We refinanced our manufactured home/acreage in 2 with Argent Mortgage and the agent told us we were getting a 2/28 A.R.M. And to call him in 1 1/2 years and keep our payments current and they would refinance us with a fixed rate mortgage and a lower interest rate with cash out. Well we took him at his word and when we called in 1 1/2 years they informed us that the broker business was out of business and that Argent had decided 6 months prior that they will not refinance anymore manufactured homes in SOuthwest FLorida due to hurricanes. We also found out that our mortgage was not a 2/28 but a 3/27 that I guess was to our advantage as we began deligently seeking refinance in September with other lenders and when they looked at the current mortgage papers they were the ones that told us we had a 3/27 and would have to pay a prepay penalty of 6 months interest. I have not found anybody up to this point that will refinance as due to inquiries our credit fell from 640 to 485 due to inquiries, it is now back up to 589 medium. I do not feel we should have to pay any penalty as we are not the ones that dropped out Argent did. This is total FRAUD, PERIOD and somebody needs to put a stop to it.
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