18 of 65
BACKNEXT
David Murphy: Mortgage payment horror
David Murphy: Mortgage payment horror
David (left) with his partner, Sean
Toy designer, 42, Alhambra, Calif.

I got an adjustable-rate mortgage for a home I purchased when I moved to the Los Angeles area. I've been struggling to refinance since April of last year, before the rate adjusted, and the lenders have been nothing short of apathetic -- giving multiple reasons why I couldn't refinance.

I have a steady, good salary and my credit was very good. But excuses ranged from not good enough credit to too much debt. Then, the payments jumped up $1,000 in a month and everything headed south.

The loan officer I was working with got a refinance for my second mortgage with cash out for home equity so I would have enough to pay the mortgage while a late payment came off my credit history. This was back in October and I've still been struggling to get a lender.

It's now nearly a year later. The equity loan is nearly gone, eaten up by the ridiculously high mortgage, and lenders are STILL dragging their feet.

NEXT: Ruthnie Angrand: Debts piling up
Last updated November 15 2009: 6:21 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
50 years of the Ford Mustang Take a drive down memory lane with our favorite photos of the car through the years. More
Cool cars from the New York Auto Show These are some of the most interesting new models and concept vehicles from the Big Apple's car show. More
8 CEOs who took a pay cut in 2013 Median CEO pay inched up 9% in 2013 to $13.9 million. But not everyone got a bump last year. Here are eight CEOs who missed out. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.