Forgotten Your Password?

Need to Register?

Question Icon

I need to refinance, but I have IRS debt to pay off. Is it possible to use my equity, to make the offer to the IRS?

by p_greenlea318 from Twin Falls, Idaho. Apr 29th 2015 Reply


Linda Miller (Linda Miller)
#2 ranked lender in Utah - 562 contributions

I can't tell you what the IRS might do about you making an offer based on refinancing... AND don't know the status of your IRS debt. Is there a lien on your property based on the debt. Does the IRS debt show up on your credit report as a negative item. If you have equity in your home you can do a cash out refinance and might be able to pay off the debt. I need a little more information to give you a better answer your question. You can call me at 801.550.1222 or email me at linda@lindamillergroup.com.

Apr 29th 2015
1
0

Yes it is possible depending on how much equity there is

Apr 29th 2015
1
0
Bill Cook (loanpro)
#636 ranked lender in California - 43 contributions

You will need to have a payment agreement plan in effect and then you can refinance.

Apr 30th 2015
0
0
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

i just saved someone in your position. I can do a personal cash line if your credit is good. IRS CAN attach to your home, otherwise if they get a judgement they can put that on your credit report and lien your house. if that happens you will not be able to get credit until you pay that off. So if you go thru a refi, you need to let the irs know, and they will apply fees , interst.. IF you do what my recent client did, a personal cash line , he was in control with the irs, and is payment arrangements. linda lindaonthego@outlook.com

Apr 30th 2015
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

It's possible but as others have said it depends on how much equity you have in the property. You could also possibly take out a HELOC to pay them off. Your options partly depend whether they have filed a tax lien against you or you are just looking for ways to pay off a current obligation. Good luck!

Apr 30th 2015
0
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More info would be needed.. is the IRS debt a lien? If so, then you need to have a payment agreement in place.. If you have sufficient equity, then you would need to make your offer to the IRS and have it approved prior to applying for a mortgage.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 30th 2015
0
0
Subscribe to our news feed.