Really like about a quarter of

Really like about a quarter of American homeowners, I'm the other way up in my mortgage.

Nothing special about this. The economy bites click here and Dr. Enclosure Bubble, one of my favorite real estate blog owners, says it's going to get way more serious before it gets better. I purchased at the peak of the housing market within 2005, spending $269, 000 for that three bedroom, two bath residence in Clovis, a suburb associated with Fresno, Calif.

Good place. Superior educational facilities. My location was in the old portion of town right next to a downtown revitalized with antique stores together with constant celebrations, a very welcoming homey place. The homes on my neighborhood are older, none looks like one other. Some are better than others. But possibly Carlos painted his weathered 80-year-old place.

I came into a little cash and wanted to refinance. I must pay back $202, 000. My dad left somewhat cash after he died of any long illness in May so I planned to put $75, 000 down, owing $127, 000. Amortized over 15 years at 5 percent that would deliver my payments down to $1, 237, an amount that includes insurance and taxes. I pay more than $1, six hundred now.

Makes sense right? I thought so anyway. Unfortunately, the comparable sales around me have put the value of my house under $140, 000. This means I wouldn't have the 20 percent equity mortgage lenders say they want.

Kind of produces my mind. I'll watch some teen couple on HGTV's "Property Virgins" put $20, 000 down on some sort of $420, 000 house, but I can not get a bank's interest owing $127, 000 on a house that was thus valuable five years ago that it bought from a heartbeat?

That's life, I reckon that.

New Zealand bloggers go2guys. company. nz explains the lenders' perspective this way: "In lending we speak about the 4 'C's' - Funds, Collateral, Capacity, Character and a beat in each box means your loan will be approved. If there is one thing banking companies are looking at very closely it is the last D, Character. They want to know if you are the kind of person who will make every effort paying the loan back. Are you good for it? "

Hell yes, I'm good for it. My wife and I both work. We gutted my house. It's got new microsoft windows, refinished hardwood floors, a new kitchen and bathrooms and I just wear a new roof. Does that matter? Hell no.

I've gone to a few banks and got the "I'll call you" routine. They don't call back. The very best luck I had was at a credit rating union, but the interest rate there was a set 5 percent. I want one of those 3. 25 percent numbers. That would bring my obligations, without tax and insurance, in order to $892. 39.

Cool, eh?

Regrettably, reality means I've got some money, but not enough. I hope to sell your five acres on Camano Island inside Puget Sound and put more lower. But nobody wants raw terrain, even with a well and improvements.