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Should I get a home equity loan to pay off back taxes?
I need to pay off about $30,000 in back taxes. Is it better to take out a home equity loan, cash in stock, or borrow or liquidate a 401K?
By
devin066
Posted on
01/31/07 Total Answers
4
Answers-
You need to talk to an attorney about settling your taxes. Over $10,000 they will normally settle for lss than the total amount owed. Take out a HEL for that amount, but first try to settle for less ---- more money in your pocket. Contact Credit Answers at 1 800 936 0760 about it. They can save you money.
Answer by :
daddyspanksalot On Date
2007-01-31 02:42:53
I SUGGEST TO GET HOME EQUITY LOAN , but you decide
Answer by :
Qariskaxoor On Date
2007-01-31 02:48:49
The upside of the HEL is that all payments you make on it are tax deductible, which is nice at tax time.
Downside is the risk involved with HEL since the loan is secured by your home. If you can't make the payments, you could lose you home.
The HEL is a better option than cashing in stock, and definitely better than borrowing from a 401k. Those investments could be worth big money one day, and cashing them in now could really impact your financial security down the road.
In addition to the HEL, check out HELOC's too (Home Equity Line of Credit). Works a little differently that the HEL, gives a little more flexibility.
Answer by :
Chris B On Date
2007-01-31 03:28:21
I found this http://sivu.at/03b4 article it should answer your question it has some good information on home equity and good deals etc.
