Bank bought home for more than owed and has IRS liens.

Asked by misterteeds2, 66061 Thu Dec 13, 2012

Our home was bought by bank at sheriff sale for more than what was owed to them. It has IRS tax liens, which in the summary judgment they are the second and third lien. We filed chp 7 and did not keep the house--the foreclosure followed this-and was discharged of the mortgage debt. We did have a second mortgage, discharged but there was not a lien listed with them. Just curious why the bank did this and what happens to the liens now.

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Neva Smith, Agent, Ottawa, KS
Thu Dec 13, 2012
I don't know about all the 2nd mortgages, liens and such I think they are out of luck so to speak - but your bank probably put it up for auction for what they felt was owed on it (and bought it back themselves as often noone bids and buys at sheriffs sales). Once you get behind and in default they start tacking on all the late charges and the foreclosure attorney fees. But when the redemption period is up and the put it on the market with a Real Estate Company - it may end up selling for only 60% more or less of what is or was actually owed against it.
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