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Wilshire Credit / Makes u want to scream

1 United States Review updated:
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We have been paying on time for 3 years & because of my job (commission sales) & the housing crisis in California, we need to modify our loan. Wilshire actually said that they would rather wait for 90 days of receiving no payments before starting the process in working something out & they even went as far as suggesting foreclosure as an option or selling the house on my own! Sell in this economy!!! are you freaking kidding me!!!

I would rather foreclose than allow them the satisfaction of a short-sell.

So let me see if I get this straight, this over 700 billion bailout wasn't intended for average Joe Citizen who needs a modification, rather it is intended for lenders who set this all up. I'm so pissed I want to scream!!!

Va
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Sk
  21st of Oct, 2008
Agree Disagree 0 Votes

You are right. This did not help the average citizen but did give the mortgage and banking industry another "Go Ahead and Keep on Doing What You Are Doing." I am also furious over this. My husband and I have been dealing with Wilshire Credit for the last year with one bad experience after another and go through the same thing time after time after time. We have had erroneous charges, trumped up charges, appraisal charges, and on and on. What Wilshire is doing is creating a negative amortization on your account. You keep paying your mortgage but the principal keeps going up. This is Wilshire's/Merrill Lynch way of giving a return back to their stockholders who lost so much. Taking from us who have nothing to give to those who made bad investments so they can say that a return of something is better than nothing. Sort of a reverse Robin Hood effect. Wilshire has RESPA violations of plenty and FDCPA violations of plenty but so far no one does one thing to them. They are blessed by HUD and others as mortgage lenders. Even though they have been caught in violation after violation they will, of course, admit to any wrongdoing. These guys are just plain horrible people (let's not forget liars) to deal with. Whomever has a loan there will get "screwed". I can promise that. Anyone who does have a loan with these people need to PLEASE READ YOUR STATEMENTS EVERY MONTH because you will see erroneous charges that you are not responsible for and your principal will never go down. Been there and am still going through one mess after another with them. Wilshire will keep on until they completely wear you down and it takes a strong person to keep dealing with them. They have whistleblowers who are still working there but are being watched very closely now. They have all kinds of lawsuits against them for non-payment of overtime, sex-discrimination, etc., but are still there.

One of these days it will all fall down and that will be the day I have waited for. It's just so very sad that so many peoples lives were and continue to be destroyed before the process of Wilshire's falling down came about. These guys are just plain crooks and that is what brought the financial market down in the first place. All the Senate did was help out their buddies. They did want to bite the hand that fed them. Of course, we are just the little people who voted to put them in that job in the first place. I am thoroughly disgusted with our senatorial and congressional constituents. The day that bailout was signed was one of the saddest days in history. If they had left things alone the economy would have worked out in time. All they did by signing the bailout was give the lenders and banks and OK to keep on doing what they are already doing to people like you and me. Pretty sick as far as I am concerned!!

Hang in there and God Bless!!

sj

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