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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Federal IRS Tax Lien amount is Huge!!!! Posted by Mirela on November 09, 2003 at 11:09 PM In Reply to: Federal IRS Tax Lien amount is Huge!!!! posted by Mirela on November 09, 2003 at 11:07 PM : : Hi, : I need lots of advise. : I didn't do my research and I bought a property in Oregon. I bought the 2nd. mortgage of $40,000 at a foreclosure sale and not the 1st. which is $106,000, as well the property has a federal tax lien of $113,000. I know about the IRS ROR which is 120 days, but my question is what should i do? : Should I submit for a certificate of Discharge or just wait the 120 days to expire. If I should see if the IRS will discharge it then how can i show them that the ex-owner has no interest in the property since his name is showing on the senior loan. : I reinstated the 1st.because it was going to be auctioned in 3 months before the IRS ROR expires. Should I go ahead and assume the 1st. or just make payments on it to keep it current and wait for the ROR to expire. By the way the assesset value is $141,000 and the real market value is $180,000. : Please help me with some of your great advice, : Thanks a lot in advance, : Mirela Follow Ups: Did trustee notice IRS prior to sale in timely manner realtor 4:24 PM, 11/11/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : Hi, : : I need lots of advise. : : I didn't do my research and I bought a property in Oregon. I bought the 2nd. mortgage of $40,000 at a foreclosure sale and not the 1st. which is $106,000, as well the property has a federal tax lien of $113,000. I know about the IRS ROR which is 120 days, but my question is what should i do? : : Should I submit for a certificate of Discharge or just wait the 120 days to expire. If I should see if the IRS will discharge it then how can i show them that the ex-owner has no interest in the property since his name is showing on the senior loan. : : I reinstated the 1st.because it was going to be auctioned in 3 months before the IRS ROR expires. Should I go ahead and assume the 1st. or just make payments on it to keep it current and wait for the ROR to expire. : By the way the assesset value is $141,000 and the real market value is $180,000. : : Please help me with some of your great advice, : : Thanks a lot in advance, : : Mirela 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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