Another IRS Tax Lien & SS Question!
I am about to submit a SS package (my first). The seller has a 1st of $300k and a 40K IRS tax lien. The house is a total mess he won't let me in the inside but the outside is totally trashed,. Its in a really great area so the comps will be high...House is worth about 280 now as is, but could be worth 350 with about 30K+ worth of work. He owes at least 15K backpayments and the house will be court auctioned on March 9th. He has not done tax returns forever (hence the IRS lien) doesn't have a bank acct. Any advice on how to put together the SS package is REALLY appreciated. How do I make this a deal?? (its a countrywide home loan). THX!
from what i understand IRS leins are not negotiable.
call the loss mitigation dep. at country wide tell them your looking to buy this house but need to do a short. they will fax you the packet of information that they will need from you.
if it was me i wouldnt care what kind of condition the place is in, i would need to get inside the house before any negotiating goes on. and if its in the condition he says its in. then that will be a major leverage point in negotiating your short. the b.p.o. appraiser will also need to see the inside to properly asses the damage (get a lower b.p.o) which will help your short.
IRS liens usually do not run with the property from my understanding. These are personal tax liens. the owner must be self employed. as far as i know they follow the social security number and will not stay attached to the house. I could be totally wrong but that is what i thought.,
Thanks, Ryan
P.S. please somebody correct me if im wrong.
I found out the 1st mortgage orginated dec 2000 is $61,000 and 2nd mortgage is $10,000 originated May 2001. Both are wells fargo and there are 2 judgements for about $25,000.
Anybody worked w/ Wells Fargo on a short sale? I was thinking of ignoring the 2nd mortgage since the house is probably worth about $75,000. Is the only way to get around paying off those judgements for the homeowner to file bankruptcy?
Yes sir, will do. I will not be able to get the short sale package from the bank until after the holiday. If I show the bank the divorce settlement and only the ex-wifes financial info, do you think the bank is going to require the ex-husbands info as well? Have you run into this situation before?
I told the ex-wife that very thing. It may make the hardship even better since she has not received any child support either. I know the ex-husband does not want a foreclosure on his credit report. Hopefully that will be enough to loosen him up.
It is funny you should mention that. When I met them I told him he could quit claim deed the property to his ex-wife. His eyes lit up and I told him how to do go about doing that.