If you win a foreclosure auction significantly above the mortgage amount but the property has a senior federal IRS tax lien filed before foreclosure, do the excess funds pay off that federal lien? $500K mortgage, $100K senior IRS lien, property value $900K (so has equity), $700k winning bid. This would be conducted at the county courthouse on a property foreclosed by the bank. Thanks
Related topics
| Topic | Replies | Views | Activity | |
|---|---|---|---|---|
| what liens get wiped out after an investor buys at auction | 6 | 1294 | October 17, 2012 | |
| do IRS tax liens stay with the property on an auction? | 11 | 11667 | May 12, 2023 | |
| tax liens | 31 | 2376 | February 21, 2024 | |
| Made a huge mistake, need help | 3 | 1624 | June 3, 2020 | |
| Federal Tax Liens (along with other liens) on property going to foreclosure | 11 | 2063 | September 18, 2013 |