Loan Modification - Mortgagefit

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Loan Modification

jameshogg

Posted on: 29th Aug, 2010 03:36 pm

the credit union where i have my mortgage charged me 1% of the outstanding amount to modify my loan to the current lower interest rate. it is not refinance. is this fee tax deductible?

Total Reply : 1

Hi iheiba,

If the fee that has been charged to you goes towards paying off the mortgage dues to some extent, then you'll be able to deduct the fees from your taxes. However, your best option would be to contact a tax advisor and take his opinion in this matter. He'll guide you further in this matter.

Thanks

jameshogg

Posted on: 29th Aug, 2010 08:58 pm

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