I am underwater now, too. but i have never missed or made ANY late payments (mortgage, credit card, or auto), have a 810 FICO credit score, very little credit card debt, have adequate income, long-term employment and still working at the same job, and have never been turned down for a loan in my whole life, but i can’t refinance my Colorado property now because i fall below the 80% loan to value due to the real estate crash. since i did nothing wrong to cause this situation, and thru no fault of my own, i too (and millions like me) are victims of the real estate crash also. yet i can’t refinance now. my point is : since we are all victims of the real estate crash, why aren’t we all being allowed the option of the 105 % refinance program? why are the good risks being denied? i don’t begrudge the ones who do fall within this program’s guidelines, but i do object to the fact that we good risks are not being allowed the same option for a refinance. a lot of us would like to refi, say, a 1st and an equity line, or a 1st and an auto loan. not because we’re in trouble or defaulting. but because it makes economic sense for us, and would give us a quite a bit more discretionary income every month. which would presumably help the economy. i feel the option of lowering our interest payment with a 105% loan to value ceiling should be available to all homeowners now, not just those in default. Thanks for being responsible!