What are the consequences of payig off a mortgage fast?
Date: Fri, 01/08/2010 02:50
I may come across some money by the summer this year. I was wondering if I can payoff my mortgage with a balloon payment and free the title. However, I am not sure about its consequences though. Would there be any negative effect on my tax situation and personal finance?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.