Re: Fed Tax Lien preceding Mortgage - GA
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 themortgage company will make the foreclosure/modification decision irrespective of the IRS lien. The reasoningis 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 wouldnot lie about the IRS lien, but I would also not volunteer information. You have not provided enough information onother liens vs. FMW of the property. I can only assume that you will try to do a work-out without the optionon a new loan.
