Shiro
Lawton,#2UPDATE EX-employee responds
Mon, November 24, 2008
You are not alone with this issue and, unfortunately, its not an issue isolated to Arbor Mortgage. At the time you acquired your ARM loan, Arbor Mortgage dealt primarily in sub-prime lending. They had no reason to believe that sub-prime lending would not be available when it came time to refinance the home. However, on August 10th of 2007, sub-prime lending essentially shut down. Arbor Mortgage realigned itself to work through primarily FHA and conventional lending channels. While this allowed the company to survive as many sub-prime lenders shut their doors, it placed a greater number of restrictions on who they could lend money to. While unfortunate, this is not Arbor Mortgage lying to you. They fully expected sub prime lending to continue which would have allowed you to refinance easily. However, the entire industry came to a halt which was well out of their control.