December 3, 2007
Remortgaging: The Answer To Your IRS Issues
An IRS issue will not go away on its own. To settle your back taxes, think about remortgaging your home. This option is one to consider when finding a way to solve your IRS issues.
If you dismiss the IRS notices, you allow your tax bill to grow with penalties and interest, and you might be visited by special agents from the Criminal Investigation Division (CID) soon.
You can get a lower interest rate or a different loan type by remortgaging your house. Basically, you are settling an existing loan with a new loan with lower monthly mortgage payments, leaving you extra money that you can use to pay off your tax debt.
Inquire at your bank or look online to find the perfect place to obtain your remortgage from. It will rely on your equity and your credit rating.
If your remortgage is approved, you still will be unable to settle the tax bill in full. You may, however, negotiate an installment agreement or Offer in Compromise with the IRS so you can start paying them monthly.
Hopefully, when the IRS sees that you are attempting to settle your tax bill, you can finally move away from your IRS problems. You will not have to see another IRS notice again.
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