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
Meet the kids dressed as Oscars red carpet stars By now, you've seen the red carpet looks from the 2015 Oscars. But you haven't seen 5 year-olds dressed up like A-listers at the awards, until now. Photographer Tricia Messeroux and designer Andrea Pitter recreated the pint-sized looks in just 36 hours. More
Flying economy doesn't have to be miserable For those willing to shell out just a little extra, several à la carte services offer experiences usually reserved for First Class passengers. More
Consumer Reports' Top Picks - American cars are back The magazine's favorite cars include three American models for the first time in years, thanks to a big boost from Tesla. More

Special Offer