Posted on: 27th Oct, 2009 05:28 pm
I was delinquent on my first and second loans for 8 months with BOA. The bank started foreclosure on my 1 loan. While I was trying to make 1st loan current and requested reinstatement letter, the bank foreclosed on my second loan just yesterday. I think it was sold to a collection agency. Bank never notified me on this action, and I learned about second loan today. Will this debt be reflected on my credit? and if I make payments on it, will it be tax deductible?
hi lidiarupli!
welcome to forums!
if the second loan has been charged off, then it would be mentioned in your credit report. a collection agency will collect the dues from you. i don't think the second loan would be tax deductible any further as it has been charged off. to know more about second mortgage charge off, check out the following page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you've further queries.
sussane
welcome to forums!
if the second loan has been charged off, then it would be mentioned in your credit report. a collection agency will collect the dues from you. i don't think the second loan would be tax deductible any further as it has been charged off. to know more about second mortgage charge off, check out the following page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you've further queries.
sussane
hi
I don't think the second loan would be tax deductible any further as it has been charged off. To know more about second mortgage charge off,
I don't think the second loan would be tax deductible any further as it has been charged off. To know more about second mortgage charge off,
i'll disagree about the tax deductibility. the loan remains a mortgage on the home, regardless of its status as a charge off. as a mortgage, any interest paid is deductible.
now keep in mind that i'm not a tax expert, but i have to believe that the irs would rule that way, and even if i never checked with the irs or a tax advisor, i would continue to deduct my interest payments on my taxes until someone official told me that it wasn't legal.
now keep in mind that i'm not a tax expert, but i have to believe that the irs would rule that way, and even if i never checked with the irs or a tax advisor, i would continue to deduct my interest payments on my taxes until someone official told me that it wasn't legal.
