We put 20% down. The house is a gated mini-estate with over 13,000 sq. feet lot. Fantastic landscaping, cul de sac with million dollar homes on street. It has three bedrooms, 2 1/2 baths, completely remodeled in 2007. Three patios, outdoor fireplace, built in BBQ, the works. There is NO WAY it is worth a measly $540,000. We didn't want cash; just wanted to lower our interest rate. Loan mod was not available to us and I was told that we could not get a second appraisal and that if we got our own appraisal it would not be looked at. We could probably sell it for $700,000 and have a buyers frenzy. But we love our house and have no plans to sell. I am out of pocket $600 for this debacle. I have emailed our "broker" at Citimortgage several times but he is not responding. He was happy to call me and tell me that if we coughed up $13,000 in fees we could still get a re-fi. This was supposed to be a slam dunk re-fi - excellent jobs, salary and fico.