foreclosure sale this week
Nice house scheduled for foreclosure sale listed w/ realtor who has pending contract , doesn't think it will close due to problems] [almost sold 2 mo ago but at closing lawyers would not agree so no sale] judmt $70k ass'd value $271 IRS lein , SBA and another running up to $271K.
Question: is it too late to have anything to do w/ this one? We feel the bank will take back and then auction What happens to the IRS & SBA liens?
Lyn,
I would ask a couple of questions. What are the total deeds of trust, liens, judgments (breakdown)? What is the fair market value? The tax assessed value means nothing unless you know the percentage of what it is to fair market value. To my knowledge, IRS tax liens have a period of 6 months after the sale to redeem. I could be wrong. The SBA loan is backed by the government, so it may be more a lien on the person, versus the property.
Hope this helps.
Enigma[ Edited by Enigma on Date 04/10/2003 ]