Short Sale Soundoff: Partial release of lien for short sales
The California Franchise Tax Board is accepting requests from taxpayers who have short sold their home and do not have enough funds in escrow accounts to pay the recorded state tax lien in full.
Taxpayers in this situation may apply for a Partial Release of Lien, which releases a specific piece of property from a recorded state tax lien. However, it does not release the lien in its entirety. The lien remains in effect against the taxpayer and continues to encumber other property the taxpayer owns or acquires in the future.
To learn which documents are required to request a Partial Release of Lien and the evaluation process, please visit http://www.ftb.ca.gov/professionals/taxnews/2011/July/Article_1.shtml.
Reprinted from C.A.R. Newsline
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