HOA Lien, IRS lien judgements and foreclosure on a condo
I came across a seller (widow) that presented a pretty complicated situation and I am trying to determine if there is something I am not aware of that could make this deal work.
- Husband passed away beginning of 2014
- Their property was in default starting mid 2013 and the bank has filed foreclosure notices but no court date has been set.
- There is an IRS lien filed under the husbands name which the most recent notice was filed beginning of 2014.
- The husband's will states that the sole beneficiary is his non-profit corporation. However, this corporation has 3 judgements levied against it that total to at least $300k!!
- Here are the numbers:
- Mortgage: ~130k
- HOA Lien: ~ 8k
- IRS Lien: ~70-80k
- Judgements: >300k
- ARV: ~250k
Obviously, this deal won't work if all debts/liabilities have to be paid, however it could work if the IRS lien and Judgements can be decoupled from the property. Is there anyway of doing that?