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re: Using tax liens in calculating equity for purposes of Motions to Avoid Liens in Chapter 13 Cases
David:
I disagree with the statement "However, the tax liens would of course
need to be paid before the junior lienholder in the event of a sale or a
foreclosure." This is not true. It's first in time, first in right for
all liens. Only property taxes would take precedence over mortgages.
Steven B. Lever
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Hi everyone,
I apologize in advance if this question has been asked before. We are attempting to avoid a junior lien on our client's principal residence in Chapter 13 in a scenario where the equity is razor thin based on our recent appraisal.
There are IRS liens on the property of approximately $20,000.00.
Can I incorporate these tax liens in my motion to avoid junior lien analysis? The tax liens were recorded after the junior mortgage.r lienholder in the event of a sale or a foreclosure.
If the answer to my question is yes, what position would I list the tax lien in? First position on the standard local rule form re: Motion to Avoid Junior Lien on principal residence?
Thanks!
- David
David S. Shevitz, Esq.
Ure Law Firm
811 Wilshire Blvd. Suite 1000
Los Angeles, CA 90017
Telephone: (213) 202-6070
Facsimile: (213) 202-6075
Email: david@urelawfirm.com
Website: www.urelawfirm.com
The post was migrated from Yahoo.
X-Yahoo-Newman-Id: groups-system
Hi everyone,
I apologize in advance if this question has been asked before. We are attempting to avoid a junior lien on our client's principal residence in Chapter 13 in a scenario where the equity is razor thin based on our recent appraisal.
There are IRS liens on the property of approximately $20,000.00.
Can I incorporate these tax liens in my motion to avoid junior lien analysis? The tax liens were recorded after the junior mortgage.r lienholder in the event of a sale or a foreclosure.
If the answer to my question is yes, what position would I list the tax lien in? First position on the standard local rule form re: Motion to Avoid Junior Lien on principal residence?
Thanks!
- David
David S. Shevitz, Esq.
Ure Law Firm
811 Wilshire Blvd. Suite 1000
Los Angeles, CA 90017
Telephone: (213) 202-6070
Facsimile: (213) 202-6075
Email: david@urelawfirm.com
Website: www.urelawfirm.com
The post was migrated from Yahoo.