IRS lien
Date: Fri, 01/23/2009 - 10:15
IRS lien
What happens when the IRS puts a lien on a house that is going to be foreclosed on? Who gets the money first, the mortgage company is who I would think, but just curious.
I am in Minnesota and was just speaking to a RE Agent today abou
I am in Minnesota and was just speaking to a RE Agent today about this as we are considering a short sale but have a IRS Lien. I was told that the mortgage companies come first.
I am meeting with him on Monday and will confirm this.
Thanks I would like to know as I am not even sure the mortgage c
Thanks I would like to know as I am not even sure the mortgage company will break even.
The principle on liens is "first in time, first in line". The ba
The principle on liens is "first in time, first in line". The bank's lien almost certainly pre-dates the IRS lien, so the bank's lien gets paid first. Anything left over goes to the second in line. It is almost a certainty the IRS will get next to nothing.