Tax lien on credit report - Posted by KimMI

import · March 16, 2001, 12:45am

Posted by Kim D - Michigan on March 16, 2001 at 09:11:19:

Kim,
I could be wrong, but you may be able to accomplish this by using a land trust. Bronchick has a great course on this.
Kim

import · March 16, 2001, 12:45am

Posted by KimMI on March 16, 2001 at 01:45:25:

If I purchase property in my name,using hard money lenders, what would be the best way to not have a lien placed on my properties until I made enough money to pay off my tax lien, which is approximately $10-11K? Could I assign the property over to another person or a corporation?

Kim

import · March 16, 2001, 12:04pm

Re: Tax lien on credit report - Posted by George

Posted by George on March 16, 2001 at 13:04:15:

The tax lien will attach to any property you buy. the best way may be a Land Trust or contract for deed(check Bronchick) or a Lease option or an option. It will be tough to get hard money in the above conditions. I think hard money lenders requiere you taking title to the property.

There is another possibility, you say you owe about $11k, if you happen to buy a property that you are sure will sell for much more than what you owe, I personally will get the property, and pay-off the lien when selling…

Now, the above is only my opinion, get more information from a qualified professional or check Bronchick…

import · March 16, 2001, 9:02am

Re: Tax lien on credit report - Posted by Nate

Posted by Nate on March 16, 2001 at 10:02:58:

You already have a tax lien on another property you own?

It’s probably already on your credit report.

NT

import · March 16, 2001, 8:14am

Re: Tax lien on credit report - Posted by Bruce Lawson

Posted by Bruce Lawson on March 16, 2001 at 09:14:25:

I am not 100% certain on this, but I do not think a hard money lender has the priviledge of reporting things to the credit reporting agencies. For someone to report they must be listed as an official credit granting institution(bank,creditunion,etc.) The credit reporting is so inaccurate now could you imagine how bad it would be if everyone could report you if you owed them money. A corporation with an established federal tax ID# could report a lein.

Sincerely

Bruce Lawson