Getting Hard Money On Raw Land With Tax Liens
I own raw land free and clear worth 150,000. and owe about 10,000 in taxes unpaid for 4 years (not my fault)and it currently has a tax lien on it. Is it still possible for me to borrow hard money off of this propery to pay off the taxes and still use it as collateral to purchase property. Will a hard money lender allow that. Will that jack up my interest rate. Will they take the money out of my borrowed amount to pay off the debt? Please let me know.
Some hard money lenders will give you money for anything, no matter what the situation. Be careful with them though. I'd call around and ask about it.
Eric
[addsig]
COREMEGA2002:
Believe it or not, the IRS and some states will subordinate or remove tax liens against property if it is beneficial to them.
(Which means they will get their money)
Do a Google search of "IRS attorney'
and you'll get several that can help you do this.