Category Archives: treasury department

New IRS Contact Information

IRS Logo

 

 

 

 

 

Effective January 1, 2011

Send Regular Mail directed to IRS to:

Internal Revenue Service

PO Box 7346 (replaces 21126)

Philadelphia, PA 19101-7346

Send Overnight Mail directed to IRS to:

Internal Revenue Service

2970 Market Street

Mail Stop 5-Q30.133

Philadelphia, PA 19104-5016

Toll-free # will remain the same (800) 913-9358 but

Facsimile transmission # changes to (267) 941-1015

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Median Income Figures Eff. Nov. 01

State-by-State Median Income thresholds as of November 1, 2010 can now be found online at the US Trustee site.

Click on the image below to be taken to the underlying chart on the UST’s Website.

 

HAMP Needs Its Own Modification

Last week, we discussed the Home Affordable Modification Program (HAMP). Currently, only 2000 of the 650,000 homeowners who qualify have been offered permanent mortgage modifications.

On Monday, the Treasury Department issued an ultimatum to lenders: no cash incentives until they make the mortgage modifications issued under HAMP permanent.

So how does HAMP stack up? Not well. Its track record includes:

    Exorbitant fees collected by the lenders who “modify” the loans.
    Focus on last year’s problem of sub-prime mortgages instead of the root cause of mortgage delinquency such as job loss.
    Too much red tape.
    The fact that most mortgages are still owned by securitized trusts. Lenders often lack the authority to permanently reduce mortgage payments even if they want to.

Whatever the reason, at least the Administration has opened its eyes to HAMP’s shortcomings; looks like the program’s going to need a modification of its own.

Sources: Bankruptcy Law Network and New York Times.