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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Info too sketchy... Posted by Rick, the Probate Guy on January 24, 2010 at 10:54 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 Most (but not all) posters here concern themselves with CA foreclosures which are normally non-judicial. Since you make reference to a Sheriff's Sale without telling us what State (or County) this matter is in, I'm going to assume that you're in a State where judicial foreclosures of mortgages are the norm. Occassionally we'll see a CA Sheriff's sale of a Writ of Execution, but they're rather rare today. Of course, it really doesn't make much difference as the I.R.S. will treat this matter pretty consistently, regardless of State. If the I.R.S. lien is junior in priority to the foreclosing creditor's lien, then the tax lien if wiped OFF, subject to their 120 day right of redemption. IRS is unlikely to make a play for that money unless there's significant equity AND they are confident that a suitable buyer/bidder would step forward should they go to the trouble of excercising their R.O.R. and pursuing a sale thru their own system. Even with lots of equity, IRS can be dissuaded from further action should there be certain facts about the property that scares them off (lead paint, taxpayor who is in an active, private armed militia, etc.). Let us know what you decided and what action you finally take. Follow Ups: Re: Info too sketchy... Bill H 5:05 PM, 01/26/10 (2) I dunno... Rick, the Probate Guy 9:12 AM, 01/30/10 (1) Re: I dunno... Bill H 2:33 PM, 01/30/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Most (but not all) posters here concern themselves with CA foreclosures which are normally non-judicial. : Since you make reference to a Sheriff's Sale without telling us what State (or County) this matter is in, I'm going to assume that you're in a State where judicial foreclosures of mortgages are the norm. Occassionally we'll see a CA Sheriff's sale of a Writ of Execution, but they're rather rare today. : Of course, it really doesn't make much difference as the I.R.S. will treat this matter pretty consistently, regardless of State. : If the I.R.S. lien is junior in priority to the foreclosing creditor's lien, then the tax lien if wiped OFF, subject to their 120 day right of redemption. IRS is unlikely to make a play for that money unless there's significant equity AND they are confident that a suitable buyer/bidder would step forward should they go to the trouble of excercising their R.O.R. and pursuing a sale thru their own system. : Even with lots of equity, IRS can be dissuaded from further action should there be certain facts about the property that scares them off (lead paint, taxpayor who is in an active, private armed militia, etc.). : Let us know what you decided and what action you finally take. [ 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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