IRS TAX LIEN INFORMATION

[Joe Frank]

16 years ago I was going to buy a property and signed a purchase agreement but later wanted to back out. A sibling wanted to purchase so my brother obtained a mortgage loan. I thought my name was removed.

16 years later my brother passed away 4 months ago. I find out the title is held as joint tenants and there are 3 IRS tax liens attached to the property.

My question- his adult children want to “walk away”. Did mention the bank sent a Notice of default weeks ago.

How is the sale structured if I do a short sale will that short sale appear on my credit report? Can the property be sold for only the loan owed to bank? Is there an obligation to ask for top dollar to satisfy the IRS LIENS?

Market value 790K First mortgage $615 Tax liens about $230K

Any and all suggestions are greatly appreciated. Thank You!