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IRS announces plan to assist homeowners refinance or sell homes

2008-12-16 22:27:14 (GMT) (Caymanmama.com - Real Estate News News)

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The Internal Revenue Service announced on Tuesday its plans to help them be able to refinance or sell their homes.

Tulsa, Oklahoma (CaymanMama.com) — Coming to the aid of struggling U.S. homeowners, the Internal Revenue Service announced on Tuesday its plans to help them be able to refinance or sell their homes.

IRS Commissioner Doug Shulman said the plans would expedite a process in which homeowners in financial hardship would be able to “request that a federal tax lien be made secondary to liens by the lending institution that is refinancing or restructuring a loan.”

Homeowners will also be able to request that the IRS discharge or remove a claim to a property in a specific circumstance where the property is being sold for less than mortgage lien.

“We need to ensure that we balance our responsibility to enforce the law with the economic realities facing many American citizens today,” Shulman said, stressing that “we don’t want the IRS to be a barrier to people saving or selling their homes.”

Shulman when on to stress that the plan will focus primarily on those taxpayers who normally pay their taxes in full but “because of these extraordinary times are getting behind in their tax payments.”

The IRS said it issues over a half million federal tax lien notices each year and that currently there are over 1 million outstanding tax liens on both real and personal property.

This information brought to you by Altus, Oklahoma new home builder Sheryl Homes, Inc.



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