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02-01-2006, 06:08 PM
| | Junior Member | | Join Date: Feb 2006
Posts: 3
| | | IRS lien on property
If someone files bankruptcy, moves from their property, mortgage company takes over, IRS has put lien on property, mortgage company sells property,
doesn't the buyer of the property have to pay off the lien when purchasing the property? |
02-01-2006, 07:06 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,471
| | | Q: If someone files bankruptcy, moves from their property, mortgage company takes over, IRS has put lien on property, mortgage company sells property,
doesn't the buyer of the property have to pay off the lien when purchasing the property?
A: Someone has to pay off the lien. The seller/owner is usually responsible for doing that.
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02-01-2006, 08:29 PM
| | Junior Member | | Join Date: Feb 2006
Posts: 3
| | | House declared in Bankruptcy and went back to mortgage company
homeowners owed IRS X amount of dollars. IRS put lien on house/property in the amount owed by the homeowners so that house could not be sold unless lien was paid off? So if house was sold by mortgage company wouldn't the mortgage company or the new buyer have to pay off the lien before having a clear title to the house/property? Where/how can this information be obtained? Thanks. |
02-02-2006, 08:49 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
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| | Quote: |
Originally Posted by Soge1 homeowners owed IRS X amount of dollars. IRS put lien on house/property in the amount owed by the homeowners so that house could not be sold unless lien was paid off? So if house was sold by mortgage company wouldn't the mortgage company or the new buyer have to pay off the lien before having a clear title to the house/property? Where/how can this information be obtained? Thanks. | The lien must be paid off. Period. End of story. Even if.
The IRS could sell the land to get the lien paid off.
If the lender foreclosed on the land, then the IRS has 120 days to redeem it.
The information can be obtained from a local title company in the county where the land is located. Have a title report run to see who owns it and what liens are on it.
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02-02-2006, 02:44 PM
| | Member | | Join Date: Dec 2005
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| | | Re
IRS lien holds FIRST position on title, period. |
02-02-2006, 03:56 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
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| | Quote: |
Originally Posted by Soge1 Thanks seniorjudge. Your answer was my understand too. The reason I was questioning my understanding of the situation is because the IRS just sent a statement to this couple (my sister & her husband), showing the amount they owed the IRS. So knowing that the house had been sold, I knew someone had to pay off the lien (either the mortgage company or the new homeowner). But I will certainly relay this information to them and advise them on having a title search done. Thanks again for your help. | Whose tax lien was it?
If it was sis and her husband, then they owe the dough.
(Keep all your posts in this thread...don't start a new one.)
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