Like about a quarter of American homeowners,

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

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

Good place. Superior high schools. My location was in the old section of town right next to a downtown revitalized with antique stores plus constant celebrations, a very welcoming homey visit website place. The homes on my highway are older, none looks like the other. Some are better than others. But possibly Carlos painted his weathered 80-year-old place.

I came into a little money and wanted to refinance. I are obligated to repay $202, 000. My dad left a bit cash after he died of your long illness in May so I needed to put $75, 000 down, still to pay $127, 000. Amortized over 15 years at 5 percent that would provide my payments down to $1, 237, an amount that includes insurance and income taxes. I pay more than $1, 600 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. Meaning I wouldn't have the 20 percent fairness mortgage lenders say they want.

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

That's life, I guess.

New Zealand bloggers go2guys. company. nz explains the lenders' point of view this way: "In lending we speak about the 4 'C's' - Money, Collateral, Capacity, Character and a mark in each box means your loan will be approved. If there is one thing bankers 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 to cover the loan back. Are you good for it? "

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

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

Cool, eh?

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