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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: I dunno... Posted by Bill H on January 30, 2010 at 2:33 PM In Reply to: I dunno... posted by Rick, the Probate Guy on January 30, 2010 at 9:12 AM : I enjoy your brainteasers, Bill. : Here's my best thinking (which is subject to ridicule): : IRS lien was junior to foreclosing lender's lien. : IRS lien is wiped off due to TSale : The max amount that IRS could make a play for on PIQ is the equitable position IRS had prior to the sale, although since they're the IRS they could try for most anything. : Henry's position would still be strong in that the IRS would have to make him whole plus interest. However, Henry would be out any other costs (fix up, etc.). : Did I miss anything obvious? Nope, Have to give yo an "A". The IRS has the right of redemption, nothing I know of give them the right to move up and over the chain of title into a senior position. Good Luck, Bill H PS: It is currently 24 degrees here and snow is expected tonight. Warm, Sunny South...tell me all about the climate is wrming! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I enjoy your brainteasers, Bill. : : Here's my best thinking (which is subject to ridicule): : : IRS lien was junior to foreclosing lender's lien. : : IRS lien is wiped off due to TSale : : The max amount that IRS could make a play for on PIQ is the equitable position IRS had prior to the sale, although since they're the IRS they could try for most anything. : : Henry's position would still be strong in that the IRS would have to make him whole plus interest. However, Henry would be out any other costs (fix up, etc.). : : Did I miss anything obvious? : Nope, Have to give yo an "A". The IRS has the right of redemption, nothing I know of give them the right to move up and over the chain of title into a senior position. : Good Luck, : Bill H : PS: It is currently 24 degrees here and snow is expected tonight. Warm, Sunny South...tell me all about the climate is wrming! [ 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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