Joint Owner
As it turns out the other owner (now deceased) has had a couple of liens placed on this estate. One of which is by the IRS. The amounts are more than the profit I would gain from the sell of the estate. Can I just walk away from the mortgage and let the Bank foreclose on the property without any complications? I do not plan to file in probate... There is no will. Type the details of your question here by tonybo_690_587 from Madisonville, Kentucky. Aug 1st 2012
Larry Lechel (Larry@GenevaFi.com)
#15 ranked lender in Indiana - 38 contributions
A licensed real estate attorney should answer this question for you.
Gary H (Mod.Specialist)
#71 ranked lender in New York - 25 contributions
I have spoken with people in this situation. You need a subordination of the IRS lien because you are part owner. If you want to keep the property, a payment pay is worked out on a negotiated lower amount. Do not go looking for an attorney, because help is free. Contact the Taxpayer Advocate Service toll-free at 1-877-777-4778
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
would renting the property cover the expenses? If so it may be a good idea to hold the property.
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