I just got this from the escrow agent about a closing that I am doing with Fannie Mae. Has anyone had any experience with this? "This file has an IRS Tax Lien right of redemption that does not expire until 01/20/2013, unless FNMA agrees to allow all parties agree to sign the Tax Lien Waiver we cannot proceed until then.  Any help I would really appreciate it.

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Hi everybody,

I am in this exact situation. There is a $42,000 Tax lien the bank has said has to be removed in order to close.


The IRS rep is saying the bank needs to totally dismiss the FC or they will not consider the release as they will not give up that right of redemption. The bank just sent back that they would not do that so we are at an impasse here.


I just sent the IRS rep a letter asking for a waiver to that FC dismissal requirement but I have not found any form indicating that could be considered by them. 

Looking again at carefully at what was said: “the IRS has a 120 day right of redemption. During that period they can redeem the home for what was paid. They will reimburse repairs that were necessary to secure the property and prevent damage. They will not reimburse any upgrades."

I am thinking we need to just go ahead and close this one with the HUD not showing the Lien and tell the seller there is a possibility they may get the house bought back by the IRS.

Can we pull that one off? And if they did buy it back, would they just get the house with all the debt shorted out and  benefit by the equity that may have been created by the short sale? created equity?



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