My dad is thinking of doing a jumbo mortgage in 1 years when he turns 55. The home has a tax lien. How would this effect getting a darn mortgage loan, if it affect it at all?

When a lender or mortgage coporation gives anyone a mortgage against a home, they put a lien on the subject home.

They usually refuse to do the loan unless theyre the primary lien. If there is already a irs lien on the home, the mortgage bank would be second in line to be reimbursed if when the home sells, so they will treat the loan like a 2nd mortgage even though there is no first mortgage.

Being a 2nd mortgage loan will make it alot harder to get the financing needed, and cause much higher interest rates if you do get the mortgage.

With that been addressed, we believe she will be unable to get a second mortgage loan. but im not totally 100 percent positive.