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Wilshire Credit / Misleading promises

1 United States Review updated:
Contact information:

Absolutely pissed, lied to many times, mislead many times, frustrated and so burned out trying to work something out with this debt service owned by Merrill Lynch-

Wilshire Credit Corporation based in Beaverton, Oregon made several promises (verbally- they do not fax anything) to work out a short sale with us. The underwriter keeps promising that he can get approval for the short sale amount but never did give our agent or myself a written approval. Time is running out because of the foreclosure sale date. It seems they are doing this on purpose so they can auction the property at a higher price- which in reality, the REO people will negotiate for a much lower price, eventually. They prefer the houses to be vacant than have someone live there and try to make payments. Now, our buyers are going away because of frustration waiting- They just want to foreclose on the house and put people out in the streets. I think that everyone who work there does not have what it takes to be human- they are the kind of people who enjoy making other lives even more difficult- the more miserable they make others, the better- Thanks to Merrill Lynch company who owns Wilshire Credit Corporation. Their investors are so greedy that they would rather see their investments vacant and not selling. These investors think that they can take with them all their possessions when they die- I don't think they are smart enough to know that- because if they are, they would be considerate of others. Maybe for awhile now, their souls have already been burning in ***. Can you imagine the thousands of families they put out in the streets? Anyone who wants to join me in a class action lawsuit, please email to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it for now, I will go by the name of Frustrated Consumer- Any attorney interested? By the way, my message to Merrill Lynch, All the employees at Wilshire Credit Corporation either 1) don't know what they are doing 2) Just plain and simple rude who does not bother to resolve a problem but just transfers you to a voice mail, or 3) Stupid and LAZY.I can't believe you are paying a salary to stupid and Lazy employees- I would think twice before investing my money with Merrill Lynch. Thank you for listening.

Va
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Comments

  • Va
      17th of Apr, 2008
    0 Votes
    Wilshire Credit - Beware of them
    wilshire credit
    United States
    www.wcc.ml.com

    Wilshire raised our mortgage to a horribly high interest rate. We couldn't make payments and Wilshire asked us to file for forbearance. We did this and were told that our new interest rate would lower our payments. After almost 6 months and repeated phone calls to them all they would say is they are still working on it. Then I received a notice of intent to foreclosure this past Friday. It seems as if Wilshire did nothing on our loan except make us play out the waiting game long enough for their satisfaction to take our home in foreclosure. Now the loan officer who was working on our papers informed me that we now have a 9% (from the original 14-18%) interest rate but we have to catch up on all our back payments. They are smart aleck, rude and have a no-care attitude and no compassion

    They now say we have to make up the payments from 6 months ago that was with the 14-15% interest rate and our home is now in foreclosure. Why it took them 6 months to do nothing is beyond me. All they could say is "How much money do you have?" They lied, lied, lied on this and on a mortgage insurance issue of which they have also bled us dry!! We now owe more than the original mortgage was to start with. DO NOT DO BUSINESS WITH THIS COMPANY - THEY ARE RIP-OFF ARTISTS!! THEY WILL CON YOU INTO THINKING THEY ARE HELPING YOU WHEN THEY ARE NOT!!! Aside from this why is a credit and collection agency doing handling home mortgages?

    By the way we have lived in our home for over 20 years and my husband has been working at the same job for the past 35+ years.

  • Va
      24th of Apr, 2008
    0 Votes
    Wilshire Credit - They are scamming me and milking every penny from me
    Wilshire Credit
    United States
    www.wcc.ml.com

    Wilshire has stalled me for 3 plus years say they working out a forbearance I send them 15 times all financial records only to have account shoved under the carpet yet they charge me fees they can't even explain then they tell me after 2 years of forced place insurance that I pay 150 per month to them that I never had the insurance they have me on brink of chapter 7, promises of forbearance lower payments frozen interest and 3 years later still nothing charging me for fees i.e. .. Inspections that they never do, even though I pay on time for 2 plus years any suggestions, perplexed to the max.

