Should I pay mortgage off?

Cashcade

The house is in my mothers name, but my mother doesn't work and so I more or less pay the mortgage and other house bills. However, my payments have gone up as have my other expenses.

I have got about 30K to clear, and i can raise the money by asking from my friends who said they will borrow it to me. I was just wondering if i pay the mortgage off, will i have any repercussions tax-wise? Can i expect the IRS to come knocking on my door or something?


What's the best way to deal with this?

thaylock

30k isn't much in mortgage terms, why don't you remortgage to a cheaper deal. I am curious as to know why on earth you would want to borrow this money from your friends. I can't see what business it is of the taxman if you pay the mortgage off, though there may be redemption charges on your mortgage.