Really like about a quarter of American

Really like about a quarter of American homeowners, I'm inverted in my mortgage.

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

Good place. Superior schools. My location was in the old element of town right next to a down-town revitalized with antique stores and constant celebrations, a very welcoming homey place. The homes on my street are older, none looks like another. Some are better than others. But actually Carlos painted his weathered 80-year-old place.

I came into a little funds and wanted to refinance. I owe $202, 000. My dad left a little bit cash after he died of a long illness in May so I wanted to put $75, 000 down, still to pay $127, 000. Amortized over fifteen years at 5 percent that would bring my payments down to $1, 237, an amount that includes insurance and income taxes. 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 value of my house under $140, 000. That 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 sell house fast in fresno Virgins" put $20, 000 down on a new $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 bought from a heartbeat?

That's life, I suppose.

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

Hell yes, I'm great for it. My wife and I both work. I gutted my house. It's got new glass windows, refinished hardwood floors, a new home and bathrooms and I just put on a new roof. Does that issue? Hell no.

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

Cool, eh?

Sad to say, reality means I've got some cash, but not enough. I hope to sell some acres on Camano Island in Puget Sound and put more straight down. But nobody wants raw land, even with a well and improvements.