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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Foreclosure and Fed Tax Liens Questions Posted by Bstones on December 29, 2009 at 7:43 AM Hello, I am currently looking into a foreclosure but need a little advice. I have done a ton of research as this is my first foreclosure but have a few issues with this particular one. My question is... If the bank has 2 notes on on the house one is the Senior note, however, between the two is a Federal Tax Lien. I have read that Fed Tax Liens have a 120 day right of redemtion but that is about it. If the bank is foreclosing on both notes, is the Fed Tax Lien between the two still a junior lien? More detail: The first note was filed 02/01/2001 for $93,500. The first Notice of Federal Tax Lien was filed 03/07/2002 for $27,399.66 and was assessed 10/15/2001. The second loan (through the same bank) was filed 04/10/2002 for $17,900. The second Fed Tax Lien was filed 02/19/2009 for $6492.12 but was assessed 05/20/2002. The bank has a Notice of Default for both notes which are identical including the total principal other than the date of when the loan was made is the only difference. They were even filed on the same day and at the same time. I just want to know if this is going to complicate things at the auction or will I be able to wait the 120 days and not have to worry about the Fed Tax Liens anymore? Also I am planning on using this property as a permanent residence so if the Fed Tax Liens do follow the property, would I be able to just wait out the statute of limitation and then request the lien removed? Any advice would greatly be appreciated!!! Follow Ups: Re: Foreclosure and Fed Tax Liens Questions Rick, the Probate Guy 4:40 PM, 12/29/09 (2) Re: Foreclosure and Fed Tax Liens Questions Bstones 8:23 PM, 12/29/09 (1) Re: Foreclosure and Fed Tax Liens Questions Bill H 9:35 PM, 12/29/09 (0) Re: Foreclosure and Fed Tax Liens Questions dond 11:33 AM, 12/29/09 (1) Re: Foreclosure and Fed Tax Liens Questions Bstones 12:04 AM, 12/29/09 (0) which courses did you take? n/t John 11:15 AM, 12/29/09 (1) Re: which courses did you take? n/t Bstones 11:25 AM, 12/29/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hello, I am currently looking into a foreclosure but need a little advice. I have done a ton of research as this is my first foreclosure but have a few issues with this particular one. My question is... If the bank has 2 notes on on the house one is the Senior note, however, between the two is a Federal Tax Lien. I have read that Fed Tax Liens have a 120 day right of redemtion but that is about it. If the bank is foreclosing on both notes, is the Fed Tax Lien between the two still a junior lien? : More detail: The first note was filed 02/01/2001 for $93,500. : The first Notice of Federal Tax Lien was filed 03/07/2002 for $27,399.66 and was assessed 10/15/2001. : The second loan (through the same bank) was filed 04/10/2002 for $17,900. : The second Fed Tax Lien was filed 02/19/2009 for $6492.12 but was assessed 05/20/2002. : The bank has a Notice of Default for both notes which are identical including the total principal other than the date of when the loan was made is the only difference. They were even filed on the same day and at the same time. : I just want to know if this is going to complicate things at the auction or will I be able to wait the 120 days and not have to worry about the Fed Tax Liens anymore? Also I am planning on using this property as a permanent residence so if the Fed Tax Liens do follow the property, would I be able to just wait out the statute of limitation and then request the lien removed? : Any advice would greatly be appreciated!!! [ 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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