Government Lien
Can you get the government to discount their lien.
What about the 1st mortgage who is now in second
place. Equity is minimal, getting ready to foreclosure.
Can you get the government to discount their lien.
What about the 1st mortgage who is now in second
place. Equity is minimal, getting ready to foreclosure.
Maybe negotiable. There are other posts. You could offer an amount to release the lien but not discharge the debt. How did the 1st become the second?
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Thanks radio52,
I thought Government liens get first spot not matter
what.
No, the government is not first, but in case of foreclosure, the IRS has a 120 day right of redemption.
I bought a preforeclosure property with a hefty IRS lien against it and the IRS released the property from their lien after a bit of discussion. They seem to want to punish the errant taxpayer, not the present pwner.
If you have time before the foreclosure, contact the local IRS office and ask them if it is possible that they would release the property from their lien if you buy it. Have all your data with you as if you were presenting a short sale package.
Good luck.
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Thanks bargain76,
The governement lien is $174,000. The mortgage
is $155,000. The property is worth $350,000. Do
you think the government will excuse or reduce?
He also owns a condo.
Your best bet may be to ask the government to release the property you are trying to buy from the lien for a payment that makes sense for you to do the deal....say $90k or so?
The lien against the taxpayer would still exist in a reduced amount.
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