We bought our first investment property after 5 months of trying, an IRS tax lien house on auction block. We knew it had a first lien against it. The IRS supervisor advised me not to pay entire thing but to contact bank, bring payments up to date and keep up to date till 6 mo. redemption period over. Not a problem, so we thought! Bank REFUSES to cooperate. Says we don’t have right to loan info or right to make payments. Finally in desperation, I said I did have right to pay off whole thing to protect investment. Bank lady, who changes her story and lies like a banchy, said that would be ok. Now my lawyer tells me if I do that and former owner redeems, I am out of the money for bank loan w/no recourse. Last lie bank lady told my lawyer’s aide is that we had a conference call, her, me, IRS. That never happened! But now she tells this legal aide that the matter is in their foreclosure department for discussion, I gathered to determine if I even have the right to pay off or if they are going to foreclose. :-[ HELP! I need some advice from someone who’s been here.
I hope things are working out on this deal. We spoke last week about it. Please update us.
balalu, did you find any resolution to this?