2015.11.30 IRS Tax Lien Form 1040 for the year ending 2013

SurfieTX said:

What happens now with the Sievers' home? Since it is a crime scene can it be foreclosed on or ??

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http://m.stltoday.com/news/local/il...11e0-9ddc-001a4bcf6878.html?mobile_touch=true
Coleman house was.

SurfieTX said:

What happens now with the Sievers' home? Since it is a crime scene can it be foreclosed on or ??

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The Sievers home can't be foreclosed upon just because MS has been arrested. The bank cares about mortgage payments (assuming the house has a mortgage), and Florida is a judicial foreclosure state. That means MS must be in arrears in making payments for 3 months before the foreclosure proceedings start. Once proceedings begin it can take anywhere from 6 months to several years for the process to play out. Lee County was tops in foreclosure filings in the US and is still in a backlog of cases that have been pending years. Realistically, MS has at least a year before the house is foreclosed. I know this because I live, own, and have sold real estate in Lee County FL.

Per www.leeclerk.org there are no active foreclosure filings against MS.

Thank you, Chey. Because there is an IRS lien on the property, would that expedite the foreclosure process? And does LE have any say in it since it is technically a crime scene? Or since it has been released back to Mark, the crime scene aspect is a done deal? I'm guessing the latter, but I'm not sure. I guess Mark can issue a power of attorney from jail to someone on the outside to handle the home/furniture/kids' stuff? I don't know who he could find since he has essentially thrown every person under the bus at this point including his own mother, but maybe AW or his actual brother from the same mother might.

SurfieTX said:

Thank you, Chey. Because there is an IRS lien on the property, would that expedite the foreclosure process? And does LE have any say in it since it is technically a crime scene? Or since it has been released back to Mark, the crime scene aspect is a done deal? I'm guessing the latter, but I'm not sure. I guess Mark can issue a power of attorney from jail to someone on the outside to handle the home/furniture/kids' stuff? I don't know who he could find since he has essentially thrown every person under the bus at this point including his own mother, but maybe AW or his actual brother from the same mother might.

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Most likely, MS has already or will sign a POA to a person to handle his financial affairs, including any mortgage payments due on the home. The fact that the home is a crime scene is irrelevant to a bank. Again, banks only care about money and receiving payments.

Right now, home prices in SWFL have risen dramatically and MS's house may or may not be under water (we don't know about any 2nd loans he may have). Based upon the sale price back in 2005 (which a mortgage may have been obtained) and the current tax assessed value (leepa.org), and with discount for crime scene, I don't foresee this house being that much under water. Keep in mind most of the homes purchases in SWFL are NOT for "primary" residences and the investors (mostly from outside of the US buying in cash) do not care about a crime scene, they care about profit/loss and rentability. We have an affordable housing crisis right now for permanent residents because the Europeans have pretty much bought up any available properties. Properties rent within hours and homes sell within days in this market. Right now, permanent residents will live in anything to avoid being homeless, including a home where a crime scene occurred.

Also, I do have experience with IRS and tax liens, and it's most unlikely that the IRS will force a sale at this time, especially if MS is current on the payments and since he has not been convicted of any crime. Whether the home is sold now, of his own accord through a POA, or later through a foreclosure sale, the IRS is first in line and will get their money no matter what if the home sells for more than the amount outstanding for any loans. If the home is underwater, the IRS loses, so there is no incentive for the IRS to force a sale if the home is under water. To force a sale is a very expensive legal maneuver and something the IRS will not do unless forced and will receive a gain.

Also, if the home is lost due to a foreclosure and the sale amount is greater than any loans, again, the IRS will still get their money. If the sale amount is less than the loans, the IRS loses and this goes against MS personal taxes as the loss on sale of real estate as reported on a 1099-C (cancelled debt). Right, now the government has an exemption in place for cancelled debt on primary residential real estate due to the housing crisis. Before housing crisis, cancelled debt was taxed by the Feds. Now, with this exemption, MS will walk away virtually unscathed meaning he won't be taxed on the cancelled debt.

Again, all of this is meaningless because he is behind bars and doesn't care what happens to his home

JMO

May or may not be important, but on 04/02/2015 there is a calendar entry by Mark about setting up an IRS payment plan. The day prior, there is an entry about scanning and emailing a W2 (doesn't say to whom or why).

Bates 36852

Just thought I would make note of it on this thread for future reference if needed.

ETA: Scout, if you see this, can you enter it on the case calendar? Thank you!