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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Your worries are minimal... Posted by Bill H on April 20, 2008 at 6:34 AM In Reply to: Re: Your worries are minimal... posted by Mark Hamilton on April 20, 2008 at 4:56 AM : Ward, : Thanks. I should have mentioned that their is an IRS/DOJ notice of Lis Pendens dated November of 2007. It seems they are aware of the foreclosure. However, I think the property is worth it risking an ROR as long as they promptly reimburse me. Thanks again. : : 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? The IRS does not have the $$$ to take the property. If they elect to pursue the transaction the will notify and put it on their site under "Seeking Guaranteed Bidders." If indeed the house is worth $550K and they are put into a first position by the sale I suspect they will attempt to redeem. After the sale, go to their website ....http://www.ustreas.gov/auctions/irs/... and go through and find the "Guaranteed Bidder Section" and if they are interested you will find the property there. Good Luck, Bill H Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : Thanks. I should have mentioned that their is an IRS/DOJ notice of Lis Pendens dated November of 2007. It seems they are aware of the foreclosure. However, I think the property is worth it risking an ROR as long as they promptly reimburse me. Thanks again. : : : Mark, : : : Recorded federal tax liens go stale after 10 years unless renewed beforehand. You state that the IRS liens in your deal were recorded in 1995, about 13 years ago. Therefore, it seems you have nothing to worry about regarding those liens. : : : IRS will reimburse you immediately if they exercise their Right of Reinstatement (ROR). : : : But you will be happy to hear that they don’t exercise their ROR very much at all. : : : -----------Ward : : : ================= : : : In a few weeks I am considering bidding on a property. It has a 31,000 second, and a 50,000 first. (The bid is on the second). After these two deed of trusts were issued in 1990 and 1992, the owner got IRS Business and IRS Personal Tax Liens of 80,000, much of it dating back to 1995. : : : Given that the House is probably worth 550K, I think it is worth it. However, I am unsure of the IRS. If I pay off the first and second, how long does it take to get my money back if they take the property in the first 120 days? : : : How often do they take property? : The IRS does not have the $$$ to take the property. If they elect to pursue the transaction the will notify and put it on their site under "Seeking Guaranteed Bidders." If indeed the house is worth $550K and they are put into a first position by the sale I suspect they will attempt to redeem. After the sale, go to their website ....http://www.ustreas.gov/auctions/irs/... and go through and find the "Guaranteed Bidder Section" and if they are interested you will find the property there. : Good Luck, : Bill H [ 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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