Eric773[at]aol.com (Eric Hoefnagel) wrote:
- quote -

check the foreclosure laws in your state. my understanding
is if the first forecloses you could buy it from them and
wipe out any junior loans providing the juniors didnt also
bid to protect their interest. that is not likely unless the
juniors are quite large. good luck,

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"Nottoman" <NotMe[at]hotmail.com> wrote:

- quote -

If the facts are the way you describe them, the ex-wife MIGHT
be able to do an Application for Discharge of the Federal Tax
Lien for No Value. Call the IRS office or look up the
instruction form for discharge application, Publication 783.

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Nottoman wrote:

- quote -

Here's a simple answer for you. YOU can't get IRS to do
anything, since you have no ownership interest in the
property. Unless of course you marry the widow.

Cheer$,
Harlan Lunsford, EA in LA

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"Nottoman" <NotMe[at]hotmail.com> wrote:

- quote -

I assume your actually saying your interested in purchasing
the house from the Estate & EX-WIFE!

Starting with the fair value of the house, you propose to
paying off all the creditors in accordance with their
priority interest in the property, the First & Second would
most likely get paid in full and the remainder of the fair
value would go to the Tax Lien.

If the remainder is less than that required to fully pay the
debt, then you could make application for discharge, or the
property from the LIEN.

Read more about it
here,<http://www.irs.gov/pub/irs-pdf/p783.pdf> Also consult
a local Title Attorney familiar with making applications for
discharge in your area.

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My landlord passed away and left an IRS debt which is now a
lien on the home I'm leasing. His ex-wife's name is still on
the property so now she has to deal with it. The property
isn't worth what's owed on the 1st and 2nd mortgage, plus
the IRS tax lien of just under $40,000. Since they're in
third position, how could I get the IRS to accept a fraction
of the total to clear the lien? Do they consider offers
like this as with an Offer in Compromise?

Thanks for any help.
Getting desperate.

--
Member Business Sources - Beaverton Oregon
Ethical, Resourceful Professionals at Your Service Since 1992
www.BusinessSources.net

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