Real Estate Law
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1. Must I disclose in the advertisement that the new buyer will inherit the IRS lien? - In a foreclosure, no. Foreclosures are "caveat emptor", meaning that anyone bidding has the burden of doing a title search and will inherit any liens that survive the foreclosure. There is no requirement that you disclose them.
2. If I take title of the property, must I satisfy the IRS lien at title closing? - No. Since the IRS lien survives the foreclosure, it will continue to run with the property. You don't have to satisfy it, but if you don't want the IRS to foreclose, you will eventually have to satisfy it.
3. What are my options with the IRS if the lien just continues to run with the title thereafter? Is it ever possible to negotiate a settlement with the IRS in such case? If and when I actually suffer a financial loss on this IRS lien, can I then personally sue the previously foreclosed owner to recover those losses? - You can negotiate with the IRS, but it's impossible to say whether or not they would be agreeable to such a situation. If you suffer any loss on this lien (such as if the property is foreclosed) you would not be able to sue anyone, because you voluntarily took on that risk. There's no contract that you would be paid for any loss that you incur, etc... It's really a risk that you would undertake with the hope that you would come out on top.
4. Can you recommend a Utah attorney who might represent me in any negotiation with the IRS? - We can't make any specific recommendations per the terms of service of this site, but I would suggest going to www.superlawyers.com or www.bbb.org to find lawyers / companies that handle IRS debt negotiations.
Both of those sites are good places to find reputable attorneys that handle this kind of situation.
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Yes: Just one more question. I know the sizes of the original two mortgages ahead of me from the title search but I have no idea how much has already been paid down. How can I get that information from the banks holding those mortgages? This is due dilligence that I need before deciding weather to go ahead with the foreclosure.
I understand. Since that information is not public domain information, the only sure way to get it would be to seek payoff information from the mortgage holders, but often they don't give out this information, or even return your call. Much of the time investors that I know will have to make a rough calculation based upon the amount financed per the public records, minus the amount paid per the note. Again, this is only a rough estimate, if they don't give it to you voluntarily.
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