I'm back! More IRS lien questions - Page 2

[shayinme]

Originally Posted by sunnylady303

Oh and how hard would it be for them to sell it to us when things get better? All we would need would be financing, right? It's not more complicated or anything, is it?

I understand why having a house would make you feel safe but unless you will have all the money you owe to the IRS, you are making a hard case for not being able to afford to pay them all their money when asking to settle. As a rule they only settle under a few circumstances, one being you don't owe the amount in question, extreme hardship (their idea and your idea will probably not be on the same page) or they feel they are unlikely to get the money from you.

The criteria under which they accept an OIC is pretty strict and buying a house before settling, well in their minds if you can afford to buy a house, you are going to have a weaker argument for needing a settlement. Because they will look at when you bought that house and even saying look my inlaws helped me is still not going to be a strong argument, because they will even tell you if you owe us you should actually find a way to get the money and pay us upfront rather than doing a payment plan, so they will probably say have your inlaws loan you the money and pay then back. Now if you just plan on asking for a payment plan with no settlement meaning you want to pay the 20K plus interests and penalties then you have less to worry about. In that case you can get a payment plan and they will just put a lien on your house and while it will affect your credit negatively its not the end of the world. However it sounds like you know you want to go the OIC route in that case you really need to think about whether buying this house is going to affect that.


Good luck!

Shay

[cristeen]

Originally Posted by sunnylady303

Oh and how hard would it be for them to sell it to us when things get better? All we would need would be financing, right? It's not more complicated or anything, is it?

No, it's not more complicated than that.

Depending on whether they finance the house or own it outright by that time, they may even be able to sell it to you without getting a bank involved. Regardless, I would not put your names on a piece of real property prior to having the IRS paid off entirely.