Definition: 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. Paid tax liens remain on your credit report for seven years, while unpaid tax liens remain for 15.
tax lien
By LaToya Irby, About.com
Explore Credit / Debt Management
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