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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Status of junior bene's after property REO's? Posted by Larry Van Valkenburgh on November 10, 2003 at 6:32 PM If a property comes up for sale at a Trustee Sale and no one bids on the property it goes back to the foreclosing beneficiary as an REO (or OREO, take your pick). My question is do the junior beneficiaries get wiped out as they would have had the property been sold to a 3rd-party? Also, does the IRS still get to exercise its option to seize the property to satisfy a tax lien? If the IRS can do this, does that mean they pay the lender what they were owed at the sale? Thanks, Larry Follow Ups: Sale to lender is no different than any othe buyer...r Ward-CA- 2:45 PM, 11/11/03 (0) Re: Status of junior bene's after property REO's? Travis-CA 1:33 PM, 11/11/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : If a property comes up for sale at a Trustee Sale and no one bids on the property it goes back to the foreclosing beneficiary as an REO (or OREO, take your pick). : My question is do the junior beneficiaries get wiped out as they would have had the property been sold to a 3rd-party? : Also, does the IRS still get to exercise its option to seize the property to satisfy a tax lien? If the IRS can do this, does that mean they pay the lender what they were owed at the sale? : Thanks, Larry 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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