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Collections Law/IRS LEIN ON A FORECLOSURE
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Question
My situation is complicated......hope you c an help me? Two years ago I
moved to Arkansas with a male companion who decided to liquidate and take
early withdrawal on his 401K to purchase a home. He is solely on the loan.
However since I contributed equally to renovate the property I was later
added on the deed. It has been over 2 years now and he has not settled with
the IRS or the State of CA. My question, am I liable on the loan being I am on
the Title? And can the IRS foreclose even if I am not liable for his debt to
them. Is there any liability anywhere that I should be concerned......such as
a foreclosure showing on my credit report.
Thank you for any advice given.
Although you are not liable for his tax debt the fact that you have a joint asset may affect you. They may be able to foreclosure, however you may fight the foreclosure and you may file a form which is usually reserved for an innocent spouse that may limit what they can do. They can keep the lien there but it is doubtful they will foreclose. You need to seek counsel from a qualified tax professional to see if they can assist you in filing the paperwork or otherwise negotiate for you. Is your companion still around? He needs to participate in resolving this. Usually IRS wont get this involved unless the bill or notices are ignored. He also needs to seek counsel with a CPA or tax attorney.
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you Mr Brotherton for your quick reply...I am grateful for the information and for the direction that you suggest I take. Especially since my companion refuses to address his issues with the IRS. | ||
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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