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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Trustee Sale Survivors Revisited Posted by steve on March 19, 2004 at 1:41 PM Ward, you are a great resource to this industry. I know from your previous answer that Calif state tax liens and judgements do not survive the trustee sale if a senior note forecloses. However, I came across this conflicting information from another forum post. I have pasted it below. I know the IRS tax lien has a 120 day ROR and it's spelled out in an IRS code. I have seen everyone else with your same answers. I would like to find the California code that spells out their State Tax Liens and how it gets affected at a Trustee Sale. Do you know where I can find that? Please help. Thanks. -- Steve Here's the scenario: : House in So California, market value $420K : Bank, 1st TD is $220K : Secondary Federal & State tax leins total $400K If an investor buys it for, say, $250K, what happens to the tax leins? Would the leins stay with (your new) house? Or, would the tax leins stay with the taxpayer who created the mess? : Mark Mark: First off, the tax liens remain with the property. They become your problem if you are the successful bidder at the sale. Follow Ups: Here's the rule... Ward-CA- 0:49 AM, 03/20/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward, you are a great resource to this industry. : I know from your previous answer that Calif state tax liens and judgements do not survive the trustee sale if a senior note forecloses. However, I came across this conflicting information from another forum post. I have pasted it below. I know the IRS tax lien has a 120 day ROR and it's spelled out in an IRS code. : I have seen everyone else with your same answers. I would like to find the California code that spells out their State Tax Liens and how it gets affected at a Trustee Sale. : Do you know where I can find that? Please help. Thanks. -- Steve : : Here's the scenario: : : House in So California, market value $420K : : Bank, 1st TD is $220K : : Secondary Federal & State tax leins total $400K : If an investor buys it for, say, $250K, what happens to the tax leins? Would the leins stay with (your new) house? Or, would the tax leins stay with the taxpayer who created the mess? : : Mark : : Mark: : First off, the tax liens remain with the property. They become your problem if you are the successful bidder at the sale. 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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