Federal Tax Liens Explained
Why Did the IRS Put a Lien on My Property? For starters, the IRS will not place a lien on your property without notifying you first. Before a lien is ever filed, you’ll receive notice of your outstanding tax bill via certified letter. A CP-501 letter demanding payment usually precedes the filing of a tax lien. The CP-501 notice essentially says: pay or else. When the IRS wants to put the world on notice that a taxpayer owes back taxes, they file a lien in the public records of the county where the taxpayer lives or owns real estate. Tax liens can be filed in the state records as...
Read MoreWhen Can I be Sued for a Deficiency Judgment in North Carolina?
Deficiency Judgment Overview The lingering housing malaise in North Carolina has caused much discussion about personal liability for real estate borrowers and under what circumstances a deficiency judgment is possible after foreclosure. The ability of a lender to pursue a deficiency judgment is set by state law, with predictably varying statutes depending on region. A deficiency judgment arises when a lender forecloses on a piece of property and the foreclosure sale price doesn’t cover the full amount of the note (i.e. there is a deficiency). In some cases, lenders will then sue to hold...
Read MoreFriday Legal Blog Wrap
Welcome to the new O’Connor Law Firm blog. I’ve finally transitioned my site from its original aspx platform to WordPress. To ease into the swing of things blog wise, I’m going to start a Legal Blog Wrap feature that will collect some of the best posts from around the Blawgosphere right here on my site. Enjoy, and I promise more substantive posts are to follow. I’m pleased to say that National Bankruptcy Forum has been receiving quite a few new posts these days. California Bankruptcy Attorney, Raymond Schimmel weighed in with an interesting post on fixing the mortgage...
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