Posted by David Alexander on April 06, 1999 at 22:09:41:
You’re right that would put you in third position and would not wipe out any liens, but? If you created a third, took over payments and then there was no debt service to the IRS lien, you would have some serious Cash Flow? Maybe somehow at a later time you could convince the IRS to remove the lien. If not, and I’m not a rental person by any means, I believe I would still do this deal for the cash flow, and you would have very little invested.
Or go after buying the defaulted first Note at a discount. Heck do both, while creating the third go for getting the first bought, when your in first position you could then foreclose.