Posted by Bill H on January 25, 2006 at 20:53:38:
Jason:
Apply a little common sense and I think you can answer you own question.
If she/you redeem it…it goes back to the original status…why would the liens/judgments, etc fall off. If this were the case everybody would let their property go into foreclosure and then redeem it and wipe out all the junior liens and judgments.
Good Luck,
Bill H
Redeeming property w/liens AFTER Sheriff Sale - Posted by Jason
Posted by Jason on January 25, 2006 at 15:16:23:
Here’s one for you GURUs.
(Iowa) I have an opportunity to purchase a SFR from a woman who’s house went to Sheriff Sale recently.
She has a 6 month redemption (3 mos remain). She has an IRS lien and a few small judgments. Her “redemption rights” are transferable! If I/my LLC is the transferee, do I avoid those liens and judgments???
I’m having a hard time finding any atty. or ANYONE that knows. THANKS!
Jason in Iowa.
Sheriff Sale - Posted by Nike
Posted by Nike on February 28, 2007 at 18:02:08:
Did the property go to the bank or a third-party? Are the judgments senior to the IRS? What are the numbers?
Re: Redeeming property w/liens - Posted by John Merchant
Posted by John Merchant on February 28, 2007 at 14:01:00:
Tax liens normally survive even after foreclosure.
If you owned those tax liens, your rights would be superior to all other liens, so it would behoove you to try to acquire those tax liens.
Re: Redeeming property w/liens AFTER Sheriff Sale - Posted by Brian (UT)
Posted by Brian (UT) on January 26, 2006 at 09:45:59:
Jason
Bill H is absolutely right, however this is a time period where you can sometimes get these wiped out liens to discount, etc.
Plus you said an IRS lien that means they have 120 days to do something and if there is that much profit they probably would, you don’t mention any figures so they may agree to get something instead of nothing.
Brian