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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: IRS lien, 2nd TD and Assignment of 2nd Posted by Rodney on June 06, 2002 at 6:58 AM In Reply to: Re: IRS lien, 2nd TD and Assignment of 2nd posted by Ward-CA- on June 05, 2002 at 8:46 PM Damn, what an interesting turn of events. I'd get on the horn with the IRS and ask them if they plan on exercising the ROR on the property. Believe it or not, sometimes they don't in which case I would think you'd just have to pay off the 1st and its yours. Also, the way I understand it, it doesn't matter WHERE in the pecking order the IRS lean is, IRS has priorty over all others. Please keep us posted as to what happens, this is interesting... Rodney : : I hold a 2nd note/TD (purchased). 1st in foreclosure. IRS lien notice filed AFTER original bene filed 2nd. My assignment filed AFTER IRS lien. Property appears to be vacant (abandoned). Probably $15-20,000 equity. : : My plan is to reinstate 1st, take my 2nd to sale, to wipe IRS lien off property. : : Does the assignment of my 2nd after the IRS lien notice affect my plan? Is it possible to shorten the foreclosure time frame with an abandoned property? If yes, how can I find info? : : Thanks for your most informative forum! : =============================== : Jim, : The priority of any lien is established at the time it's recorded, and not again when it's subsequently assigned to a successor beneficiary. : The foreclosure of any lien is not affected in any way on whether the subject property is occupied or not. : Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Damn, what an interesting turn of events. I'd get on the horn : with the IRS and ask them if they plan on exercising the ROR : on the property. Believe it or not, sometimes they don't : in which case I would think you'd just have to pay off the 1st : and its yours. Also, the way I understand it, it doesn't matter : WHERE in the pecking order the IRS lean is, IRS has priorty over : all others. Please keep us posted as to what happens, this : is interesting... : Rodney : : : : I hold a 2nd note/TD (purchased). 1st in foreclosure. IRS lien notice filed AFTER original bene filed 2nd. My assignment filed AFTER IRS lien. Property appears to be vacant (abandoned). Probably $15-20,000 equity. : : : My plan is to reinstate 1st, take my 2nd to sale, to wipe IRS lien off property. : : : Does the assignment of my 2nd after the IRS lien notice affect my plan? Is it possible to shorten the foreclosure time frame with an abandoned property? If yes, how can I find info? : : : Thanks for your most informative forum! : : =============================== : : Jim, : : The priority of any lien is established at the time it's recorded, and not again when it's subsequently assigned to a successor beneficiary. : : The foreclosure of any lien is not affected in any way on whether the subject property is occupied or not. : : Hope this helps. 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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