Mortgage Foreclosure Guide

Extinguish Lien Foreclosure First Mortgage Section


 

Extinguish Lien Foreclosure First Mortgage Navigation

Main Home Page
Partners
Tell A Friend about us
Saxon Mortgage Wells Fargo Foreclosure Fees |
Mortgage Foreclosure Help Laws |
New Century Mortgage Foreclosure Dept |
Foreclosure Mortgage Leads |
Henderson Nevada Subprime Home Mortgage Foreclosure |
Wisconsin Mortgage Foreclosure Prevention |
Mortgage Foreclosure Minnesota |
Foreclosure Mortgage Wisconsin |
Mortgage Foreclosure Sheriff Judgment |
Foreclosure On 2nd Mortgage |
Illinois Mortgage Foreclosure Act |
Wmc Mortgage Corp Foreclosure Information |
Maryland Mortgage Foreclosure |
Mortgage Foreclosure Sale |
City Mortgage Foreclosure |

List of Mortgage-Foreclosure Articles

Extinguish Lien Foreclosure First Mortgage Best seller

Buy it Now!



Best Extinguish Lien Foreclosure First Mortgage products

Sitemap

Deprecated: Methods with the same name as their class will not be constructors in a future version of PHP; rss_parser has a deprecated constructor in /home4/marcilio/public_html/foreclosure/mortgage/datas/rss.class.php on line 2



Social bookmarking
You like it? Share it!
socialize it

Newsletter

Subscribe to our newsletter AND receive our exclusive Special Report on Mortgage-Foreclosure
Email:
First Name:



Main Extinguish Lien Foreclosure First Mortgage sponsors


 

Latest Extinguish Lien Foreclosure First Mortgage Link Added

INSERT YOUR OWN BANNER HERE

Submit your link on Extinguish Lien Foreclosure First Mortgage!



Welcome to Mortgage Foreclosure Guide

 

Extinguish Lien Foreclosure First Mortgage Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.

Extinguish Tax Lien for a Foreclosure on a First Mortgage

from:



A mortgage foreclosure can be a very complicated matter for the lender, the borrower and any other parties that may be involved. In a simple mortgage foreclosure, the other parties involved will be the lender and the borrower. The lender is usually a bank or other financial institution. In some situations, there may be a tax lien on the property. The tax lien may be from the IRS for money owed the government, a state tax lien for fines and fees owed or a county lien for delinquent property taxes. In situations like this, the question regarding the ability to extinguish a tax lien by foreclosure on a first mortgage has always risen.

In certain states the law varies regarding the right to extinguish tax liens with foreclosure on a first mortgage. These laws may be affected by the type of foreclosure sale it is. It is also depends on the type of tax lien that’s on the property. There are certain circumstances where the lender can extinguish tax liens with foreclosures on a first mortgage. This is particularly true with tax liens from the county or state. Liens by the Internal Revenue Service may or may not be extinguished depending on certain situations, mostly what type of notice they are given regarding the impending foreclosure.

In most states, a mortgage is a lien that takes precedence over any other liens that may be put on the place. But, this does not mean that it can extinguish tax liens. Foreclosures of first mortgage must take place in a legal manner, by proper notification to the other lien holders. Banks cannot automatically extinguish tax lien with foreclosure of first mortgage if there are ad valorem liens, federal tax liens or Uniform Commercial Code financial statements against the property. For instance, in the state of Alabama, the IRS requires at least 25 days notice of a mortgage foreclosure if they have a lien on the property.

In this case of the tax liens being extinguished, the IRS continues to have the right to redeem the property within 120 days of the sale date if the bank extinguished the tax liens. They also can maintain their tax liens on any excess of the proceeds after the bank gets what’s owed to them.

There have been cases that have been taken into court to battle the question of extinguished tax lien with foreclosure first mortgage sales. This often also happens in the case of delinquent property taxes where parcels of land are sold at bid, yet the lender still holds the title to the property. Always check your state laws to be sure of the laws regarding mortgage foreclosures and junior liens.









Fatal error: Uncaught Error: Call to undefined function eregi_replace() in /home4/marcilio/public_html/foreclosure/mortgage/datas/persobanner_center.php:21 Stack trace: #0 /home4/marcilio/public_html/foreclosure/mortgage/datas/center.php(8): include() #1 /home4/marcilio/public_html/foreclosure/mortgage/datas/pages.php(77): include('/home4/marcilio...') #2 /home4/marcilio/public_html/foreclosure/mortgage/extinguish-lien-foreclosure-first-mortgage.php(2): include('/home4/marcilio...') #3 {main} thrown in /home4/marcilio/public_html/foreclosure/mortgage/datas/persobanner_center.php on line 21