Ward at front door

InnoVest Resource Management's

Foreclosure Forum

Discussion Board

Foreclosure Training

Title Holding Trust

Speaking Schedule

Foreclosure Codes

50 State Foreclosure Basics

Foreclosure Glossary

60+ Yrs Interest Rates

News & Trends

FAQ

Dingbat Retirement Plan

Links

Contact / Map

Home

 

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

Re: Priority rules at a trustee's sale.

Posted by Ward-CA- on January 14, 2002 at 8:14 PM

In Reply to: wiped out at the trustee sale posted by Bryan on January 14, 2002 at 12:00 AM

: Do these things get wiped off the property at the trustee sale? state or fed income tax
judgement and or lien won by a contractor

: These things are all recorded after the loan in foreclosure.
: Is it safe to say that the only thing that does not get wiped off is property tax? If I am the winning bidder and get the property do I have to worry about these people coming after me after I get title?

=•=•=•=•=•=•=•=•=•=•=•=

Bryan, basically any lien or interest that is junior in priority to a foreclosing trust deed or mortgage is wiped off the title of the property at the senior lienholder’s foreclosure sale. IRS can exercise their right of redemption for 120 days after the sale of the senior lien. But to exercise it and take title to the property they must reimburse the winning bidder the amount of their final bid plus 6% interest on that sum for the 120 day time period.

Unpaid property taxes are the most senior lien against the title of real property. Therefore no other kind of forced sale can wipe them off title. So if you buy a property at a foreclosure sale the only liens you will have to deal with afterwards are those that are senior in priority to the lien that was foreclosed upon.

Hope this helps.


Follow Ups:


Post a Followup:

Name    : 
E-Mail  : 
Subject : 
Comments: Optional Link URL: Link Title: Optional Image URL:


[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Our home page is at http://www.foreclosureforum.com

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455

[an error occurred while processing this directive]