Question Details

Snowbunny, Home Buyer in Colorado

Bank Owned Property and IRS Tax Liens

Asked by Snowbunny, Colorado Tue Nov 1, 2011

Currently under contract on a bank owned property that has been foreclosed on over a year ago and working with a RE Agent who is representing me. According to the title work from our local title company, the previous owner had a privately held second mortgage and several IRS tax liens. The foreclosing bank didn't provide notice exactly the way the state statutes require, so those parties to discharge. Not enough equity in the house to cover all lien holders.

We really want the property and have the time to wait and clear the liens. Our local title company has sent a packet to the IRS requesting a discharge and are working to resolve the second.

Does anyone have direct experience resolving private secondary and IRS tax liens on bank owned properties? What was the end result? Did it all get worked out? Is there a way to close and be protected from redemption while we resolve the issues?

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