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lidiarupli · Joined: 27 Oct 2009 Posts: 1 1.35 Dollars($)

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?

smithsussane · Posted: Tue Oct 27, 2009 8:16 pm Post subject:

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

UMAR_MUGHAL76 · Joined: 20 Oct 2009 Posts: 11 2.62 Dollars($)

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,

gmakerley · Posted: Wed Oct 28, 2009 10:43 am Post subject:

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.

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second loan forelosure consequences