<p>So our house is underwater if you consider both loans on it, but would they “see” the 2nd loan (through a different bank) as it was a 2nd loan to bring our down payment up to 90% (so not a home equity loan where we went out and bought a bunch of stuff or put in a pool or anything). Long story, but due to safety and health issues, we for the first time, did not have money for a 20% deposit in crazy California. </p>