Conseco - High Interest Rates

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.

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.