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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Should I pay the balance on Notice of Federal Tax Lien if I win the bid at sheriff sale property Posted by dond on January 24, 2010 at 10:33 AM In Reply to: Should I pay the balance on Notice of Federal Tax Lien if I win the bid at sheriff sale property posted by Henry on January 23, 2010 at 1:31 PM : Hi, : I am planning to buy a property from a sheriff sale, and I did a title search on that property. From the title search, there were about 8 Notice of Federal Tax Lien filed against this crazy home owner throughout a period of 10 years, and the sum of Unpaid Balance of Assessment on these 8 copies of Notice of Federal Tax Lien totaled close to $750k. : My questions are: : 1. Let's say the judgment amount is about $90k, is this judgment amount already included the $750k from the Notice of Federal Tax Lien? : 2. What is included in the judgment amount? Because this home owner also owned the state about $150k in unpaid personal tax. : 3. what happen to the rules below, do they still apply in this situation?: : a) The lender foreclosing must give 25 day notice to the IRS of the sale and receive their "consent" to have the sale in order for the junior tax lien to be wiped out. : : b) If the IRS has been notified and given consent, the IRS has a 120 day right of redemption after the sale and, if acted upon, the buyer at the sale will be reimbursed the purchase price by the IRS plus interest. : 4. Is this too good to be truth? The market value for property is worth more than 1 million, however, judgement amount for this property seems too low given what the owner owed to the federal and state tax. : Please advice. : Thanks a millions! Your terminology is so garbled I can't grasp your situation. You speak of Federal Tax Liens and Judgements. They aren't the same thing. (Or are you talking about two different things?). You speak of a Sheriff's auction and of the rules of Trustee's Sales. They aren't the same thing. (Or are you talking about two different things?) You also speak of Junior Tax liens. I'm not sure where that fits into the picture. I'd like to see a clearer statement of your problem. By the way, what state are you in. It makes a big difference. Dond Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : I am planning to buy a property from a sheriff sale, and I did a title search on that property. From the title search, there were about 8 Notice of Federal Tax Lien filed against this crazy home owner throughout a period of 10 years, and the sum of Unpaid Balance of Assessment on these 8 copies of Notice of Federal Tax Lien totaled close to $750k. : : My questions are: : : 1. Let's say the judgment amount is about $90k, is this judgment amount already included the $750k from the Notice of Federal Tax Lien? : : 2. What is included in the judgment amount? Because this home owner also owned the state about $150k in unpaid personal tax. : : 3. what happen to the rules below, do they still apply in this situation?: : : a) The lender foreclosing must give 25 day notice to the IRS of the sale and receive their "consent" to have the sale in order for the junior tax lien to be wiped out. : : : b) If the IRS has been notified and given consent, the IRS has a 120 day right of redemption after the sale and, if acted upon, the buyer at the sale will be reimbursed the purchase price by the IRS plus interest. : : 4. Is this too good to be truth? The market value for property is worth more than 1 million, however, judgement amount for this property seems too low given what the owner owed to the federal and state tax. : : Please advice. : : Thanks a millions! : Your terminology is so garbled I can't grasp your situation. You speak of Federal Tax Liens and Judgements. They aren't the same thing. (Or are you talking about two different things?). You speak of a Sheriff's auction and of the rules of Trustee's Sales. They aren't the same thing. (Or are you talking about two different things?) : You also speak of Junior Tax liens. I'm not sure where that fits into the picture. : I'd like to see a clearer statement of your problem. By the way, what state are you in. It makes a big difference. : Dond [ 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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