Posted by Bill H on May 06, 2008 at 14:50:42:
In Reply to: IRS Liens posted by Rich on May 05, 2008 at 15:30:14:
Depends on the priority of the lien. If the IRS is ahead of the foreclosing lien, which I seriousl doubt, they would get first dibs on the $$$. Otherwise if they are junior, which is normally the case, they might or might not get anything.
They will be wiped from title ...BUT...not wiped out. They will have an automatic 120 right of redemption during which they can elect to redeem, step in and re-sel the property, etc.
This seldom happens unless there is lots of equity.
One other thing....if you buy it before foreclosure...you will inherit the IRS Lien.
Good Luck,
Bill H