Comments on: 3 Ways to Rid Yourself of IRS Debt and Its Accruing Interest and Penalties http://www.getirshelp.com/irsblog/209/3-ways-to-rid-yourself-of-irs-debt-and-its-accruing-interest-and-penalties/ The First & Preeminent Blog in the World on IRS Problems and How to Solve Them!! Wed, 30 Nov 2011 20:30:07 +0000 hourly 1 By: Darrin Mish http://www.getirshelp.com/irsblog/209/3-ways-to-rid-yourself-of-irs-debt-and-its-accruing-interest-and-penalties/#comment-22619 Darrin Mish Wed, 01 Oct 2008 21:23:56 +0000 http://www.getirshelp.com/irsblog/?p=209#comment-22619 I agree that using a home equity loan is often a great idea when facing large (or small) IRS liabilities. The problem that folks are facing now are that with the recent events in the economy, banks are not lending to people with bruised credit. For example, if you have a Federal Tax Lien filed against you, you may be hard pressed to get approved for a loan, even if it will full pay the liability, thereby releasing the Federal Tax Lien! If you have the means and ability to secure a Home Equity Line of Credit (HELOC) by all means you should investigate that option. It almost always will be cheaper than "borrowing" the money from the IRS! I agree that using a home equity loan is often a great idea when facing large (or small) IRS liabilities. The problem that folks are facing now are that with the recent events in the economy, banks are not lending to people with bruised credit. For example, if you have a Federal Tax Lien filed against you, you may be hard pressed to get approved for a loan, even if it will full pay the liability, thereby releasing the Federal Tax Lien!

If you have the means and ability to secure a Home Equity Line of Credit (HELOC) by all means you should investigate that option. It almost always will be cheaper than "borrowing" the money from the IRS!

]]> By: NEPA http://www.getirshelp.com/irsblog/209/3-ways-to-rid-yourself-of-irs-debt-and-its-accruing-interest-and-penalties/#comment-22617 NEPA Wed, 01 Oct 2008 21:01:00 +0000 http://www.getirshelp.com/irsblog/?p=209#comment-22617 Try using a home equity loan, the interest is tax deductible Try using a home equity loan, the interest is tax deductible

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