In this day of recession and economic downturn with no upside, all I hear is that people should refinance now. An example: If a home in 2006 is worth $365,000 and has an interest only loan of $365,000, in 2009, it is now worth $290,000 (-$75k less), should he/she refinance? Now unless they come up with the 75k difference, no bank is going to offer a mortgage with over 100% LTV. Any thoughts on this???!??!