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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] IRS has 120 Day RoR...NOT ...90 (nt) Posted by Bill H on April 13, 2008 at 7:02 PM In Reply to: Re: AJ recorded 10/23/03, but prior to mortgage from 7/22/04 posted by Jerry - Ca. on April 13, 2008 at 2:26 PM : : You may be right. Perhaps Ward missed the recording dates. : : I guess that it's possible that if the $355K mortgage were purchase money, the lender may not have required the AJ to be satisfied. nt : : Alternatively, we occassionally leave AJ in senior position on our private money probate deals because I know how to deal with them later in the unlikely event that I've have to. : : But you're right, this is a race to record State. From a practical standpoint I'd be surprised if this AJ still survives as the mortgage lender would have most likely (but not certainly) required the AJ paid (or at least released from the PIQ). : : Any other perspectives? : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : Hello Rick: : You said that lender might not have required that prior AJ be paid-off if the loan was a "purchase money" loan. I've never seen a lender on a purchase money loan not require the AJ to paid off and assume Junior priority position. If a refi ... hard money loan maybe. : Also, David, remember that even though the IRS lien grts wiped-off title ... The IRS has a 90-day Right-Of-Redemption(ROR) that you'll have to "sweat-out"! : Jerry - CA. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : You may be right. Perhaps Ward missed the recording dates. : : : I guess that it's possible that if the $355K mortgage were purchase money, the lender may not have required the AJ to be satisfied. : nt : : : Alternatively, we occassionally leave AJ in senior position on our private money probate deals because I know how to deal with them later in the unlikely event that I've have to. : : : But you're right, this is a race to record State. From a practical standpoint I'd be surprised if this AJ still survives as the mortgage lender would have most likely (but not certainly) required the AJ paid (or at least released from the PIQ). : : : Any other perspectives? : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : Hello Rick: : : You said that lender might not have required that prior AJ be paid-off if the loan was a "purchase money" loan. I've never seen a lender on a purchase money loan not require the AJ to paid off and assume Junior priority position. If a refi ... hard money loan maybe. : : Also, David, remember that even though the IRS lien grts wiped-off title ... The IRS has a 90-day Right-Of-Redemption(ROR) that you'll have to "sweat-out"! : : Jerry - CA. [ 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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