InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: IRS's right of redemption... Posted by Mer on June 26, 2004 at 4:34 PM In Reply to: IRS's right of redemption... posted by Ward-CA- on June 25, 2004 at 1:54 PM : : : : Dear Ward, : : If the property is sold at trustee's sale and there was IRS : : lien also(junior from foreclosed loan). If the bid goes higher and there is enough money from the sale : : to pay the IRS loan, will the trustee pay remaining money to the : : IRS ? If yes, then does the IRS still have the right of 120 days redemption : : or not? Does the buyer needs to worry or not in such cases? : : Property is in CA State. : : Andy : ======================= : Andy, : Yes IRS's lien will be treated like any other junior lien as far as receiving their fair share of an overbid from the foreclosure auction sale of a senior lien. : Yes, IRS's right of redemption is still extant as long as they are owed any money after the overbid distribution has been made. : Yes, the winning bidder has to be concerned that IRS might exercise their Right of Redemption. So even if the tax lien is paid off, the IRS can still redem the property. On what basis? The lien has been satisfied! Mer Follow Ups: Re: IRS's right of redemption... Bill H 5:30 PM, 06/26/04 (2) Re: IRS's right of redemption... mike 1:35 PM, 02/14/05 (0) Re: IRS's right of redemption... Mer 12:43 AM, 06/27/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : : : Dear Ward, : : : If the property is sold at trustee's sale and there was IRS : : : lien also(junior from foreclosed loan). If the bid goes higher and there is enough money from the sale : : : to pay the IRS loan, will the trustee pay remaining money to the : : : IRS ? If yes, then does the IRS still have the right of 120 days redemption : : : or not? Does the buyer needs to worry or not in such cases? : : : Property is in CA State. : : : Andy : : ======================= : : Andy, : : Yes IRS's lien will be treated like any other junior lien as far as receiving their fair share of an overbid from the foreclosure auction sale of a senior lien. : : Yes, IRS's right of redemption is still extant as long as they are owed any money after the overbid distribution has been made. : : Yes, the winning bidder has to be concerned that IRS might exercise their Right of Redemption. : So even if the tax lien is paid off, the IRS can still redem the property. On what basis? The lien has been satisfied! : Mer 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455