All Forum Posts by: Neha Wadhwani

Just for kicks! 

Thank you all so much for your feedback, very helpful!

Thanks Wayne. This really helps. So even if I win the property by bidding accordingly, I wont get title insurance until I settle it with IRS, correct? 

How do I find out the current value of the IRS lien - it was recorded at $19k around 10 years ago and I checked the lien document, there is no penality or interest % documented for me to calculate. Can a lawyer help in this case?

Yes, sorry I am a newbie with terminology. I meant current owner. But I can confirm the IRS lien was recorded prior to the mortgage he took. IRS lien was  recorded July 2005 and the loan was recorded Aug 2005. I was surprised too.. hear sub prime bells? I am familiar with title search and I dont see any IRS release documented. 

But anyways, what should I do now? If I call IRS, they will ask for all $20k of it. If I dont get Title insurance, I cannot sell the property. If I hire a lawyer, how will he settle this for me? 

Great feedback, thanks. The IRS lien is recorded before the previous owner bought this loan, and is not specific to this property. It is recorded against the previous owner's name and billing address, which is different from the subject property. I am assuming, that makes the IRS lien - senior. Please correct me if I am wrong. If the lien is senior - does IRS still get the 120 day redemption period or I have to pay it off to clear the title and get insurance? 

If IRS does not take any action in 120 days - what should my next steps be so I can get title insurance and sell the property?

Thanks for the inputs. I apologize, it is a Trustee sale and not "Bank owned". Bank is the first lien holder and its foreclosing. I was thrown off by "bank name NA Trustee" in the owner field on the county website. 

Will any local title insurance company insure the title (give me an OTP) after the 120 days if IRS doesn't claim the property? Are there any actions I need to take during or after the 120 days ( E.g. hiring an attorney)? 

I am considering a property being auctioned at a Trustee sale in Texas. Current owner is a bank. However, I noticed that the previous owner has a $20k IRS lien on him. The IRS lien clearly states its a claim on all his property, but is not specifically attached to the subject property being auctioned. 

If I buy it, will I get title insurance? If Not, then do I have to go through a quitclaim process or negotiate/pay off the IRS lien to get the release? Which would be cheaper from an attorney costs perspective? Thanks in advance

Thanks for your response. I should buy in January to get my money's worth then :)

Hello,

I am newbie investor and I recently purchased a property at the trustee sale (auction) in Texas in Oct 2014. Am I supposed to pay the taxes for the entire 2014 calendar year or is there a prorated path for dealing with this? I received the the property tax statement from my county and it lists the entire year of taxes but I owned the property for only 3 months. Any advice here would be highly appreciated. Thank you!