American Dream became a 'nightmare'
American Dream became a 'nightmare'
Names: Norman and Jennifer Vossschulte
Hometown: Orlando, Fla.

For Norman and Jennifer Vossschulte, the $26 billion foreclosure abuse settlement is a major disappointment.

The couple took out their mortgage in 2006 with Citibank, one of the five major mortgage lenders participating in the deal. But then Citi sold the loan, so the Vossschultes aren't eligible for a principal reduction or a refinancing.

"To hear about the principal reduction program and for us to not qualify for it, is heartbreaking," said Norman.

The couple owe $400,000 and their home is worth only about $220,000.

Even if Citi still held the couple's mortgage, they wouldn't have qualified anyway. The banks are only reducing the balance on loans where borrowers fell behind on payments, which the couple has never done, not even after Norman lost his job a few years ago.

To keep up with their house payments, the couple took out the line of credit and Norman took an hourly job that paid about $200 a week -- a significant pay cut from his previous salary of $75,000 a year.

"To say we're out of air to breathe and are very tired is the tip of the iceberg," he said. "The American Dream they say... It's more like an American nightmare for us!"

By Les Christie @CNNMoney - Last updated March 28 2012: 10:04 AM ET
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Rage grows over foreclosure deal

A growing number of borrowers are realizing that the $26 billion foreclosure settlement will do little to help them out.

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