The Internal Revenue Service ties federal tax debt to real estate property with liens. Rooted in Old French, the word "lien" means "tie" or "bond," according to the American Heritage Dictionary. Since the mortgage crisis began in 2007, millions of distressed homeowners have had the opportunity to modify their mortgage loan terms. The IRS is willing to help such homeowners by subordinating its tax liens, but they must be notified and agree.
The Basics
Effective January 1, 2009 through the end of 2012, the Home Affordable Modification Program (HAMP) is a federal initiative to help at-risk homeowners avoid foreclosure. General borrower eligibility criteria includes: imminent risk of default or already delinquent; subject property is owner-occupied; mortgage was originated prior to 2009; and the mortgage does not exceed $729, 750.
Homeowners may request a HAMP modification directly from their lender or mortgage servicing company. They may also get assistance from a nonprofit or for-profit third party to work on their behalf. Lenders participate in HAMP on a voluntary basis and the loan may be altered temporarily or permanently.
Function
The homeowner or her lender may contact the IRS if a federal tax lien on the property inhibits refinance or modification of their home loan. A HAMP modification differs from a refinance of an underwater mortgage, although both have the same goal -- to help people keep their homes.
In late 2008, the IRS announced its commitment to helping lenders expedite homeowner retention processes by subordinating its tax liens. Many times, tax liens take priority in repayment over mortgages, keeping homeowners from selling, refinancing or modifying a loan without first repaying the tax debt.
Publication 784
If you currently have a tax lien on your principal residence and need to modify the loan, contact the IRS or tell your lender before modifying through HAMP. The lender wants to know that the IRS has agreed to subordinate their debt to secondary priority, behind the modified mortgage, before they agree to change your loan terms.
You must apply for a certificate of lien subordination using IRS Publication 784, available on the IRS website. Mail it to the appropriate Collection Advisory Group address for your region.
Considerations
Indicate the lender's name, contact information and that the subordination request is for a loan modification transaction on Publication 784. The IRS must determine that the homeowner is more likely to repay the tax debt, the IRS will get more money, or collections will be facilitated as a result of the subordination and subsequent loan modification. You may need to complete and sign an attached statement to the fact. The IRS advises homeowners to notify their lenders early in the modification process of existing tax liens and submit Publication 784 at least 30 days before modification is to be completed.
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