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Conseco - High Interest Rates

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Jon of Sacramento (7/9/03):
My partner and I refinanced our home mortgage two years ago with Conseco Finance. Because of my partner's "fair" credit rating (and possibly his race) our interest rate is over 11%. There is also a 5-year prepayment penalty that affects our looking elsewhere for a lower rate. We were told at the time of the signing, by the Conseco agent, that if our payments were made on time and a couple of his credit cards were paid off and closed, Conseco would refinance the loan at a better interest rate and there would be no pre-payment penalty. Now they are telling us that they are not doing any new financing because of the purchase of GreenTree. Do we have any recourse for removing the pre-pay penalty since they are now not able to refinance within the company?

Unless that promise is in writing, there may be no easy solution.

Charles of Rochester WA (7/2/03):
Interest rate is too high. They are charging us 11.99% in interest on a 30-year loan when the normal rate now is 5.9%. I know I probably won't get a clear reply but I thought I'd try. We are trying to refinance. I have to work 7 days a week to keep up with property taxes and Conseco's horrible payment.

Charles is trapped in a bad deal and it may be hard to get out of it. First, there are very few companies willing to finance mobile homes. Second, a 30-year loan is inappropriate for a mobile home, which doesn't normally retain any value beyond 10 years or so.

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