Oregon Application for Release of Right to Redeem Property from IRS After Foreclosure

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US-00111
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This form is an Application for Release of Right to Redeem Property from IRS After Foreclosure. Check for compliance with your specific facts and circumstances.

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FAQ

Help Resources. Centralized Lien Operation ? To resolve basic and routine lien issues: verify a lien, request lien payoff amount, or release a lien, call 800-913-6050 or e-fax 855-390-3530.

Once judgment is granted by the circuit court, a two- year redemption period begins. To redeem your property during this period, you must pay all taxes and interest for all years shown on the judgment and decree, the 5 percent penalty, interest on the judgment, plus a $50 redemption fee.

After a property is sold at a sheriff's sale (foreclosure sale), there is a period of time referred to as the ?redemption period? during which you still have some rights. For most properties it is a six month period.

Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).

If your real estate was seized and sold, you have redemption rights. You or anyone with an interest in the property may redeem your real estate within 180 days after the sale. This includes: your heirs, executors, administrators.

If the IRS tax lien is junior to the mortgage being foreclosed, the IRS tax lien will be foreclosed through the judicial sale and the lien on the property will be extinguished after the judicial deed is issued.

The right of redemption allows homeowners to keep their homes if they pay back what they owe even after their lender starts the foreclosure process or puts the home up for sale at public auction.

Discharge means the IRS removes the lien from property so that it may transfer to the new owner free of the lien. Use Form 14135. Subordination means the IRS gives another creditor the right to be paid before the tax lien is paid.

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Oregon Application for Release of Right to Redeem Property from IRS After Foreclosure