Sheriff Sale in New Jersey with IRS liens

[Sandy Reddy]

Hi All, Need some advice about a sheriff sale in New Jersey with IRS liens. Here are some details from the my due diligence.

First Mortgage is recorded in April 2006 by Bank X

Assignment of Mortgage (or DoT) Assignor Name:  Bank X and Assignee name: Bank Y

Lis Pendens (Notice of Pendency or Notice of Default): Recorded date July 2014

Under active Judgement and liens:

Plantiff: Bank Y and recorded date is July /2014

Plantiff: I see threecondo association liens with recorded dates as May  2011, Nov 2013 and June 2015

Dept of Treasury - IRS recorded date: July 2010

Dept of Treasury - IRS recorded date: Dec 2015

Under judgement and liens the foreclosing Bank Y has a recorded date of 07/2014, Does this mean Bank Y is a junior liens compared to the other liens ? Or from the Assignment of Mortgage Bank Y is the senior line holder ?

Now Bank Y is foreclosing the property, if i bid this property, who is responsible to pay the condo assoc liens and IRS liens ?

In BP forum, i read IRS has 120 days right of redemption ? If i do a cash buy will i be able to get a mortgage? 

Do lenders offer mortgage with they see IRS liens ?

If I hold the property for 4 months and  IRS does not redeem the property. What is the process to clear up the IRS lien ? And whats the time frame to get the IRS lien removed ?