It's hard to believe they couldn't do better than 11%. .....even with bad credit!
It is high for current interest rates. But is deponds on what type of loan they took out at the time. I strongly have them contact other lenders. I can give your parents several to choose from for them to shop arround in the local area.
How much equity do they have in the property? What's their loan balance? How many years left? Maybe you can do the legwork for them and get them 3 quotes for a refi. This will save them a TON of money. Smart move.
Scott Miller, Realty Associates, Boca Raton, FL