Conseco
High interest prepayment penalty rip-off

Conseco refinanced our home that we only owed $118,000 for $154,000 with a higher interest rate than we had before with another lender. Conseco consolidated some of our bills but charged us over $6,000 in closing fees. The mortgage has a prepayment penalty of three years. Conseco told us that this was only temporary untill they refinance us in 6 months.

All we had to do is make our payments on time, which we did. Conseco pointed out that on our contract it stated that the chance of Censeco selling our mortgage was 0-5% but reassured us that Conseco never sells their mortgages. 5 months later we received a letter stating that our morgage was sold.

After doing some investigation, which I should have done before signing, I found that the company was in a lot of financial trouble and when we signed the morgage the threat of bankruptcy was whirling around the company. I feel that Conseco deceived us into such a high interest loan that they knew they would not be refinancing.

Company: Conseco
Country: USA
State: Florida
City: Winter Park
Address: 300 Primera Blvd, Winter Park, FL
Phone: 4078339070

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