All Forum Posts by: Sandy Reddy

Hi Everyone,

I am in the process of doing due diligence on a sheriff sale property that i am interested to bid. I got the title search done, but bit confused at the mortgage information shown in the tile search report. The property initial sold price is X but the mortgage is X+N. How could that be possible, mortgage amount greater than sold price. Its a single owner property. The property was never sold again. 

Would greatly appreciate if someone can help me understand the possible scenarios.

@Account Closed

The auction got postponed on the property. Defendant got 4 weeks extension.

@Account Closed in other BP forums, i saw IRS has 120 days redemption period. ( which is very unlikely). And if they do, they pay back the purchase price and closing costs. I am little positive about the condo liens and back property taxes will be taken care by the bank that is foreclosing the property, but not sure about IRS liens. I tried to call the attorney office to get a break down of the judgement amount with no success.

Will try to reach out Sheriff office tomorrow and see if i can get an accurate answer. 

HI All, I am planning to buy a property through sheriff sale. 

Once i do a cash buy, Can i get a mortgage on the property that has IRS liens ?

The property has Condo/HOA liens ? Who is responsible to pay the Condo/HOA lien amount

A recent property tax bill is also due. Who is responsible to pay the pending taxes ?

@Jason Roberts thanks for your inputs.

I am still confused to figure out who is the first (senior) lien holder of this property.

First Mortgage is recorded in April 2006 by Bank X 

Assignment of Mortgage (or DoT) Assignor Name: Bank X and Assignee name: Bank Y
Lis Pendens (Notice of Pendency or Notice of Default):
Recorded date July 2014

Does the above info from the title search states that Bank Y is the senior lien holder ?

@Jason Roberts mortgage lender is foreclosing the property and IRS liens are 4 times the mortgage balance and 3 times the FMV. From my understanding looking at the IRS lien amount i dont think the mortgage lender would ever pay off IRS liens.

Hi All, Need some advice about a sheriff sale in New Jersey with IRS liens. Here are some details from the my due diligence. First Mortgage is recorded in April 2006 by Bank X Assignment of Mortgage (or DoT) Assignor Name:  Bank X and Assignee name: Bank Y Lis Pendens (Notice of Pendency or Notice of Default): Recorded date July 2014 Under active Judgement and liens: Plantiff: Bank Y and recorded date is July /2014 Plantiff: I see threecondo association liens with recorded dates as May  2011, Nov 2013 and June 2015 Dept of Treasury - IRS recorded date: July 2010 Dept of Treasury - IRS recorded date: Dec 2015 Under judgement and liens the foreclosing Bank Y has a recorded date of 07/2014, Does this mean Bank Y is a junior liens compared to the other liens ? Or from the Assignment of Mortgage Bank Y is the senior line holder ? Now Bank Y is foreclosing the property, if i bid this property, who is responsible to pay the condo assoc liens and IRS liens ? In BP forum, i read IRS has 120 days right of redemption ? If i do a cash buy will i be able to get a mortgage?  Do lenders offer mortgage to a property that has IRS liens ? If I hold the property for 4 months and  IRS does not redeem the property. What is the process to clear up the IRS lien ? And whats the time frame to get the IRS lien removed ?

Hi All, Need some advice about a sheriff sale in New Jersey with IRS liens. Here are some details from the my due diligence.

First Mortgage is recorded in April 2006 by Bank X

Assignment of Mortgage (or DoT) Assignor Name:  Bank X and Assignee name: Bank Y

Lis Pendens (Notice of Pendency or Notice of Default): Recorded date July 2014

Under active Judgement and liens:

Plantiff: Bank Y and recorded date is July /2014

Plantiff: I see threecondo association liens with recorded dates as May  2011, Nov 2013 and June 2015

Dept of Treasury - IRS recorded date: July 2010

Dept of Treasury - IRS recorded date: Dec 2015

Under judgement and liens the foreclosing Bank Y has a recorded date of 07/2014, Does this mean Bank Y is a junior liens compared to the other liens ? Or from the Assignment of Mortgage Bank Y is the senior line holder ?

Now Bank Y is foreclosing the property, if i bid this property, who is responsible to pay the condo assoc liens and IRS liens ?

In BP forum, i read IRS has 120 days right of redemption ? If i do a cash buy will i be able to get a mortgage? 

Do lenders offer mortgage with they see IRS liens ?

If I hold the property for 4 months and  IRS does not redeem the property. What is the process to clear up the IRS lien ? And whats the time frame to get the IRS lien removed ?

@Account Closed to stop the foreclosure proceedings, the only option is to pay off the judgement amount ?

Hello Everyone, I am new to BP, Had few question regarding a foreclosure property. When a primary residence property is in foreclosure proceeding ( current status: the property is awaiting for a foreclosure judgement ) can the current owner of the property try to market the property and sell for more than the judgement amount.