Irs Installment Agreement Fannie Mae

If you owe back taxes to the IRS and are struggling to pay off the amount in full, you may be eligible for an installment agreement. This is a payment plan that allows you to pay off your debt in smaller, more manageable installments over a period of time. However, if you have a Fannie Mae loan, there are some special considerations you should be aware of.

First, it`s important to understand what Fannie Mae is. Fannie Mae is a government-sponsored enterprise that purchases and securitizes mortgages. Essentially, it buys loans from lenders and then packages them into securities that are sold to investors. This helps to ensure that there is a steady supply of funds available for mortgage lending and helps to keep interest rates low.

If you have a Fannie Mae loan, you may be required to disclose any IRS installment agreements that you have in place. This is because the agreement can impact your ability to make your mortgage payments. In some cases, the lender may require that you pay off the installment agreement in full before they will approve your loan.

Additionally, if you are already in a Fannie Mae loan and then enter into an IRS installment agreement, it`s important to let your lender know. Failure to disclose the agreement to your lender could be considered a breach of your loan agreement, which could result in default and foreclosure.

It`s also worth noting that if you do enter into an installment agreement with the IRS, it could impact your credit score. While the agreement itself is not reported to the credit bureaus, if you miss a payment or default on the agreement, it could be reported and have a negative impact on your credit score. This, in turn, could impact your ability to secure future loans, including a mortgage.

If you are considering an IRS installment agreement and have a Fannie Mae loan, it`s important to speak with both the IRS and your lender to understand how the agreement will impact your loan. You may need to work with both parties to come up with a plan that allows you to pay off your debt to the IRS while also maintaining your mortgage payments.

In conclusion, if you have a Fannie Mae loan and are considering an IRS installment agreement, it`s important to be aware of the potential impacts on your loan and credit score. By working with both the IRS and your lender, you can come up with a plan that works for everyone and helps you get out of debt.