Ken Goldman has owned his Jersey City, N.J. home for almost 11 years, never missing or even being late with a payment -- despite being hit with some pretty tough economic times.
Goldman, who once earned six-figures as a brand consultant for American Express, was laid off in December 2008. He couldn't find work for almost two years so he created his own job -- a partnership in a brand consulting business, supplemented by contract work for financial service companies. But to do so, he had to take a sizable pay cut. His earnings now are about $45,000 a year.
Through it all, however, Goldman has kept his credit intact. His recent credit score is in the high 700s. And his home, he said, is worth $500,000 more than he paid for it.
Yet, Goldman's reduction in salary has made it difficult to afford the monthly payments on his home. He wants to refinance -- a move he estimates would save him $300 a month -- but his lender denied the request.
"I refinanced twice with them already and it was very easy. They didn't even want documentation," he said. Now, though, the lenders request every piece of financial information imaginable.
Goldman has also looked into several government-sponsored options, but was refused because his mortgage is not owned by Fannie Mae or Freddie Mac and because he has money in the bank -- more than three months worth of payments in savings.
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