All Forum Posts by: Alex Leonard

Thanks for the reply. Since the IRS is in first position lien my guess is that they would have to go through the foreclosure process to sell the house on the steps for their 83k debt plus interest. I do not think they would have to pay me anything but I would have the right to bid my tax 70k purchase at the steps? Perhaps not, since the 70k is not an actual second mortgage??

Is the IRS likely to just want to settle with me for 40, 60 or 100k for their debt?

Thanks,

Alex

One property the IRS lien was recorded October 2010 at 83k and the property is being sold by the State for 2011 property taxes. There are no other liens. I understand that an IRS lien would expire October 2020 (10 year limitations). Do you have an opinion if I paid 70k at the tax sale I assume the IRS could redeem it from me with or without paying me back the 70k? Value of house is about 225k.

A guess as to how much interest and penalties from a 9 year old 83k lien would have been increased to today?

If IRS has not "taken, foreclosed,..." the house in the first 9 years are they likely to do so in the last year? Perhaps they wait thinking someone will be buying it as a normal sale and they will get paid with out any hassle on their part?

Is there anyway to determine the the 10 year limitations has been extended by action of the taxpayer or otherwise??

Thanks for your help!

Alex

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?