Posted by Rainbow on September 02, 2005 at 24:18:10:
Lien in '98, tranfer of property into a trust in '99, what do you think? The title is not really clear, and the state has a right to this property up to the current amount of the lien.
Now If the Federal Liens were not filed until '01, that is an interesting question.
I would think (I’m not a lawyer) if Dr. Smith was the beneficiary until 2004 that he still “owned” the property as far as IRS is concerned.
Which means that like “covelgas” said, it might be a fraudaulent conveyance.
I’ve got a property that I want to buy subject to but I need some advice. Here is the story…Dr. Smith gets a divorce in 98 and refinances house and cashes his ex wife out. Then in 99 he puts the house into a trust. Fast forward to 2004…Dr. Smith names Friend Steve as the trustee and benificiary of trust. December of 04 the Dr. dies. Steve doesn’t make any payments for 6 months and house goes into foreclosure. I want to catch up payments(12k in arrears mortgage is 130k and house is worth 250k) and do a subject to but here is the problem. I found 2 leins against Dr. Smith. One is a 1998 state tax lein for 22k and the other is a federal tax lein for 200k from 2001,02,03,04,05. My question is since Dr. Smith put the house into a trust and the leins are just in his personal name do they not attach to the property and both of the leins were recorded after his death so does that matter. I basically want to know if the leins are attached to the propery or not. Any advice would be helpful. Thanks