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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Foreclosure and Fed Tax Liens Questions Posted by Bstones on December 29, 2009 at 8:23 PM In Reply to: Re: Foreclosure and Fed Tax Liens Questions posted by Rick, the Probate Guy on December 29, 2009 at 4:40 PM : 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? Rick thanks for the response. Waiting for the bank to own it IS probably my best option. I have read the entire NOD of each and neither actually say, they say the total principal "of the notes" is approximately $188,000 plus fees so somewhere around $190,000 which doesn't really make sense to me. But they do not say which is which the only difference between the two notices is the date the owners signed the deed of trust. I know there are some exterior maintenance issues but nothing I can't do myself as I am very good at DIY repairs. I don't know what the minimum bid will be yet, they wouldn't tell me. But I guess how much risk I can take partially depends on if the owner actually follows through and lets me inspect the interior, as of right now it is vacant. I know the owner does have another property in town (and yes it is in Nebraska) that is worth substantially more than this one so I would think if the IRS was going to go after a property it would be his primary residence but thats just a guess. Any suggestions on how to find out if maybe the first Fed lien was satisfied and just not released from the property (as I have read that can happen)? If the property does however go for approximately what I think it will, I could afford the hit but then wouldn't have much room for repairs. Follow Ups: 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? : Rick thanks for the response. : Waiting for the bank to own it IS probably my best option. I have read the entire NOD of each and neither actually say, they say the total principal "of the notes" is approximately $188,000 plus fees so somewhere around $190,000 which doesn't really make sense to me. But they do not say which is which the only difference between the two notices is the date the owners signed the deed of trust. : I know there are some exterior maintenance issues but nothing I can't do myself as I am very good at DIY repairs. I don't know what the minimum bid will be yet, they wouldn't tell me. But I guess how much risk I can take partially depends on if the owner actually follows through and lets me inspect the interior, as of right now it is vacant. I know the owner does have another property in town (and yes it is in Nebraska) that is worth substantially more than this one so I would think if the IRS was going to go after a property it would be his primary residence but thats just a guess. Any suggestions on how to find out if maybe the first Fed lien was satisfied and just not released from the property (as I have read that can happen)? If the property does however go for approximately what I think it will, I could afford the hit but then wouldn't have much room for repairs. [ 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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