Comment

Comment by Marcus on June 3, 2014 at 3:35pm

There is an interesting twist to this. The tax lien is on the individual. This individual, who is the mortgage holder, conveyed the property out of his name. The tax lien was then filed a couple years later on the individual. The best I can tell, it is not currently attached to the property. With that said - I believe I have 2 options. 1 - quit claim the property back to the mortgage holder and negotiate the tax lien. 2 - have the current owner sign the deed and closing docs, which they are willing to do, and send Chase their money and hopefully everyone is happy. I prefer option 2 as it is the quickest. I just hope that the title company will insure it and that Chase will sign off on the HUD.

Comment by Marcus on June 3, 2014 at 3:26pm

I'm the buyer but I have also been doing the agent's job. I am in banking so I am fairly knowledgeable of the process.

Comment by Thom Colby CA Brkr 888-391-5245 on June 2, 2014 at 11:52am

Marcus - Are you the Buyer and the Agent?

Comment by Marcus on June 2, 2014 at 9:47am

Yea - this is a income tax lien - sorry for the confusion.  The seller has nothing (insolvent) and is in poor health so the State may or may not be willing to release the lien from the property.  There is no equity in the property at all so if the deny the request, the only person they are hurting is the buyer - ME!  Thank you all for your insight into this - I greatly appreciate it.

PS. There is not a chance that I will buy this property unless the lien is released or if I have the full insurance on the title company.  

Comment by Mike Horton on June 2, 2014 at 9:21am

The tax liens I have to deal with are mostly property which I should of stated upfront. This often happens with short sales where the taxes were paid as a part of the owners PITI payment and payments are not made. Well, like I said I don't know Georgia and I made an assumption which .....:-)

Comment by Thom Colby CA Brkr 888-391-5245 on June 2, 2014 at 9:04am

I doubt Chase will pay the seller's Income Tax Lien when it can be released from the property to facilitate the sale.  The seller will still owe the taxes to the State.  Again, it is not a "Subordinate Lien".  Also, Joe is correct....

Comment by joe beauchamp on June 2, 2014 at 8:57am

Mike, a state tax lien probably means for income tax and not real estate tax, which is local. Different thing. You have to deal with the state tax dept, gov't employees usually incented by donuts and vacation and not getting something off of the books.

Secondly, because it can be a useful tip, title co's will indeed issue insurance with exceptions. They could do so here with the caveat that this tax lien is not included, for instance.

Comment by Marcus on June 2, 2014 at 8:57am

Thank you Thom and Sheyenne.  I think the honey approach is what lies ahead of me.  I am going to see what we can do to get the ball rolling ASAP.  With an HAFA approval, will Chase typically agree to the up to $8,500 being paid?  I am just trying to see if I should shoot for $0 or $8,500 for the settlement figure.

Comment by Mike Horton on June 2, 2014 at 8:40am

I don't know about Georgia, but in Arizona the tax lien is sold to an individual who holds the lien based on an auction that paid the lien back. The owner of the lien is an individual who is racking up the interest rate that was a part of the lien purchase for 3 years and then can foreclose on the property. To clear the lien the individual who purchased the tax lien must be paid off before you can close. No title company will provide insurance with a know lien uncleared.

Comment by Thom Colby CA Brkr 888-391-5245 on June 2, 2014 at 8:33am

Although it says a "Representative" can complete the form, if I were the Broker, I would not do it (too much liability) and I would have the Seller / Taxpayer complete the forms and sign it.

Also, on the form it says;

"Important! Please submit your application at least 30 days before the closing or transaction date that the certificate of release is needed. Doing so will allow sufficient time for review, determination, notification and the furnishing of any applicable documents by the transaction date."

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