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  1. #1
    Join Date
    Jun 2012
    Posts
    3

    Default Sheriff Sale After Foreclosure

    My question involves a mortgage in the state of: wisconsin

    my boyfriend and i live in his house that he had with his fiance. she passed away last year. his name is not on the deed. he found out that she had not paid any income taxes for about 7 yrs. the house was foreclosed on and now it is going to a sheriff sale. we can not get it from the bank because of tax lien. is there any way to get the house before the sheriff sale. we dont want to lose the house. any help you can offer would be great.

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Sheriff Sale

    He doesn't own the house. Who's foreclosing? Unless you have the money (or can qualify for it) to pay off the tax lien and the existing mortgage, you're not going to stop this. After the foreclosure you *MIGHT* be able to get the IRS to release the lien, but it isn't going to happen now.

  3. #3
    Join Date
    Jun 2012
    Posts
    3

    Default Re: Sheriff Sale

    the bank is foreclosing. the bank is trying to help us, and we can get a mortgage for the house but with the IRS lien, their hands are tied right now. if we get it from the sheriff sale will the debit to the IRS be satisfied ?

  4. #4
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Sheriff Sale

    Your biggest issue in refinancing (no matter how much the bank wants to help you) is YOU DON'T OWN THE HOUSE. No bank is going to loan you money for a property you do not own and can not encumber with the mortgage. The ex's estate is the current owner, and barring a probate or similar action to transfer it to whatever heir she might have, you're screwed.

    At foreclosure, the IRS's lien (presumably junior to the mortgage) will be paid out of the sale proceeds over the senior (mortgage) lien. The lien technically is extinguished at that point, however the IRS has a right of redemption that may hinder you getting financing unless they release it. It takes a few months when they do and since you pretty much have to pay for a foreclosure immediately, you aren't going to win unless you have a lot of cash from some other source.

    What's going to happen in my crystal ball is the bank will bid for what they have in it. The thing will sit REO. You should be working with the bank on the fact that you will keep up the house in a marketable condition while they deal with getting it on the market and the IRS taken care of.

  5. #5
    Join Date
    Jun 2012
    Posts
    3

    Default Re: Sheriff Sale

    the heirs dont want the house. the executor or the estate wants us to have the house which we are living in. the bank will give us the money for the house because boyfriend was the one that made all of the mortgage payments until she died. we just dont want to lose the house. we will try anything to keep it

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