Our primary home has a first and second mortgage. We also have an RV. Can I write off all 3 loan?

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5 Comments
  1. Reply
    Brian G
    April 29, 2011 at 11:24 pm

    write em off to what? Do you mean just don’t pay them?

    Of course your credit will be shot until you repay the outstanding balances.. Yourhousewill eventually get foreclosed, and then sold, and then whatever it sold for will be deducted from your mortgage balance, and the difference is what remains on your credit – forever.

  2. Reply
    Wondering Myself
    April 30, 2011 at 12:03 am

    Your tax consultant would be the best source of that information. The answer depends on your individual situation. No one else can answer your question accurately.

  3. Reply
    Rico
    April 30, 2011 at 12:29 am

    If you mean can you write off the interest on the loans the answer is yes. The RV is “probably” because you can call it a second home as long as it qualifies.

  4. Reply
    Connie L
    April 30, 2011 at 1:23 am

    Write off what?

  5. Reply
    Giant
    April 30, 2011 at 2:21 am

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