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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure and Fed Tax Liens Questions Posted by Rick, the Probate Guy on December 29, 2009 at 4:40 PM In Reply to: Foreclosure and Fed Tax Liens Questions posted by Bstones on December 29, 2009 at 7:43 AM Given that you are in Nebraska, I'm assuming that the subject property is in NE. too. While foreclosure codes and procedure vary greatly from State-to-State, IRS liens should not as debts to to U.S. government get pretty consistent treatment. Personally, I'd want better assurance that the bank is foreclosing on the 1st. Have you read the entire notice of default as to which debt is which? Is the equity likely to attract other bidders? You might consider waiting until this becomes bank owned and let the lender worry about the problems. If it were me, I might just wait out the 120 day R.O.R. I have no idea how lender made the second loan without dealing with the IRS. Perhaps there was a Release and Partial Satisfaction that went sideway, allowing Uncle to make the claim that resulted in the 2nd lien being recorded. Maybe homestead? Now I'm on shakey ground. Can you afford to take the hit if you get stuck with one or both of the liens? What's your tolerance for risk? Follow Ups: 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) Post a Followup: Name : E-Mail : Subject : Comments: : Given that you are in Nebraska, I'm assuming that the subject property is in NE. too. : While foreclosure codes and procedure vary greatly from State-to-State, IRS liens should not as debts to to U.S. government get pretty consistent treatment. : Personally, I'd want better assurance that the bank is foreclosing on the 1st. Have you read the entire notice of default as to which debt is which? Is the equity likely to attract other bidders? You might consider waiting until this becomes bank owned and let the lender worry about the problems. : If it were me, I might just wait out the 120 day R.O.R. I have no idea how lender made the second loan without dealing with the IRS. Perhaps there was a Release and Partial Satisfaction that went sideway, allowing Uncle to make the claim that resulted in the 2nd lien being recorded. Maybe homestead? Now I'm on shakey ground. : Can you afford to take the hit if you get stuck with one or both of the liens? : What's your tolerance for risk? [ 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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