Finding Lien Amounts
When considering whether to buy a junior lien at a foreclosure, how do you find out how much is still owned on the senor liens?
Are tax lien amonts alway available to the public?
When considering whether to buy a junior lien at a foreclosure, how do you find out how much is still owned on the senor liens?
Are tax lien amonts alway available to the public?
all lien are public info and can be found at the county recorder or getting a title abstract or a pre lim title report for a title company.
Please forgive my ignorance, this include the $ values?
On a different topic, I have read enough on this GREAT site to know the IRS or any tax lien is senior to all.
Why then does the IRS website talk about
Encumbrances Note: Senior Leins $24,400.00
????????
If you buy property of any kind from the IRS, it is subject to any and all other liens on the property.
The IRS may be first in line, but they usually do not foreclose out junior encumbrances. I know from an unfortunate experience, purchasing at an IRS auction.
[addsig]
The value is included or a reference to the lien to get the current value.
e.g.
The lien of defaulted taxes for the fiscal year 2001-2008, and any subsequent delinquencies.
Tax Rate Area: 12-003
A. P. No.: 088-04-065
Amount to redeem: $474,547.03
Valid through: November 30, 2008
Amount to redeem: $478,198.42
Valid through: December 31, 2008
[ Edited by cjmazur on Date 12/04/2008 ]
Great info thanks a bunch
I have to ask, how is it that a foreclosure is held and not all junior liens are wiped out. I thought that was always the case.
In NY there seems to be some good upstate IRS deals. However, if all the encumbrances listed stay post foreclosure, maybe there not so great.