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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: IRS redemption doesn't revive any junior liens. Posted by Ward-CA- on December 02, 2001 at 1:46 PM In Reply to: IRS redemption posted by todd on December 02, 2001 at 8:57 AM : What happens in this case. There is a 1st,2nd and 3rd lien. the 3rd is an IRS lien. the first forecloses. It is bought by 3rd party. Later the IRS redeems. What happens to the 2nd at the time of redemption? Is it restored? =?=?=?=?=?=?=?=?=?=?= Troy, the foreclosure of the 1st served to extinguish the 1st and wipe off the title of the property the following two liens. So at the instant of the foreclosure sale the property became free and clear. When IRS exercises its right of redemption (ROR) it is just taking over the existing position of the winning foreclosure bidder. Since the property is free and clear, then IRS will own it free and clear upon exercising their ROR. Thus the ROR never restores any other party other than IRS. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : What happens in this case. There is a 1st,2nd and 3rd lien. the 3rd is an IRS lien. the first forecloses. It is bought by 3rd party. Later the IRS redeems. What happens to the 2nd at the time of redemption? Is it restored? : =?=?=?=?=?=?=?=?=?=?= : Troy, the foreclosure of the 1st served to extinguish the 1st and wipe off the title of the property the following two liens. So at the instant of the foreclosure sale the property became free and clear. : When IRS exercises its right of redemption (ROR) it is just taking over the existing position of the winning foreclosure bidder. Since the property is free and clear, then IRS will own it free and clear upon exercising their ROR. Thus the ROR never restores any other party other than IRS. : 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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