Remortgaging Your House to Settle Taxes
Your IRS issues will not disappear on their own. If you have a home and owe the IRS back taxes, why not consider remortgaging your home to settle the tax bill? This option is something to consider when looking for a way to resolve your IRS problems.
If you ignore the IRS notices, you allow your tax debt to grow with penalties and interest, and you might be visited by special agents from the Criminal Investigation Division (CID) soon.
By remortgaging your house, a different loan type or a lower interest rate can be obtained. Suffice to say, you’re settling an old loan with a new loan with lower mortgage payments, leaving you extra money that you can spend to settle your tax debt.
Spend time to find the best remortgage options. You can check with your bank or even consider looking online. The one that works best for you will rely on the amount of the equity you have in your house and even be affected by your actual credit rating.
After you’ve gone through the whole exercise and the remortgage is approved, you will be able to start paying off your tax debt. You still will not have a huge sum of money all at once, so you won’t be able to settle your tax debt in full. A payment plan with the IRS needs to be negotiated. You can request an installment agreement or an Offer in Compromise so you can start making monthly payments on your tax liability.
Hopefully, when the IRS sees that you’re attempting to settle your tax debt, you and your family can finally move away from your IRS issues. You’ll be able to go to your mailbox without the anxiety of receiving another IRS notice.
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