Will a leinholder being added to titles on vehicles and a mortgage holder being added to real property, keep these items grom being seized in a tax lien, should it come to that?
I live in TN...Have property in Al...Alabama says I owe 7,000 grand on income received in 2001 and 2002 on 1099s.....I have several paid for vehicles and property that could be auctioned...This is my FIRST letter about this problem I have received a few days ago....I can add a lienholder and draw up a contract on these property and vehicles before the fact if it will work ...I understand, if correct, all leinholders would have to be paid if auction came up...we would have a lein that would be well more than what the items would be worth...
Not necessarily. If the person added to the title or deed can not prove they paid to obtain an interest in the property then the entire title or deed can be attached to satisfy the debt. The person added must be able to prove something called "basis" which basically is the amount invested into the property and even then the property can be attached up to your interest in the property which would still prevent the other titled/deed holder to not be able to transfer the property without the you losing your share in the property.So basically if these are valid liens that can be proven by actual debts then what you're trying to do could work especially if they're secured debt prior to any tax lien attached.Daniel Solutions39873.8045111458
Practing General Attorney,
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