Tis the season of tax returns being used and folks who did not pay their taxes on time may have a surprise waiting for them. Here is how you can Handle IRS PAYMENT PLANS

The good news is that you have options for those who have not started a payment plan yet.

Here are the guides for folks who owe taxes to the IRS. Note the difference between Fannie and Freddie. This is a big deal in order to make a deal work. Or if they have a lien Government will be the route to take.

FANNIE MAE

If existing tax plan must prove most recent payment plus next payment due and amount owed from an IRS statement

For new payment plans a minimum of ONE PAYMENT must have been made.

If a tax lien has been filed, it must be paid off.

FREDDIE MAC

Freddie allows new plans if you have the agreement that shows amount owed and estimated payment.

The payment will be based on the GREATER OF the estimated payment or the balance owed divided by 72 months.

Must be no indication tax lien has been filed against the borrower.

FHA & VA

You only need a payment plan that FHA has approved. No payments are required.

If IRS has lien, you can do but must have three payments made.

USDA

Must have IRS payment plan and three months payments made on the repayment agreement. You cannot prepay the three months.