Posted by Bill H on April 13, 2005 at 18:55:29:
Everything that was senior to the foreclosing lien will remain and become the buyer’s resonsibility…that includes the IRS liens.
IRS liens will only go away in 120 days if they are junior to the foreclosing liens and the IR declines to exercise its right of redemption.
Good Luck,
Bill H
IRS liens and trustee sale - Posted by Natalie-VA
Posted by Natalie-VA on April 13, 2005 at 10:59:16:
I attended a trustee sale this morning, and I have a question about IRS liens. I am familiar with the 120 day right of redemption, but I usually only see this where the IRS lien was recorded sometime after the foreclosing DOT. In this case, the IRS liens were recorded PRIOR TO the foreclosing DOT.
The attorney conducting the sale announced that they were foreclosing on a 2nd DOT and that the sale was subject to the first DOT (190k) and 2 IRS liens totalling 30k that were recorded prior to the 2nd.
Does that mean the the IRS liens had to be paid off or not? The other investors were bidding as if the IRS liens would go away in 120 days, but I declined to bid because of my doubts.