120-day rule

IRS has 120 days from the date of sale to recoup the money. Since it's bank owned, the bank probably assumed the property at the foreclosure. Previous owner's IRS lien stays 120 days. If the house is not sold or refinanced within 120 days of the sale, IRS loses the right and the lien should fall off. If the bank sells it within 120 days, it's the bank's responsibility. Either way, you should be fine. Check with the bank or title officer with foreclosure experience to get clarification in writing.

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• IRS liens - 120 days redemption -大叶猴魁- ♂ (933 bytes) () 02/25/2020 postreply 21:11:53