IRS Takes Surplus Funds in this Mortgage Foreclosure!

For those working mortgage overages here is a case where funds can get eaten up by another lien. I will also put this article in the mortgage section of the course.

In this case BOA held a foreclosure - there were leftover funds on this estate. Wisconsin Dept. of Revenue and the IRS both went after the funds - the IRS picked up the remainder. If the government debt had not existed these funds would have gone to the family.

Full article: https://www.mpamag.com/us/mortgage-industry/industry-trends/irs-claims-first-rights-to-foreclosure-surplus-in-bank-of-america-case/550328

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