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
9 reasons to be hopeful about women in tech These startups are working to leverage technology to level the playing field for minorities and women in tech. More
10 best states to retire in Forget Florida. Residents of these states are happy, safe, and have good health care -- all for the right price. More
5 celebrity-backed startups Jared Leto, Patrick Dempsey, Nas and Will.i.am have at least one thing in common. They're all startup investors. More

Special Offer