The XX Factor

Plans to Refinance No More

This is one of several reader responses we’ve published responding to the question “What have you given up in the recession?” Read more reader responses and Emily Bazelon’s related story on recession concessions . Next question: What haven’t you given up, despite the recession? Send answers to us at .

Thanks to all the properties in Jackson County, Missouri, being re-appraised without anyone actually viewing them, and our property value being lowered 19 percent because of the part of town we’re in, we’ve had to give up on our idea of refinancing to a lower rate. According to the County, our house is now worth $4,000 less than the mortgage owed against it. People closer to Kansas City fared far worse, with inner-city and surrounding inner-core area values dipping by 26 percent.

It’s really not fair. We have a nice house and excellent credit, but we cannot even refinance the loan we have without then paying PMI.

We bought the house twelve years ago for $16K more than it’s worth now. You tell me that’s not totally depressing.

I told the Home Depot guy about it and I ranted a little about how every repair we’d ever made was of no benefit and asked if anyone else was more reluctant to fix up their houses, and he started crying.