7 of 8
BACKNEXT
Andrew Heidingsfelder, Pa. - Denied
As soon as he heard he could refinance to a lower rate through the Obama foreclosure prevention plan, Heidingsfelder called Wells Fargo to apply. The computer programmer has a $260,000 primary mortgage and $90,000 in second mortgages on the home that he shares with his wife and two children. He was hoping to lower his 6% mortgage to the 4%-range

After confirming a month ago that he had a Freddie Mac loan, he applied over the phone with a Wells Fargo agent. The New Cumberland resident was told he'd receive a follow-up letter requesting his expenses and tax returns. He never got a letter.

A month later, he learned he was turned down. An agent told him to apply for Wells Fargo's refinancing plan, but Heidingsfelder was denied again because he didn't have enough equity in his home. The representative suggested he look into the Obama refinancing program. So he left a message for the agent who originally turned him down. Wells Fargo declined to comment, but said it is continuning to discuss options with the borrower.

"If I don't qualify for the Obama plan, no one will," said Heidingsfelder, 48. "It seems really hard to find where you fit in. It doesn't seem to me that there's really a plan there."

NEXT: Jeffrey Huegel, Auburndale, Fla. - Runaround

Last updated July 06 2009: 3:05 PM 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
15 top executives with $1 salaries Some CEOs and founders agree to salaries of just $1 a year. But once goodies like bonuses and stock options are added in, some of those executives end up taking home many millions of dollars a year. More
Mercedes SL65 AMG: 621 horses of topless power Turn heads as you blow by traffic in this roadster convertible from Mercedes. More
Where the middle class is most unequal CNNMoney looks at the five states with the biggest differences in middle class incomes. 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 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.