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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Your worries are minimal... Posted by Ward-CA- on April 19, 2008 at 11:16 PM In Reply to: Bought Tapes - Have Question posted by Mark Hamilton on April 19, 2008 at 5:12 PM Mark, Recorded federal tax liens go stale after 10 years unless renewed beforehand. You state that the IRS liens in your deal were recorded in 1995, about 13 years ago. Therefore, it seems you have nothing to worry about regarding those liens. IRS will reimburse you immediately if they exercise their Right of Reinstatement (ROR). But you will be happy to hear that they don’t exercise their ROR very much at all. -----------Ward ================= In a few weeks I am considering bidding on a property. It has a 31,000 second, and a 50,000 first. (The bid is on the second). After these two deed of trusts were issued in 1990 and 1992, the owner got IRS Business and IRS Personal Tax Liens of 80,000, much of it dating back to 1995. Given that the House is probably worth 550K, I think it is worth it. However, I am unsure of the IRS. If I pay off the first and second, how long does it take to get my money back if they take the property in the first 120 days? How often do they take property? Follow Ups: Re: Your worries are minimal... Mark Hamilton 4:56 AM, 04/20/08 (1) Re: Your worries are minimal... Bill H 6:34 AM, 04/20/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Mark, : Recorded federal tax liens go stale after 10 years unless renewed beforehand. You state that the IRS liens in your deal were recorded in 1995, about 13 years ago. Therefore, it seems you have nothing to worry about regarding those liens. : IRS will reimburse you immediately if they exercise their Right of Reinstatement (ROR). : But you will be happy to hear that they don’t exercise their ROR very much at all. : -----------Ward : ================= : In a few weeks I am considering bidding on a property. It has a 31,000 second, and a 50,000 first. (The bid is on the second). After these two deed of trusts were issued in 1990 and 1992, the owner got IRS Business and IRS Personal Tax Liens of 80,000, much of it dating back to 1995. : Given that the House is probably worth 550K, I think it is worth it. However, I am unsure of the IRS. If I pay off the first and second, how long does it take to get my money back if they take the property in the first 120 days? : How often do they take property? [ 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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