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Here’s a perspective from somebody not underwater...but in trouble.

I have alot of equity in my house...around $40,000, according the the county appraiser. BOA seems to know this too...and they have been VERY aggressive with me. I am two payments behind, and I estimate it will take me four months to catch up completely. I have got three letters with foreclosure filing dates...and have called them and begged for delay...but I just got another one yesterday. They clearly see a foreclosure which would not lose them money...and obviously my mortgage is flagged in their system that way.

I know I haven’t kept up my part of the bargain...and I have been charged lots of penalties as a result...and BOA has the right to foreclose...but I am slowly creeping back to where I need to be.

I am not eligible for any of the past and likely future assistance plans however, because I have too much equity (almost 25%). This is the result of saving for 5 years to make a large down payment. Yes, I could sell...but the end result would be the same - my family will not have a house to live in.

I’ve got to be honest...it does not make me happy to know that I may lose my house...while simultaneously paying taxes to bailout people who paid too much, without a down payment.

As a side note, my house is very modest. Every time the nightly news has an ‘underwater’ expose on a poor family in trouble, the house is 2-3 times as expensive as mine, and they made no down payment....it just makes this pill more bitter to swallow.