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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: IRS's right of redemption... Posted by mike on February 14, 2005 at 1:35 PM In Reply to: Re: IRS's right of redemption... posted by Bill H on June 26, 2004 at 5:30 PM i have a case where i purchased a home with more than enough money to pay the irs lien, however there were several other liens that were mispelled and didn't show up. I think these are invalid. My biggest concern is to find case law or statute that goes along with your statement which i think sounds reasonable "Yes, IRS's right of redemption is still extant as long as they are owed any money after the overbid distribution has been made." Best Regards, Mike : : : : : : : : Dear Ward, : : : : If the property is sold at trustee's sale and there was IRS : : : : lien also(junior from foreclosed loan). If the bid goes higher and there is enough money from the sale : : : : to pay the IRS loan, will the trustee pay remaining money to the : : : : IRS ? If yes, then does the IRS still have the right of 120 days redemption : : : : or not? Does the buyer needs to worry or not in such cases? : : : : Property is in CA State. : : : : Andy : : : ======================= : : : Andy, : : : Yes IRS's lien will be treated like any other junior lien as far as receiving their fair share of an overbid from the foreclosure auction sale of a senior lien. : : : Yes, IRS's right of redemption is still extant as long as they are owed any money after the overbid distribution has been made. : : : Yes, the winning bidder has to be concerned that IRS might exercise their Right of Redemption. : : So even if the tax lien is paid off, the IRS can still redem the property. On what basis? The lien has been satisfied! : : Mer : Mer: : You missed a key portion of Ward's reply, "AS LONG as the IRS is owed money." Go back and reread it. He is correct. : Bill H Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : i have a case where i purchased a home with more than enough money to pay the irs lien, however there were several other liens that were mispelled and didn't show up. I think these are invalid. My biggest concern is to find case law or statute that goes along with your statement which i think sounds reasonable : : "Yes, IRS's right of redemption is still extant as long as they are owed any money after the overbid distribution has been made." : : : : Best Regards, : : : Mike : : : : : : : : : : : Dear Ward, : : : : : If the property is sold at trustee's sale and there was IRS : : : : : lien also(junior from foreclosed loan). If the bid goes higher and there is enough money from the sale : : : : : to pay the IRS loan, will the trustee pay remaining money to the : : : : : IRS ? If yes, then does the IRS still have the right of 120 days redemption : : : : : or not? Does the buyer needs to worry or not in such cases? : : : : : Property is in CA State. : : : : : Andy : : : : ======================= : : : : Andy, : : : : Yes IRS's lien will be treated like any other junior lien as far as receiving their fair share of an overbid from the foreclosure auction sale of a senior lien. : : : : Yes, IRS's right of redemption is still extant as long as they are owed any money after the overbid distribution has been made. : : : : Yes, the winning bidder has to be concerned that IRS might exercise their Right of Redemption. : : : So even if the tax lien is paid off, the IRS can still redem the property. On what basis? The lien has been satisfied! : : : Mer : : Mer: : : You missed a key portion of Ward's reply, "AS LONG as the IRS is owed money." Go back and reread it. He is correct. : : Bill H 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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