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What happens to IRS Lien if it's not redeemed ?
Submitted by TnMan2 on Sat, 08/23/2008 - 3:21pm.

What happens to the IRS Lien if the IRS doesn't redeem within 120 days ? Does it get wiped out or stay on the property ? For how long?

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Comments:

Submitted by Sean on Sun, 08/24/2008 - 2:36pm.
It is wiped out at the time

It is wiped out at the time of sale -- except for their right to redeem. If they fail to redeem they no longer have a secured interest in the property (though they can certainly continue to pursue the prior owner).

Submitted by Sean on Sun, 08/24/2008 - 2:37pm.
One VERY IMPORTANT addition

One VERY IMPORTANT addition to this --- it ONLY applies if the IRS lien is "junior" (recorded after) the loan sold at auction. If it is senior, then the foreclosure sale will NOT wipe it out, and it must still be paid.

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