xoneinax_IHB
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To correctly get rid of a Federal or State Income tax lien, what forms must be filed ?
The Trustee Sale Thread - Califoria Specific
- Thread starter David714_IHB
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NEW -> Contingent Buyer Assistance Program
Yup. I heard from a board member of an HOA in Irvine that they are SOL when it comes to collecting. HOAs are a junior lien, and firsts come first, everything after gets screwed after a foreclosure.
Property taxes yes. Income taxes no, as long as they are junior.
HOAs are SOL. I know, because I was corrected by someone who would know by nature of their job, and because he is on the HOA board and has been SOL on collecting on foreclosed homes in his HOA.
in california?
i always thought hoa's were more powerful than bush
Yup, in CA. The person I mention is in Irvine specifically. HOA liens are junior to the first mortgage. First comes first, everyone after suffers the worst.
There have been a lot of sales lately. Capital is getting tied up. Either that, or there is something wrong with that house only a pro would know.
Did you see the house in Yorba Linda that sold for less than half of the $2M that was owed? Oh... and the one on the island that went back to the bank for less than half of what they paid in 06? LOL! Who said the high end was immune is eating crow right now. In fact, it has totally shifted away from Anaheim, SA, and the other not so great areas to the nicer areas. There were two in Laguna Niguel again today.
Capital might be getting tied up. I do know that most of the pros won't touch CS or CG. Anyone who has bought there has been an amateur, and they have had issues selling the homes. See 78 Fringe Tree.
The home in YL should sell for high of $1.4M, and easily at $1.2M. It is a monster of a house.
I will see if I can join you at the Placentia auction. There is a boatload of Irvine homes that day. Plus, it will be interesting to see if this place in Orange goes up. Too bad many will get postponed.
No, that is not Buddha, he is much more subtle than that.
There's some interesting Irvine properties (including a few Northwood II ones) that are going off in Placentia on Wednesday and then might head over to the Orange courthouse since it starts at 3pm. The Placentia auction that starts at 10am should be finished by 2-3pm, right?
That was a good one. I don't remember who bought it, but IRCC it was a pro. At that price it makes sense.
There are two in Orange, one at 9AM and one at 3PM. Not sure if it would be worth it, unless there is something good, and it doesn't look like it other than 65 Bamboo with the owner being in Fraudera Ranch. You should be able to make it over to the 12PM SA auction though, or at least catch the 3PM auction there. Unless there is a delay in the auctioneer getting the info, then it should be over in time to hit up the 12PM SA auction.
usctrojanman29_IHB
New member
And delinquent HOA liens also go bye-bye?graphrix said:
graphrix_IHB
New member
usctrojanman29 said:
Yup. I heard from a board member of an HOA in Irvine that they are SOL when it comes to collecting. HOAs are a junior lien, and firsts come first, everything after gets screwed after a foreclosure.
usctrojanman29_IHB
New member
Gotcha...so it sounds like the only things to worry about is unpaid property taxes with these foreclosures.graphrix said:
gambit44_IHB
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Anyone know how to check for irs or other type of tax liens on a property going to trustee sale?
usctrojanman29_IHB
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You can go to the County Recorder's Office and pull these things up. A prelim title report will also have that information.gambit44 said:
usctrojanman29_IHB
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I'm curious as well. There's a Woodbury property that is going to auction that has State and Federal tax liens.xoneinax said:
gambit44_IHB
New member
Thanks for the reply, Do you know if Federal/State Tax liens can be filed against property? Or is it just to a person?
graphrix_IHB
New member
Okay, here is what I have found. Now, I am not 100% certain about this, and if you are dead serious about purchasing a home at the foreclosure auction you should consult a RE attorney to be certain.
As long as the liens are junior to the 1st mortgage lien that is foreclosing: i.e. The mortgage was recorded in 2006 but the tax lien was recorded in 2007 it should be wiped out just like any other junior lien. If it was recorded before, just don't buy the property, it will be a colossal PITA to fix it, and you might have to pay all or some of it.
A state lien that is junior is wiped out immediately after the trustees sale.
A Fed tax lien that is junior is wiped out after the 120 right or redemption period. If the IRS contacts you within the 120 days, you might have to negotiate the lien with them. From what I have read, most just wait out the 120 day ROR, and then sell the property. If you are not selling the property, then after the 120 ROR you would need to contact the IRS to verify it has been removed.
IMHO, I would just avoid any house with a tax lien. Sounds like too much trouble to me, and there are plenty of other opportunities out there.
A property tax lien is senior to everyone but gawd himself.
