Re: Fed Tax Lien preceding Mortgage - GA
Posted by Nick(Colorado) on November 25, 2003 at 11:04:10:
In Reply to: Fed Tax Lien preceding Mortgage - GA posted by David on November 24, 2003 at 23:37:29:
David:
I am really surprised that you mortgage company did not uncover the tax lien in the final title search before closing on the new loan. Perhaps this was an oversighton their part, or the lien was recorded during a openwindow of opportunity for which they had no visibility,or you have a very common last name.
By its nature, the tax lien will attach to any property that you own in your county. Basicly, the byproduct of this is that no credible lending institute will write a loan for you until this lien is cleared. So I think that if you would like to hold on to this property you will need to do this without any new loans.
Eventually the lien will have to be cleared. Once you are over your current foreclosure issue, you may try to negotiate with the IRS on the lien. The processes is called an offer in compromise. Yes, a senior lien will cause a problem for the mortgage company. If they take back theproperty as an REO, when they sell it the lien will have to be cleared for any new owner to get a loan.
- Re: Fed Tax Lien preceding Mortgage - GA - David 12:25:03 11/25/03
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- Re: Fed Tax Lien preceding Mortgage - GA - Nick(Colorado) 13:30:14 11/25/03
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- Re: Fed Tax Lien preceding Mortgage - GA - Nick(Colorado) 13:30:14 11/25/03
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