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.

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
Top luxurious hotel suites for business travelers For many people, you can't put a price on comfort. More
Million-dollar startups: These firms scored big sales their first year Their first year in business, these companies generated $1 million in sales. More
The 10 best states for retirees It might be worth moving to a new place to find your dream retirement home. Check out these 10 states. More

Special Offer