[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.

[pepsi]

[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:

Notice of Federal Tax lien

So, my problem now is to find out if the first flipper pay off any tax liens.

[pepsi]

[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:

Notice of Federal Tax lien

So, my problem now is to find out if the first flipper pay off any tax liens.

[pepsi]

[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:

Notice of Federal Tax lien

So, my problem now is to find out if the first flipper pay off any tax liens.

[pepsi]

[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:

Notice of Federal Tax lien

So, my problem now is to find out if the first flipper pay off any tax liens.

[pepsi]

[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:

Notice of Federal Tax lien

So, my problem now is to find out if the first flipper pay off any tax liens.

[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.

[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.

[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.

[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.

[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.

[Author]

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