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tax lien

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Definition:

A tax lien is the right, usually by the county, state, or federal government, to take possession of property due to a delinquency on property taxes, or even income taxes. If the property is sold because of an unpaid tax lien, you may also default on your mortgage loan.

Tax liens can remain on your credit report for up to 7 years. The tax lien will affect your credit score. A tax lien entry on your credit report can keep you from getting approved for future loans, credit cards, apartment or rental, or even a job.

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