Thanks for the responses everyone. Running around with dd and could not get back to the computer all day. We felt pretty much like most of you. Didn't want the retraction printed as we were opening the new business. Any association about us and our business and a financial problem is not the type of marketing we are after! But... at the same time wanted to make sure anyone who saw it knows it was incorrect. We pay our bills darn it! I honestly expected nothing when I filed with the OCC. I simply wanted to know I did what I could to right a wrong and let it go. Never expected a case to be opened or the bank to contact me. The bank messed up our homeowners insurance last year and I thought nothing of it. A few phone calls and all was well. I think the snide BOA women who laughed put me over the edge. I appreciate the advice regarding not using the same bank for the business banking as personal banking and we don't. Igloo, I am all for business relationships but had to follow the savings...local bank really could care less if they had our mortgage business after we have banked with them for 20 years. I don't get it. Their interest was much higher than BOA and they would not go lower. Full disclosuree: I have a smart, sweet sil who has worked for BOA for almost 30 years. If I had asked she would of helped but I felt it would have been rather obnoxious of me. After all the turmoil at BOA, she did not need to deal with a relative's issues. asjama and idee, thanks for the credit report heads up. I only ran 1 of the 3 free ones for myself and was going to run the other 2 every few months as you suggested . They did not use our money for the penalty. Will talk to hubby about taking care of our own taxes. shermann thanks for the input. I'll let it go when we get everything in writing. Most of it is so far but the contact balked the whole way through. She didn't want to put anything in writing and do everything via phone. That didn't work to well for us when we talked to people who said they would pay the taxes the next day and it took them over 2 weeks to get it done. carol, I feel your pain. How darn hard is it to pay your customers taxes? Shannon, my husband would have went ballistic if that had happened to him! magothyrivergirl, You're right. Promoting a negative event is not the way to go. I'm sure I'll toughen my skin as I go, but at my age it's pretty tough already. I simply refused to take really crappy treatment and followed some simple procedures to make it right. lukk, I will watch for the vultures. We had a couple of the real ones land in our yard the other day. Had no idea they were THAT ugly close up! Thank you stinky and best. Why do they publish peoples names anyway? Since we are looking for a new Supreme court judge, they may want to consider someone from GW. You guys are awesome. Thank you Will let the hub know what you all said. Thanks again

It will likely have utility easements as around here any property does that have power and water supplied to it. Generally they are at the edges of the property are you going to not buy it because of those? You could always make an offer with the conditions that the items you care about are satisfied. Then you can pay to have a survey done. In my area we always get title insurance and the common thing is for the seller to pay for it. During the title search any outstanding taxes, liens, etc. is generally found. A real estate attorney or title company can do this part. Not sure about a buried oil tank though as it isn't an issue where we live.

beachlily, that is not true regarding the renter and a federal tax lien. The IRS does not get any kind of preference because of an income tax lien (other then once they file, very few lien holders that file after them can jump in front of them), even it was the result of a fraudulent filing. They have to go through the same foreclosure proceedings as any other creditor. If the partner truly had a part in the tax fraud I can assure you he would be in jail. The IRS does not simply slap you on the hand and say "pay me when you can and don't do it again" when the numbers get into the six figure range. What you are referring to is an asset seizure in which the police will take all property they think is linked or obtained from the commission of a crime that allows for asset seizures (usually drug trafficking, theft by deception, etc). Chances are if you are renting a property with a meth lab being run out of the basement, you may lose your property. Typically they will take everything on the premises and then let the owners sort it out. And in this case, it can be very hard to get your property back since the laws typically require them to give back the property only if you are found innocent. To get around this requirement, they simply do not file criminal charges against you. Many times the only way you get your property back is to get them to charge you with a crime.

I'll take a stab at answering some of your questions... 1.) Large difference between appraisal & judgment. It might be a junior lien holder that is foreclosing. For example, the property is appraised at $180K; there's a first mortgage with $60K outstanding (hypothetical); and a second for $14,895.53. Many times, a homeowner in trouble will keep payments on their first mortgage current but default on the second. In our example above, there's enough equity for the junior lien holder to foreclosure, take title subject to the priority lien, & still anticipate selling the property for enough to clear their position. 2.) Yes, that's probably correct about the taxes. You should pay a visit to town hall & take a look at the land records. That will tell you who the mortgagee(s) is. It will also tell you if my above guess is accurate as to who is actually foreclosing. If it's a junior lien holder foreclosing they have probably paid the taxes. A junior lien holder does not want the priority lien holder to foreclose in a case like this because that foreclosure would wipe out their subordinant position. 3.) Other monies owed. Yes, undoubtedly there are additional charges against the borrower. These would include penalties, late fees, accrued interest, attorney fees, auctioneer fees, advertising fees, appraisal, insurance, real estate taxes, etc. A foreclosing lender will include all of the above into their auction bid. 4.) Also, if it is a subordinate lien holder who is foreclosing anybody bidding at the auction would be taking title SUBJECT TO PRIOR LIENS such as a first mortgage. So, let's say you were the successful bidder at $21K. You didn't buy the property for $21K...you purchased it for $21K plus the $60K I noted as hypothetical above for a total purchase price of $81K & you are responsible for paying the first mortgage. Now, that's a whole 'nother bucket of worms because there's probably no assumption clause in the mortgage...so the holder of the first might require you to get a new mortgage. 5.) Real estate taxes are ALWAYS A PRIORITY LIEN. So, they would have to be paid. In your example though there is no tax lien. Somebody has paid the taxes (likely the lender). The lender would have taken the taxes into consideration in their bidding strategy at auction. So, there would be no consequence to any successful bidder at the sale. Any liens lower in priority than the foreclosing entity (other than real estate taxes, mechanic's liens) is distinguished in the foreclosure process. So, if Aunt Thelma is owed $10K...she loses. 6.) Your link only took me to the county page. I was unable to actually look at anything useful to your example. So, I can't comment on your "detective" work. 7.) NEVER assume there are no title problems. As example, maybe whoever built the house never paid the roofer & the roofer filed a Mechanic's Lien that has been sitting there all of this time. It's a priority lien. There's any number of title issues that could be a problem. Again, a trip to town hall will reveal title issues. 8.) Yes, he could be losing the property for $15K. I once foreclosed approximately $75K against a property appraised at $2.2M. (There were nesting bald eagles & my borrower couldn't sell the property because of the eagles.) I foreclosed & worked out a deal with the city to buy the property from the bank & establish a park around the nesting site. The city purchased the property for what I was owed plus cancellation of all of the back property taxes. Strange things happen. I'm guessing it's a second lien holder that is foreclosing based on what the attorney told you. 9.) Has he trashed the place? Gosh, who knows! 10.) Buying an REO is easier than purchasing at foreclosure auction but not nearly as much fun nor as exciting as standing there with your bidder paddle, "Do I hear $50K? I've got 50...do I hear $55K? Yes, back there in the corner...come on now, it's a great house...now do I hear $60K?" lol /tricia