Irs Tax Lein On Property
Is there any thing special to look out for when negotiating a shortsale and there is a IRS tax lein on the property. For you information this is the way the deal is.
House worth 120 with 2k in cosmetics
25k owed to IRS
100k owed to Washington Mutual
20k 2nd to Huntington National Bank
The owner has deeded the house to me...
Andy
In order to make this worth you a while, you need to completely wipe out second and get first to short at least 20k to make it a worthwhile deal. While you might be able to get second to accept nothing or almost nothing for their lien, it is highly unlikely that WamU will discount. They're in 1st position, house is worth 120k, and the IRS lien will be wiped out after foreclosure.
Try to put a short sale package to WaMu, paint everything grim, and hope they'll bite. From personal experience, it's highly unlikely....:(
Is the WaMu loan in default? How much?