Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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
The best gadgets for your next business trip Hotels often lack the resources business travelers need to work efficiently. But fear not: These six gadgets will turn any hotel room into a temporary office. More
Must-have gadgets for business travelers For many business travelers, commuting through airports and enduring flights is the worst part of any trip. Thankfully, these seven gadgets help make life on the road -- and in the air -- much easier. More
Best cities for first-time homebuyers A recent Zillow analysis on the best markets for first-time homebuyers finds that the best deals are in the Southeast and the Midwest. More

Special Offer