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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] IRS Priority Like Most Liens Posted by SeanW on May 06, 2003 at 7:49 PM In Reply to: Tax liens posted by Art on May 06, 2003 at 4:15 PM IRS liens are like any other general lien. Priority is determined by recording date. If IRS liens are junior to the foreclosing mortgage, they will be removed from the title of the property at the sale. So it wouldn't matter if they are "more than the loan balance". They are gone. What makes the IRS special, though, is that for 120 days after the foreclosure, they have a right of redemtion of the property. But the IRS rarely uses these rights. Ward has explained before, that the IRS won't take action unless another investor talks to them, offers to pay more than you did for the property, and makes a certified deposit. I'd assume that CA franchise tax is of a higher priority than deeds of trust and private liens. Foreclosures are done to state-specific laws, and it stands to reason the legislature will want to make sure and get "what's theirs". But if I'm wrong I'm sure Ward will point that out, when he gets back. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : IRS liens are like any other general lien. Priority is determined by recording date. If IRS liens are junior to the foreclosing mortgage, they will be removed from the title of the property at the sale. So it wouldn't matter if they are "more than the loan balance". They are gone. : What makes the IRS special, though, is that for 120 days after the foreclosure, they have a right of redemtion of the property. But the IRS rarely uses these rights. Ward has explained before, that the IRS won't take action unless another investor talks to them, offers to pay more than you did for the property, and makes a certified deposit. : I'd assume that CA franchise tax is of a higher priority than deeds of trust and private liens. Foreclosures are done to state-specific laws, and it stands to reason the legislature will want to make sure and get "what's theirs". But if I'm wrong I'm sure Ward will point that out, when he gets back. Optional Link URL: Link Title: Optional Image URL: [ 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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