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Updated over 5 years ago on . Most recent reply

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Alex Leonard
  • Real Estate Investor
  • Albuquerque, NM
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IRS tax lien expiration time period

Alex Leonard
  • Real Estate Investor
  • Albuquerque, NM
Posted

If IRS has a senior lien on a foreclosure property (New Mexico) or property tax sale, how often does one create clean title. I assume quiet title suit, how often does IRS contest or attach its lien to the property?

How often is the 10 IRS statue of limitations actually refiled/increased so that the time period is greater than 10 years?

How often does the IRS foreclose their lien, if ever?

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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied
Originally posted by @Chris Seveney:

@Alex Leonard

Too many questions with not enough information. Typically with an IRS lien and it gets foreclosed upon the IRS May remove the lien if the mortgage / amount owed is more than the property is worth. In order to confirm this there is a lot of paperwork to be completed and an appraisal needs to be done.

how did the IRS lien become senior to the loan.. that would be quite rare  IE a lender making a loan junior to the IRS.

if it fact the foreclosing loan is senior which is the case 99% of the time.. IRS lien sunsets in 120 to 180 days cant recall its one or the other I have never had the IRS redeem and i have bought A LOT of foreclosures with IRS liens i actually target them as i know most wont bid on them out of fear or they need to secure up a loan ASAP and dont have the ability to have there cash sit out there that long.

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JLH Capital Partners

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