Question about multiple properties and tax lien

[Effective Demand]

[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.

[UCGal]

I have a question. What if a tax deadbeat doesn’t own property or “real” assets. What would the fed or state income tax lien attach to?

Just curious and wondering out loud… Like I said – I’ve got an interest in watching the public records on our former rip-off contractor… I guess so I can add our judgement to his long list of outstanding liens and judgements once we win in arbitration.
(Already had the cslb refer our complaint for prosecution and have collected from his bonding company… The facts are on our side.)

[UCGal]

I have a question. What if a tax deadbeat doesn’t own property or “real” assets. What would the fed or state income tax lien attach to?

Just curious and wondering out loud… Like I said – I’ve got an interest in watching the public records on our former rip-off contractor… I guess so I can add our judgement to his long list of outstanding liens and judgements once we win in arbitration.
(Already had the cslb refer our complaint for prosecution and have collected from his bonding company… The facts are on our side.)

[UCGal]

I have a question. What if a tax deadbeat doesn’t own property or “real” assets. What would the fed or state income tax lien attach to?

Just curious and wondering out loud… Like I said – I’ve got an interest in watching the public records on our former rip-off contractor… I guess so I can add our judgement to his long list of outstanding liens and judgements once we win in arbitration.
(Already had the cslb refer our complaint for prosecution and have collected from his bonding company… The facts are on our side.)

[UCGal]

I have a question. What if a tax deadbeat doesn’t own property or “real” assets. What would the fed or state income tax lien attach to?

Just curious and wondering out loud… Like I said – I’ve got an interest in watching the public records on our former rip-off contractor… I guess so I can add our judgement to his long list of outstanding liens and judgements once we win in arbitration.
(Already had the cslb refer our complaint for prosecution and have collected from his bonding company… The facts are on our side.)

[UCGal]

I have a question. What if a tax deadbeat doesn’t own property or “real” assets. What would the fed or state income tax lien attach to?

Just curious and wondering out loud… Like I said – I’ve got an interest in watching the public records on our former rip-off contractor… I guess so I can add our judgement to his long list of outstanding liens and judgements once we win in arbitration.
(Already had the cslb refer our complaint for prosecution and have collected from his bonding company… The facts are on our side.)

[pepsi]

[quote=Effective Demand][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.[/quote]

Thank you for the good information.
It looks like the first flipper ignore the 120 day redemption period and sell the house to an innocent buyer.

If the current home owner call IRS and to be the guaranteed bidder, they could wipe out most (if not all) of profit the first flipper made, and lower their mortgage.

[pepsi]

[quote=Effective Demand][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.[/quote]

Thank you for the good information.
It looks like the first flipper ignore the 120 day redemption period and sell the house to an innocent buyer.

If the current home owner call IRS and to be the guaranteed bidder, they could wipe out most (if not all) of profit the first flipper made, and lower their mortgage.

[pepsi]

[quote=Effective Demand][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.[/quote]

Thank you for the good information.
It looks like the first flipper ignore the 120 day redemption period and sell the house to an innocent buyer.

If the current home owner call IRS and to be the guaranteed bidder, they could wipe out most (if not all) of profit the first flipper made, and lower their mortgage.

[pepsi]

[quote=Effective Demand][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.[/quote]

Thank you for the good information.
It looks like the first flipper ignore the 120 day redemption period and sell the house to an innocent buyer.

If the current home owner call IRS and to be the guaranteed bidder, they could wipe out most (if not all) of profit the first flipper made, and lower their mortgage.

[pepsi]

[quote=Effective Demand][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.[/quote]

Thank you for the good information.
It looks like the first flipper ignore the 120 day redemption period and sell the house to an innocent buyer.

If the current home owner call IRS and to be the guaranteed bidder, they could wipe out most (if not all) of profit the first flipper made, and lower their mortgage.

[Effective Demand]

You are most welcome. I like the way you think about the the buyer calling it in but if the 2nd sale was financed I bet a condition of the financing would be that the lien would have to be cleared up.

Here is the IRS link regarding how they would go about doing that:
http://www.irs.gov/pub/irs-pdf/p783.pdf

The seller would already have the money. It is the new lender or their title insurance which would have to come and clean up the mess.

[Effective Demand]

You are most welcome. I like the way you think about the the buyer calling it in but if the 2nd sale was financed I bet a condition of the financing would be that the lien would have to be cleared up.

Here is the IRS link regarding how they would go about doing that:
http://www.irs.gov/pub/irs-pdf/p783.pdf

The seller would already have the money. It is the new lender or their title insurance which would have to come and clean up the mess.

[Effective Demand]

You are most welcome. I like the way you think about the the buyer calling it in but if the 2nd sale was financed I bet a condition of the financing would be that the lien would have to be cleared up.

Here is the IRS link regarding how they would go about doing that:
http://www.irs.gov/pub/irs-pdf/p783.pdf

The seller would already have the money. It is the new lender or their title insurance which would have to come and clean up the mess.

[Effective Demand]

You are most welcome. I like the way you think about the the buyer calling it in but if the 2nd sale was financed I bet a condition of the financing would be that the lien would have to be cleared up.

Here is the IRS link regarding how they would go about doing that:
http://www.irs.gov/pub/irs-pdf/p783.pdf

The seller would already have the money. It is the new lender or their title insurance which would have to come and clean up the mess.

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