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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Yipes!! Put away your checkbook... Posted by Ward-CA- on November 10, 2003 at 8:09 AM 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. : Please help me with some of your great advice, : Thanks a lot in advance, : Mirela =?=?=?=?=?=?=?=?=?=?= Mirela, I think you bought title to the property by being the highest bidder at the foreclosure auction of the 2nd trust deed. I don't think you meant to say you bought the 2nd trust deed itself. I think you should wait the 120 days for IRS' Right of Redemption (ROR) to expire. That way you won't have to pay out any extra bucks to your Uncle Sammy. A person's interest in real property is revealed by looking at the most recent, recorded deed to the property. In this case it will be your name that shows as the current owner (via the recorded trustee's deed). Yipes! What would possess you to assume an existing lien that's in someone else's name?? Do you want to lower your FICO score? Do you want to needlessly pay out a large assumption fee? Just reinstate the back payments on the 1st and then make the monthly payments as they come up until you resell or refinance the property. Hope this helps. Follow Ups: 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. : : Please help me with some of your great advice, : : Thanks a lot in advance, : : Mirela : =?=?=?=?=?=?=?=?=?=?= : Mirela, : I think you bought title to the property by being the highest bidder at the foreclosure auction of the 2nd trust deed. I don't think you meant to say you bought the 2nd trust deed itself. : I think you should wait the 120 days for IRS' Right of Redemption (ROR) to expire. That way you won't have to pay out any extra bucks to your Uncle Sammy. : A person's interest in real property is revealed by looking at the most recent, recorded deed to the property. In this case it will be your name that shows as the current owner (via the recorded trustee's deed). : Yipes! What would possess you to assume an existing lien that's in someone else's name?? Do you want to lower your FICO score? Do you want to needlessly pay out a large assumption fee? : Just reinstate the back payments on the 1st and then make the monthly payments as they come up until you resell or refinance the property. : Hope this helps. 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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