Posted by Tim (CT) on July 01, 2003 at 11:47:57:
That’s interesting. So the IRS took the assessed value not the appraised value? They’re usually pretty far apart. What do you mean by ‘… an offer in compromise’? Does that mean you’re willing to make an offer to the IRS and in return you want them to release the lien?
I had (have) a situation similar to this. IRS lien of 17k (not including interest) and seller hadn’t made a mortgage payment for 6 months. Lender (Countrywide) is looking to foreclose. I wonder if I could pursue a short sale with countrywide and then try and get a discharge from the IRS lien? Probably a longshot and probably a lot of work. Just curious if that would work. Problem is that the house has a before repair value of about 180k (after repair about 200k). Payoff and IRS liens total about 145k. It would think there’s enough equity here for the lender and IRS to NOT want to do a short sale or IRS discharge.