I'm really sorry to read about your situation. Your frustration is palpable. I have to agree with you that it's a lot of audacity to take taxpayer money to bail out the banks, and to not bail out the homeowners in these tough economic times. I sincerely hope that something is done to remedy that situation for all of the scores of homeowners who are in the same situation. 
It sounds like you're 'upside down' in your current mortgage, which is the real reason why you can't get refinanced. Unfortunately, I'm thinking that's going to be a problem for some time to come. BUT, have you tried (and forgive me if you have) talking to your current lender to get them to lower and/or fix the interest rate at a more affordable rate. With talk of the government 'forcing' lenders to go to the table with homeowners, a lot of lenders are starting to do so, to whatever degree, before Uncle Sam intervenes on their behalf. Even if you've got a "No" in recent months, now might be a good time to give it a go again.
At any rate, good luck. I hope this turns around for you, and sooner rather than later.
@Anonymous wrote:I made the mistake of thinking that maybe someday a person like me may actually benefit from this mythical financial "rescue" so I tried taking a look at refinancing my home. I pay my bills, every month, on time but my interest rate is high and I wanted to try to get it down.
Every lender basically laughs at me and is acting as though the $700 billion is theirs and they aren't giving it to anyone! Then they tell me that all my 'factors' are good but my property value has dropped so low that even if they wanted to help me I would have to bring "a lot of money to the table" in order to reginance. What a joke!!
The they send me this form teling me that they are rejecting me because my property isn't worth it and additionally they include credit scores/info that is saying I have "problems". I have been hearing that my credit balances are too high vs. available credit so I'm trying to work on that but then they are also saying that I have delinquent accounts!? There shouldn't be!! I paid for and pulled my report a couple of months ago and the only delinquent account was one payment to a jewelry store almost 3 years ago................now I'm in a position where I have to pay even more money to get all these reports/scores.............they don;t list the reason for the denial based on credit so I can't get the report that way......what a scam! Anyone have any ideas, about either the credit reporst or this financial rescue scam?
David