As long as the liens are junior to the 1st mortgage lien that is foreclosing: i.e. The mortgage was recorded in 2006 but the tax lien was recorded in 2007 it should be wiped out just like any other junior lien. If it was recorded before, just don't buy the property, it will be a colossal PITA to fix it, and you might have to pay all or some of it.
A state lien that is junior is wiped out immediately after the trustees sale.
A Fed tax lien that is junior is wiped out after the 120 right or redemption period. If the IRS contacts you within the 120 days, you might have to negotiate the lien with them. From what I have read, most just wait out the 120 day ROR, and then sell the property. If you are not selling the property, then after the 120 ROR you would need to contact the IRS to verify it has been removed.
IMHO, I would just avoid any house with a tax lien. Sounds like too much trouble to me, and there are plenty of other opportunities out there.
A property tax lien is senior to everyone but gawd himself.
LoudRoar_IHB
New member
I could be wrong on this, but I have heard very different things.
I think that tax liens always take precedence. tax liens always win. you will pay them no matter what if its on the property... thats what i think.
I also think HOA liens always win.
Not sure though
I think that tax liens always take precedence. tax liens always win. you will pay them no matter what if its on the property... thats what i think.
I also think HOA liens always win.
Not sure though
graphrix_IHB
New member
LoudRoar said:
Property taxes yes. Income taxes no, as long as they are junior.
HOAs are SOL. I know, because I was corrected by someone who would know by nature of their job, and because he is on the HOA board and has been SOL on collecting on foreclosed homes in his HOA.
LoudRoar_IHB
New member
graphrix said:
in california?
i always thought hoa's were more powerful than bush
graphrix_IHB
New member
LoudRoar said:
Yup, in CA. The person I mention is in Irvine specifically. HOA liens are junior to the first mortgage. First comes first, everyone after suffers the worst.
usctrojanman29_IHB
New member
I was kind of surprised no one put a bid in on 15505 Orchid (Columbus Grove with Tustin addy) at $765,000.01. You could blow that out for around $870k-$900k.
graphrix_IHB
New member
USCTrojanCPA said:
There have been a lot of sales lately. Capital is getting tied up. Either that, or there is something wrong with that house only a pro would know.
Did you see the house in Yorba Linda that sold for less than half of the $2M that was owed? Oh... and the one on the island that went back to the bank for less than half of what they paid in 06? LOL! Who said the high end was immune is eating crow right now. In fact, it has totally shifted away from Anaheim, SA, and the other not so great areas to the nicer areas. There were two in Laguna Niguel again today.
usctrojanman29_IHB
New member
Orchid was listed for sale and it was in pending status (someone better let the listing agent know they are SOL..haha) and the property looked in good condition with some decent upgrades. Yeah, I saw the Yorba Linda property get sold...what do you think it gets flipped for (I'm not too familiar with the Yorba Linda market)? I'm gonna be heading out to the Placentia courthouse on Wednesday if you want to join me. Btw, is that Budha guy the asian guy who wears the snake skin boots and cowboy belt buckle?graphrix said:
graphrix_IHB
New member
USCTrojanCPA said:
Capital might be getting tied up. I do know that most of the pros won't touch CS or CG. Anyone who has bought there has been an amateur, and they have had issues selling the homes. See 78 Fringe Tree.
The home in YL should sell for high of $1.4M, and easily at $1.2M. It is a monster of a house.
I will see if I can join you at the Placentia auction. There is a boatload of Irvine homes that day. Plus, it will be interesting to see if this place in Orange goes up. Too bad many will get postponed.
No, that is not Buddha, he is much more subtle than that.
usctrojanman29_IHB
New member
Those guys that picked up 26 Desert Willow for $742,500 back in April just sold the property for $920k. But yeah, I wouldn't touch Columbus Square or Tustin Fields unless it was significantly under $200/sf. With Columbus Grove, I'd only pick something up if I did a lot of homework and ONLY if it was an SFR.graphrix said:
There's some interesting Irvine properties (including a few Northwood II ones) that are going off in Placentia on Wednesday and then might head over to the Orange courthouse since it starts at 3pm. The Placentia auction that starts at 10am should be finished by 2-3pm, right?
graphrix_IHB
New member
USCTrojanCPA said:
That was a good one. I don't remember who bought it, but IRCC it was a pro. At that price it makes sense.
There are two in Orange, one at 9AM and one at 3PM. Not sure if it would be worth it, unless there is something good, and it doesn't look like it other than 65 Bamboo with the owner being in Fraudera Ranch. You should be able to make it over to the 12PM SA auction though, or at least catch the 3PM auction there. Unless there is a delay in the auctioneer getting the info, then it should be over in time to hit up the 12PM SA auction.
usctrojanman29_IHB
New member
Cool, then I'll probably see you over in SA on Wednesday.graphrix said: