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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Big Problems - Please Help Posted by Lorraine on January 30, 2002 at 4:26 PM We're in a mess and hoping to find some help. Our lawyers are working on it, but I'm too impatient to wait. We bought a house a month ago from a guy that bought it at a foreclosure a month earlier. Apparently, title hasn't officially transferred yet, he just has a bill of sale from the bank. We were very excited about the house and agreed to a fast settlement, which was supposed to be tomorrow. In the meantime, we listed and sold our house, which is scheduled to close on Feb. 15. Based on assurances that all was on schedule, our loan was approved, etc. , we contracted for a new hardwood floor and a new countertop. The contracts are not cancellable. This afternoon we got a call from our Realtor. Apparently there's a $120,000 lien against the property that goes back to the first (foreclosed) owner. Apparently at one time there was over $500,000 in liens filed against the property. All except the IRS lien were discharged in bankruptcy. Obviously, we aren't going to settlement tomorrow - if ever. The seller (foreclosurer purchaser) has filed for a waiver from the IRS, but that will take 10-14 days to process and we don't know what the procedures are, how long it will take, or if it will even work. In the meantime, he's offered to give us a pre-settlement agreement - terms have yet to be discussed. We have a lot of questions. The biggest one is: What are the chances of the IRS forgiving this lien? If they don't forgive it, who's obligated to pay it - the bank or the forecloser buyer? What if there wasn't enough equity in the home in the first place when the bank sold it at foreclosure? In short, how does this get straightened out so title can pass? Second question: Do the chances are good enough that it will resolve itself to go ahead, sign the pre-settlement agreement and move in? If we don't do it, we're really stuck. Our house is being sold on the 15th and we have no place to go. There aren't many temporary places that will take 3 cats a dog and a baby! Not to mention the thousands we'll lose on the floor and the countertop. Any help you can provide is truly appreciated. It's been a very stressful day! Follow Ups: Re: Big Problems - Please Help Jim 2:34 PM, 01/31/02 (1) Re: Big Problems - Please Help Lorraine 1:21 PM, 02/03/02 (0) Re: Big Problems - Please Help Jesus M Garcia 9:14 PM, 01/30/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : We're in a mess and hoping to find some help. Our lawyers are working on it, but I'm too impatient to wait. : We bought a house a month ago from a guy that bought it at a foreclosure a month earlier. Apparently, title hasn't officially transferred yet, he just has a bill of sale from the bank. We were very excited about the house and agreed to a fast settlement, which was supposed to be tomorrow. In the meantime, we listed and sold our house, which is scheduled to close on Feb. 15. Based on assurances that all was on schedule, our loan was approved, etc. , we contracted for a new hardwood floor and a new countertop. The contracts are not cancellable. : This afternoon we got a call from our Realtor. Apparently there's a $120,000 lien against the property that goes back to the first (foreclosed) owner. Apparently at one time there was over $500,000 in liens filed against the property. All except the IRS lien were discharged in bankruptcy. Obviously, we aren't going to settlement tomorrow - if ever. The seller (foreclosurer purchaser) has filed for a waiver from the IRS, but that will take 10-14 days to process and we don't know what the procedures are, how long it will take, or if it will even work. In the meantime, he's offered to give us a pre-settlement agreement - terms have yet to be discussed. : We have a lot of questions. The biggest one is: What are the chances of the IRS forgiving this lien? If they don't forgive it, who's obligated to pay it - the bank or the forecloser buyer? What if there wasn't enough equity in the home in the first place when the bank sold it at foreclosure? In short, how does this get straightened out so title can pass? : Second question: Do the chances are good enough that it will resolve itself to go ahead, sign the pre-settlement agreement and move in? If we don't do it, we're really stuck. Our house is being sold on the 15th and we have no place to go. There aren't many temporary places that will take 3 cats a dog and a baby! Not to mention the thousands we'll lose on the floor and the countertop. : Any help you can provide is truly appreciated. It's been a very stressful day! 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

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