6 of 6
BACKNEXT
Ken Mobley - Tampa Fla.
Ken Mobley - Tampa Fla.
The Mobleys
Many Americans have lost their jobs in recent months, while others have seen their incomes drop. Ken Mobley is one of those. He had some of his best earnings years ever in the mid-2000s, as an advertising sales representative for a media company. But with newspaper ad revenues in decline, he was "reorganized" by his company and now sells ads to mom-and-pop businesses.

"With all of these changes my commissions have fallen substantially," he said, "and for the past 18 months I've been supplementing my monthly shortfalls by withdrawing money from an IRA."

He called his lender last fall hoping for a hardship consideration and asking for a two-month postponement of his mortgage payments. He wanted to have them added to the end of his mortgage. Mobley says his credit rating was excellent, and he was merely trying to free up some cash for the holidays. The effort failed."I was told that until I was late, there was little they could do as I wasn't experiencing any obvious hardship from their perspective," he explains.

His Catch 22 is that, although he could foresee a big problem on the horizon, until the problem finally hits home, his requests to deal with it fell on deaf ears. A major factor is that Mobley bought the house 22 months ago, before Tampa prices started to drop precipitously. He has no equity so he can't refinance. Otherwise, he might be able to take advantage of low interest rates now to whittle his mortgage payment down to a more affordable level.

"Everywhere I turn, I seem to end up on a dead end street," he said. "Since I haven't been late on any payments, haven't defaulted on any loans and currently have managed to maintain an excellent credit rating, all attempts to change my situation have failed."

More galleries
Last updated May 20 2009: 11:55 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.