Comment

Comment by Sheyenne Schultz on June 2, 2014 at 8:27am

Marcus I hear u...U never know, u might get faster relief with the state since it is a lower level than the IRS.or vice versa...but either way...it seems u have to fill out the forms and submit...u never know unless u try  right? If u also speak to them, u might state u have an approval from CHASE and are trying to expedite the issue for the poor seller before the letter expires...is there any WAY possibly to help my poor homeowner in their dilemma? ANY help would be appreciated....thanks:)

If u speak to them and get a contact name who sees your case, etc... u might be able to get it pushed thru faster... u get a lot with honey than with vinegar...just be as sweet as a Georgia peach  LOL  no pun intended 

Comment by Thom Colby CA Brkr 888-391-5245 on June 2, 2014 at 8:10am

Sheyenne - Marcus said - "I believe there is a considerable outstanding State tax lien on the seller".  It seems this is not an IRS lien but a State of Georgia Tax lien.  States don't typically move as quickly as the Feds....

Comment by Sheyenne Schultz on June 2, 2014 at 8:05am

Hi Marcus  for future info...this is why u get title to run a pre lim for u when taking a listing. So u can see at the beginning if there are any liens, judgements, etc on title... If u could have found this out in the beginning...the tax lien would have been removed or lifted already by u filing the papers way back when..... yes, in short sales...the IRS will almost 99% of the time  REMOVE the tax lien since there is NO EQUITY...again, can't get blood from a turnip.... just have to file the papers... perhaps where u are at, it could be expedited... usually u can request an extension as it gets closer to your approval date expiring, letting CHASE know u are just waiting on the IRS...or if u hurry and do it now, it may be removed in plenty of time to still close per your approval letter.

hope this helps

Comment by Thom Colby CA Brkr 888-391-5245 on June 2, 2014 at 7:52am

BTW - I am not an Attorney or Tax Advisor - make sure your seller seeks appropriate professional advice regarding taxes.

Comment by Thom Colby CA Brkr 888-391-5245 on June 2, 2014 at 7:51am

Marcus -

See ---->  https://etax.dor.ga.gov/inctax/CD14135_Partial_Release_of_State_Tax...

Comment by Marcus on June 2, 2014 at 7:42am

Yikes! - I don't have that much time.  My short sale approval is only good through the 25th.  I suppose that Chase would be willing to extend under the cirumstances.  I got an appraisal on the house a few months back - which came in at $110,000.  The short sale price approved price is $105,000.  The seller owes well into $200,000 on the mortgage alone, and then the lien.  I would imagine that the State would lift the lien based at that.  

Comment by Thom Colby CA Brkr 888-391-5245 on June 2, 2014 at 7:35am

Pamela - You are correct.... Not sure how the State of Georgia works but the IRS can get it done fast - usually within 7 - 10 business days if the taxpayer walks into an IRS office and talks with a counselor.  In CA, it's not so easy and in fact it's down right difficult.

Comment by Pamela Ann Zyski on June 2, 2014 at 7:31am

Thom is right-I have one that I'm working on now.  The seller can request the lien be lifted for the short sale.  They have to get an appraisal along with all the forms & send it all in.  They told me it takes from 30-45 days for the release.

Comment by Thom Colby CA Brkr 888-391-5245 on June 2, 2014 at 7:12am

Marcus - I do not believe the State Tax Lien is a "Subordinate" lien.  I believe the Tax Lien trumps all other liens.  A subordinate lien would be a 2nd, 3rd mortgage, etc.

The Seller likely needs to work out the State Tax Lien with the State before this short sale can happen.

Comment by Marcus on June 2, 2014 at 6:59am

Dean - thanks for the help.  That is exactly the language in the approval letter we have.

One other question for everyone: I believe there is a considerable outstanding State tax lien on the seller.  The approval letter I got from Chase says the the following regarding subordinate liens:

C. Subordinate Liens: Before releasing any funds to holders of subordinate liens/mortgages, the
subordinate lien holders must send a written notice to us and the closing agent that confirms:
• They will release their liens and the borrower from all claims and personal
liability related to the lien in exchange for a combined payment up to $8,500 to
all subordinate lien holders.
• Payment for release of any subordinate liens depends on the agreement of all
subordinate lien holders to release their liens and the borrower from personal
liability.

Sorry to be so winded but here is the question:  Is the $8,500 a generic number or is it a likely settlement that they worked out with the State?

Thanks for the help!

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