Refinance Opportunities on The Horizon!

Are you currently unable to refinance because your home has decreased in value?

With Obama's "Homeowner Affordability and Stability Plan" promise is on the horizon! Under the plan, eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan.

Eligible loans will now include those where the new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.

If you have both a first and second, as long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the plan. Your eligibility will depend, in part, on agreement by the lender that has your second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.

How do I know if I am eligible?
Complete eligibility details will be announced on March 4th when the program starts. I know I've been working with many of you who have not yet had the opportunity to refinance. I will be reaching out to each of you to discuss the eligibility details after March 4th. If you have not yet contacted me, I can be reached at 415-252-7552 or char@weltax.com to walk you through your eligibility potential.

Now is the time more than ever to be hopeful!!!

Best,

Char

Gift Cards: A Thoughtful Gift After All

A gift card has often been thought of as an impersonal gift, lacking the thrill of the surprise and warmth associated with a “real” present. Although there might be some truth behind this, giving a gift card can also be viewed in a more positive light.

Generally speaking, a gift card can represent a very practical and “headache free” gift. And, in this uncertain economy, it can actually be the perfect, economical gift. It can suit those who are really particular about what they wear or those who seem to have everything their hearts desire. There are also those acquaintances whose taste is uncertain, yet we would still like to extend a nice gesture. We can surprise our friends and family with a gift card to their favorite restaurant.

Gift card buyers do need to be informed about the cards they choose because some cards have restrictions, such as how they are used online, when they expire, which locations are accepted, etc. Overall, remember, with a little thought, a gift card can be a very thoughtful and memorable gift. So, if you are thinking of giving gift cards this holiday season (or giving them to your employees), hopefully I’ve changed your perception to see that it’s not such an impersonal gift after all.

I would like to remind you that if you have any questions about the tax implications of giving bonuses and gifts to your employees, please do not hesitate to give a call at 415-252-7552.

Some Rules for the Holidays

1. Avoid carrot sticks. Anyone who puts carrots on a holiday buffet table knows nothing of the Holiday spirit. In fact, if you see carrots, leave immediately. Go next door, where they're serving rum balls.

2. Drink as much eggnog as you can. And quickly. It's rare. You cannot find it any other time of year but now. So drink up! Who cares that it has 10,000 calories in every sip? It's not as if you're going to turn into an eggnog-alcoholic or something. It's a treat. Enjoy it. Have one for me. Have two. It's later than you think.

3. If something comes with gravy, use it. That's the whole point of gravy. Gravy does not stand alone. Pour it on. Make a volcano out of your mashed potatoes. Fill it with gravy. Eat the volcano. Repeat.

4. As for mashed potatoes, always ask if they're made with skim milk or whole milk. If it's skim, pass. Why bother? It's like buying a sports car with an automatic transmission.

5. Do not have a snack before going to a party in an effort to control your eating. The whole point of going to a Holiday party is to eat other people's food for free. Lots of it. Hello?

6. Under no circumstances should