Taxes Owed

[Administrator]

What is a Tax Lien exactly? I keep reading about no tax liens allowed....I owe the IRS for taxes last year and this year and set up a payment plan. The payment plan is set to begin this month. I've never received a paper from the IRS that specifically states andquot;Tax Lienandquot; - just statement saying I needed to pay the taxes or set up a payment plan. Is this a andquot;Tax Lienandquot;??? Will it affect whether or not I'm approved for a home loan? I already have low scores (560 mid) - and getting FHA approval is iffy at best because I have a late CC payment from 01/08 (lost job) and 08/07 (medical reason). Please explain tax lien.


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(Source: mortgagefit.com)