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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] IRS redemption right Posted by Ward-CA- on October 23, 2003 at 5:36 PM In Reply to: Got 2nd. lien with an IRS redemption right posted by Mirela Nelson on October 23, 2003 at 0:17 AM : Hi : I bought 2nd. lien at a trustee auction of (40k) with an IRS Redemption right(113K). : The 1st.(99k) is going for auction in one month. : My question is should I assume the 1st? : Should I bring the 1st. to current to postpone the auction date? : Should I wait until it goes to auction and bid on it? : What advice can you give me to protect my 40k and possibly make some extra. : Thanks in advance for your help, I'm desperate. : Mirela =?=?=?=?=?=?=?=?=?=?= Mirela, I don't think you bought the 2nd. I think you got title to the property by paying off the 2nd at their foreclosure auction. I'm assuming that you want to own the property and that's why you were the highest bidder. If that's true, then I'd reinstate the delinquent payments on the 1st and cure that foreclosure. If IRS decides to exercise their ROR (Right of Redemption) they will have to reimburse you for your reinstatement of the 1st and any ongoing payments made to the 1st thereafter. Same goes for payments on the property taxes and insurance. If you receive any rent on the property before IRS' redemption, that will be deducted from their reimbursement to you. I really wouldn't be too concerned with IRS' ROR since they rarely exercise their rights in this area. You don't mention what state you're in, or the fair market value of the property, or the amount of delinquent real estate taxes, or if you want to keep it, nor whether the property is occupied or vacant.. Thus it's tough to give you any more meaningful advice. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi : : I bought 2nd. lien at a trustee auction of (40k) with an IRS Redemption right(113K). : : The 1st.(99k) is going for auction in one month. : : My question is should I assume the 1st? : : Should I bring the 1st. to current to postpone the auction date? : : Should I wait until it goes to auction and bid on it? : : What advice can you give me to protect my 40k and possibly make some extra. : : Thanks in advance for your help, I'm desperate. : : Mirela : =?=?=?=?=?=?=?=?=?=?= : Mirela, : I don't think you bought the 2nd. I think you got title to the property by paying off the 2nd at their foreclosure auction. : I'm assuming that you want to own the property and that's why you were the highest bidder. If that's true, then I'd reinstate the delinquent payments on the 1st and cure that foreclosure. : If IRS decides to exercise their ROR (Right of Redemption) they will have to reimburse you for your reinstatement of the 1st and any ongoing payments made to the 1st thereafter. Same goes for payments on the property taxes and insurance. : If you receive any rent on the property before IRS' redemption, that will be deducted from their reimbursement to you. : I really wouldn't be too concerned with IRS' ROR since they rarely exercise their rights in this area. : You don't mention what state you're in, or the fair market value of the property, or the amount of delinquent real estate taxes, or if you want to keep it, nor whether the property is occupied or vacant.. Thus it's tough to give you any more meaningful advice. 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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