Re: Fed Tax Lien preceding Mortgage - GA

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Posted by Nick(Colorado) on November 25, 2003 at 13:30:14:

In Reply to: Re: Fed Tax Lien preceding Mortgage - GA posted by David on November 25, 2003 at 12:25:03:

David:

>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.

I did not address this issue directly. I believe that the
mortgage company will make the foreclosure/modification
decision irrespective of the IRS lien. The reasoning
is not immediately obvious; but as a small but supposedly
senior lien holder, they can not expect to get the property
back as an REO. In their mind, they would lose the
property to a third party bidder. However, if asked I would
not lie about the IRS lien, but I would also not volunteer
information. You have not provided enough information on
other liens vs. FMW of the property. I can only assume
that you will try to do a work-out without the option
on a new loan.

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Comments:




: David:





: >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.





: I did not address this issue directly. I believe that the


: mortgage company will make the foreclosure/modification 


: decision irrespective of the IRS lien. The reasoning


: is not immediately obvious; but as a small but supposedly 


: senior lien holder, they can not expect to get the property 


: back as an REO. In their mind, they would lose the 


: property to a third party bidder. However, if asked I would


: not lie about the IRS lien, but I would also not volunteer 


: information. You have not provided enough information on


: other liens vs. FMW of the property. I can only assume 


: that you will try to do a work-out without the option


: on a new loan.








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