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If the prices have dropped, you may still have the ability to refinance under the government's "Making Home Affordable" plan, if your LTV is no more than 105% of your new appraised value. With a $178k loan, that means that your home value could be as low as about $170k.

You can check at this website to see if you are eligible: Even if your mortgage is not owned by Freddie or Fannie (one of the requirements for the program), you should still try giving your mortgage servicer a call. Some mortgage servicers are applying the same guidelines to loans that are not owned by Freddie or Fannie.

AJ, thanks for the info, my house is in a pretty stable area as far as I can tell. I'm in Central Denver, and I'm still profitable on my house (not sure exactly, but thinking at least $215K or so). So I doubt I can take advantage of this

This doesn't seem fair somehow that I can't take advantage of lower interest rates. I hate to harp on this, I know that there are people that are in serious trouble right now and need help. But for someone who has been current on his payments for 6 years, shouldn't I be able to take advantage of this?

-- Dan
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