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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 oversight
on their part, or the lien was recorded during a open
window 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 the
property as an REO, when they sell it the lien will have
to be cleared for any new owner to get a loan.
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