I now have a mortgage on my house for 190,000. When I took out this mortgage my house was worth 270,000 now it is worth 220,000. If I take out a second mortgage now, with my excellent credit, of 30,000 I will be under water and entitled to help with the mortgage. Is this right? Hell no, but if I had bought the house for 220, and refinanced it when it was worth 270,000 and gotten an extra 50,000 to buy my las vegas vacation. . I would now be underwater and entitled to government assistance of some kind with my mortgage. I'll be damned if I want to help out all the stupid refinancers and the mortgage companies that made those crappy loans.