Hello,

We are buyers in a short sale. The property has three liens on it - two from the bank (SPS is the lien holder) and one from the IRS.

Recently SPS released the two liens until June 15, 2014. The seller's agent has filed paperwork with the IRS to get that lien lifted but today they were told that it would take another 3 weeks (it's already been two weeks) for the application to be reviewed. This means we'd have to go back to SPS to get an extension on the 2 initial liens.

My questions about this whole process were,

1. Does anybody have any experience in dealing with SPS in such situations. Are they OK with granting such extensions? Or will SPS foreclose if we don't get the IRS approval by June 15?

2. Typically how long does it take to get an IRS lien lifted? Are they good about lifting such liens provided the seller has no equity in the house. Are IRS liens approvals also for a limited period?

3. Other than the successful outcome (short sale going through) are there any other possible outcomes here?

We have been waiting on this patiently since September 2013 and it's really frustrating to see this keep getting pushed out for one thing or another. A very stressful experience! 

Views: 126

Reply to This

Replies to This Discussion

Thanks for the reply Brian.

What is a partial lien release? Keeping my fingers crossed.

Thank you. Is there any reason to believe SPS would deny us an extension? I mean has anybody in this community seen instances where lenders have denied extensions on short sales?

Hello all,

I wanted to ask a follow-up question here. We did finally get the IRS lien lifted but now we are waiting on the bank to grant extensions on both their liens. 

Unfortunately the IRS approval we were told was granted only on July 9 and is valid thru July 31. To make it makes no sense why it's such a short period. Has anyone encountered a similar scenario? 

Let's say we don't get the bank liens released by July 31, can we go back to the IRS for an extension? I read yes on these forums but does anyone know how long that will take (ballpark estimate)?

Sigh...just feels like we are chasing our own tail here trying to get these two lined up.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************