How To Stop Sheriff Sale In Less Than 3 Weeks Plus Large IRS Lien?
Please Help! I have a friend who waited until the last minute to ask me for help. Without divulging into my friend's personal business too much, she and her husband are separated and although she tried, she couldn't keep up with her mortgage payments. This home goes to Sheriff Sale May 20, 2004. The lender is suiting for $400,000 (which probably includes foreclosure fees, atty fees, etc.) but the home only appraised for $350,000. Because it's been vacant for some time and other economic conditions, the fair market value is around $299,000-$350,000. I do have a pre-approved potential purchaser who is willing to pay close to the $350K range. However, the homeowner/friend also has an IRS lien for about $75,000 against the property. The home has not been listed with a REALTOR and is not currently on the market for sale. My question is: Do we have enough time to work with the lender to short sale and during this time does this stop the Sheriff Sale? Also, what advice and/or tips can you offer to help negotiate with the IRS on the lien? Any advice will be appreciated. Thanks!
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