Clear your Tax Debt

Written by Lisa Bridgett on May 22, 2024

Clear your Tax Debt

The backstory

A client approcahed me who was facing financial setbacks due to unexpected illness in the family. It led to missed payments and accumulated tax debts and mounting tax obligations. He had a low credit score due to late / missed payments and was also behind in his tax returns. He now have a tax debt of $240k to clear.

How we helped

We have lenders we can access who don't focus on credit scores, Comprehensive Credit Reporting (CCR), or debt-to-income ratios (DTI). This approach allowed us to consolidate his debts into one manageable Near Prime loan, which included settling the hefty tax debt upon closure. The lender overlooked the past payment issues.

The real win here

Choosing a Near Prime loan to handle your tax debt significantly benefits a client in this sticky situation. Once cleared and taxes are up to date, and your cerdit profile improves, we can then revisit the mortgage with a goal to move the loan back to a mainstream lenderr and all this without any financial penalty for the change.

This not only cleans up your current debt but also positions you for a healthier financial future with better lending terms. It’s not just about managing debt - it’s about setting you up for sustained financial success.

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