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To: UnBelievable who wrote (248154)	7/2/2003 1:23:23 PM
From: Mark Adams	Read Replies (1) \| Respond to of 436258

Ahh, the ol upside down case... <g> Thanks for reminding me.

To: UnBelievable who wrote (248154)	7/2/2003 1:26:25 PM
From: Mark Adams	Read Replies (1) \| Respond to of 436258

It is curious that if a person BK's when upside down, the IRS calculates an imputed gain which is taxed. But if a corporate entity BK's, they seem to get off tax free. Or am I ignorant on the post BK accounting? Debt for Equity swap seen as a equal exchange of value, thus untaxed?

To: UnBelievable who wrote (248154)	7/2/2003 2:36:20 PM
From: patron_anejo_por_favor	Respond to of 436258

<<Refinance for the homeowner is a no brainer - as long as they realize the potential>> Refinance for the homeowner IS a no brainer. The equity suck-out issue is a separate and distinct question. If I have 200,000 in a 30 year fixed mortgage, I'm better off to refi at 5% than to carry it on my books at 7%. That part is very clear....(whether I can afford the 200,000 debt is a larger and overriding question of course, but if I've decided I can handle it, I'm better off at the lower rate).