.

When the IRS accepts an OIC, it is to satisfy all the outstanding tax liabilities you have. You should verify that all the tax years shown on any notices of federal tax lien filed against you with the county clerk where the property is located are included in your OIC. If they are, then all those notices of federal tax lien will be released once the IRS gets the payment called for in the OIC agreement. If you have state or local tax liens attaching to the property those liens, of course, are not covered by the OIC and presumably you will have to pay those other liens at the sale.