Like about a quarter of American

Like about a quarter of American homeowners, I'm upside down in my mortgage.

Nothing special about this. The economy bites and Dr. Casing Bubble, one of my favorite real estate bloggers, says it's going to get way even worse before it gets better. I purchased at the peak of the housing market throughout 2005, spending $269, 000 for that three bedroom, two bath house in Clovis, a suburb involving Fresno, Calif.

Good place. Superior classes. My location was in the old part of town right next to a downtown revitalized with antique stores in addition to constant celebrations, a very welcoming homey place. The homes on my lane are older, none looks like another. Some are better than others. But even 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 just a little cash after he died of an long illness in May so I needed to put $75, 000 down, due $127, 000. Amortized over 12-15 years at 5 percent that would sell my house in fresno bring my payments down to $1, 237, an amount that includes insurance and income tax. I pay more than $1, six hundred now.

Makes sense right? I thought so anyway. Unfortunately, the comparable product sales around me have put the associated with my house under $140, 000. It means I wouldn't have the 20 percent fairness mortgage lenders say they want.

Kind of blows my mind. I'll watch some vibrant 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 and so valuable five years ago that it sold in a heartbeat?

That's life, Perhaps.

New Zealand bloggers go2guys. co. nz explains the lenders' point of view this way: "In lending we talk about the 4 'C's' - Money, Collateral, Capacity, Character and a mark in each box means your current loan will be approved. If there is one thing companies are looking at very closely it is the last C, Character. They want to know if you are the type of person who will make every effort to repay the loan back. Are you good for this? "

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

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

Cool, eh?

Unfortunately, reality means I've got some money, but not enough. I hope to sell a few acres on Camano Island throughout Puget Sound and put more down. But nobody wants raw area, even with a well and improvements.