Home › Forums › Financial Markets/Economics › Question about multiple properties and tax lien
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Effective Demand.
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September 5, 2009 at 1:58 PM #453604September 5, 2009 at 2:02 PM #454019
pepsi
Participant[quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.September 5, 2009 at 2:02 PM #454211Participant[quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.September 5, 2009 at 2:02 PM #453414Participant[quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.September 5, 2009 at 2:02 PM #453609Participant[quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.September 5, 2009 at 2:02 PM #453947Participant[quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.September 5, 2009 at 2:15 PM #454226Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]Further research shows that the income tax lien is attached to ALL properties the tax payer owns (including cars).
See this IRS document about tax lien:
So, my problem now is to find out if the first flipper pay off any tax liens.
September 5, 2009 at 2:15 PM #453624Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]Further research shows that the income tax lien is attached to ALL properties the tax payer owns (including cars).
See this IRS document about tax lien:
So, my problem now is to find out if the first flipper pay off any tax liens.
September 5, 2009 at 2:15 PM #454034Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]Further research shows that the income tax lien is attached to ALL properties the tax payer owns (including cars).
See this IRS document about tax lien:
So, my problem now is to find out if the first flipper pay off any tax liens.
September 5, 2009 at 2:15 PM #453962Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]Further research shows that the income tax lien is attached to ALL properties the tax payer owns (including cars).
See this IRS document about tax lien:
So, my problem now is to find out if the first flipper pay off any tax liens.
September 5, 2009 at 2:15 PM #453429Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]Further research shows that the income tax lien is attached to ALL properties the tax payer owns (including cars).
See this IRS document about tax lien:
So, my problem now is to find out if the first flipper pay off any tax liens.
September 5, 2009 at 2:52 PM #454039Effective Demand
Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]http://www.foreclosureforum.com/articles/0504irsrights.html
IRS tax liens are about the equity in the property when junior. When senior, then they get paid.
For property tax liens, those would be secured by the property and remain senior and be paid off at the trustee sale. There are other liens that become senior even if recorded later like mechanics liens.
September 5, 2009 at 2:52 PM #453434Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]http://www.foreclosureforum.com/articles/0504irsrights.html
IRS tax liens are about the equity in the property when junior. When senior, then they get paid.
For property tax liens, those would be secured by the property and remain senior and be paid off at the trustee sale. There are other liens that become senior even if recorded later like mechanics liens.
September 5, 2009 at 2:52 PM #453967Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]http://www.foreclosureforum.com/articles/0504irsrights.html
IRS tax liens are about the equity in the property when junior. When senior, then they get paid.
For property tax liens, those would be secured by the property and remain senior and be paid off at the trustee sale. There are other liens that become senior even if recorded later like mechanics liens.
September 5, 2009 at 2:52 PM #453629Participant[quote=pepsi][quote=Effective Demand]It depends, as I understand it it depends on when the tax lien was recorded.
If the tax lien was junior to the foreclosing lien it gets wiped out except they have a right of redemption period of 120 days.
If it was senior to the lien on property #1, since propert #1 sold first then flipper #1 would have to pay it.[/quote]
My understanding about tax lien is that they have different priority than regular loan/lien, and they never get wiped out in TS.
Maybe I am wrong about this, but that is the impression that I have.[/quote]http://www.foreclosureforum.com/articles/0504irsrights.html
IRS tax liens are about the equity in the property when junior. When senior, then they get paid.
For property tax liens, those would be secured by the property and remain senior and be paid off at the trustee sale. There are other liens that become senior even if recorded later like mechanics liens.
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