Re: Fed Tax Lien preceding Mortgage - GA

Posted by David on November 25, 2003 at 12:25:03:

In Reply to: Re: Fed Tax Lien preceding Mortgage - GA posted by Nick(Colorado) on November 25, 2003 at 11:04:10:

I think your scenario of a window of opportunity is probably what happened.

My biggest question is whether raising that issue with the mortgage company lawyers is a good idea (to perhaps make them aware the situation is more complicated and that they should delay the sale (next week). However, since I'm trying to get the mortgage company to do a workout or modification, I wondered if that info about the lien might cause them to say no.

ANy ideas?

:
: 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.

Follow Ups:

Re: Fed Tax Lien preceding Mortgage - GA - Nick(Colorado) 13:30:14 11/25/03 (0)

Name :

E-Mail :

Subject :

Comments:

: I think your scenario of a window of opportunity is probably what happened.

: My biggest question is whether raising that issue with the mortgage company lawyers is a good idea (to perhaps make them aware the situation is more complicated and that they should delay the sale (next week). However, since I'm trying to get the mortgage company to do a workout or modification, I wondered if that info about the lien might cause them to say no.

: ANy ideas?

: :

: : 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.

Optional Link URL :

Link Title :

If you press "Preview Message," you are taken to a preview screen where your
message is shown to you before allowing you to post it.
Your message is not finalized until you click "Post Message".

Re: Fed Tax Lien preceding Mortgage - GA

Foreclosures Section

Foreclosure Help

Foreclosure Investing

Real Estate Articles

Our Site Resources

Discussion Archives