  • Pa
      30th of Aug, 2008
    0 Votes
    Wilshire Credit - Foresclosure
    Wilshire Credit
    108 Barkley Ct.
    Russell, Ky
    United States
    Phone: 606-836-4746

    My father-in-law financed his home with Country Wide in 2005. The mortgage then was sold to Wilshsire Credit Corp. This is when the problems began. Unfortunately, my father-in-law passed away; therefore, my husband and I preceeded to pay the mortgage until the estate could be settled. When asked Wilshire if we could please change the payment date from the first of the month until the middle of the month. They told us they would work on it. They did not. As a result, we were getting late charges. We have tried to work with these people but all in vain. They are rude, arrogant, and uncooperative. Now, they said the house is going to foresclosure. The have an answer for everything. They will not allow you to speak to the same person saying that that person does not have an extension. They also informed us that we had over a $700 credit, but they couldn't put on the account instsead it was "attached" to the loan. Once we paid over $1500, but because we did not designate that it was for two payments, they took the liberty to count it as one payment. These people are ruthless and deserve to be exposed for their antics. I plan to go to my Attorney General in my state with all the complaints that I have gathered. A Class Action suit needs to be initiated against these unfair business practices. Speak up America. It's time to bring down these mortgage companies who are being protected and bailed out by the government.

  • Oh
      1st of Sep, 2008
    0 Votes

    Preceeded to pay the mortgage?? maybe you need to PROCEED to pay your mortgage on time and you wouln't have this problem

  • Sk
      6th of Oct, 2008
    0 Votes

    Your complaint is very legitimate. When you think Wilshire has done just about every "ugly" thing they can do to you they come up with another. These people are incapable of servicing mortgage loans. They blatantly lie, and constantly add illegitimate charges. I have no idea of how they are still in business. However, the now "defunct" Bear Stearns and Merrill Lynch employees are working there. That's leaves one with a warm feeling in knowing that the two companies went belly-up and now are working at Wilshire. As sorry as I am to say, things will not get better for you at Wilshire. The have racked up so many RESPA violations that lawsuits should have closed them down long ago. Many, many other people are having the same problems with them. These people are complete ###s and should never be put in a employment capacity of where they are knowing of all your personal information of which can be sold to another credit and collection agency. They treat you as if you are the one who is doing wrong. They constantly add that stupid (and RESPA violation) insurance onto your mortgage when you already have insurance and you are the one who has to constantly prove that you are insured.

    What they do is plain and simple harrassment to the homeowner and if anyone would bother to check I have kept everything they have sent me and every phone call I have made to them and I have enough alone to bring them down. All I can say is for you not to give up and be sure to validate and record every conversation you have with them. You will need that for proof because these people will come tunbling down one of these days and they deserve everything they get.

    Do not let them win. Hang in there and continue to fight!!

    Also the little obnoxious comments as above mine are from Wilshire current employees who seem to like reading about complaints against them and they cannot keep their mouths shut. Just goes to show what smart alecks and ###s you are dealing with!!

    SKJ

  • Ha
      2nd of Feb, 2009
    0 Votes

    well we are having the same problem our rate went up to 9% and we try to remodify our loan so far they said they will give us 6mos make sure we pay on time then we will have 3 yrs then they will decide on our rate. It seems this had been a repeated action on their part reading your comment. What did you do about it? Their offer is 7.5% with all fees and interest that wasn't paid while remodifying our loan and charging us for foreclosure fees where we sent our request of remodification even before foreclosure.
    Then the representative came back to us that we going to start foreclosure again because we didn't accept their offer so other charges for foreclosure procedure. We were not late payment until our loan fluctuated were we used our resources and cannot bleed anymore on their interest rate and overcharging escrow. The house we owe now is 100, 000 worth less that we owe. So I don't know what we are fighting for if they don't reset our rate and principal value of our house

  • Ha
      2nd of Feb, 2009
    0 Votes

    Beware of them
    Complaint Rating:
    Company information:
    wilshire credit
    United States
    www.wcc.ml.com

    Wilshire raised our mortgage to a horribly high interest rate. We couldn't make payments and Wilshire asked us to file for forbearance. We did this and were told that our new interest rate would lower our payments. After almost 6 months and repeated phone calls to them all they would say is they are still working on it. Then I received a notice of intent to foreclosure this past Friday. It seems as if Wilshire did nothing on our loan except make us play out the waiting game long enough for their satisfaction to take our home in foreclosure. Now the loan officer who was working on our papers informed me that we now have a 9% (from the original 14-18%) interest rate but we have to catch up on all our back payments. They are smart aleck, rude and have a no-care attitude and no compassion

    They now say we have to make up the payments from 6 months ago that was with the 14-15% interest rate and our home is now in foreclosure. Why it took them 6 months to do nothing is beyond me. All they could say is "How much money do you have?" They lied, lied, lied on this and on a mortgage insurance issue of which they have also bled us dry!! We now owe more than the original mortgage was to start with. DO NOT DO BUSINESS WITH THIS COMPANY - THEY ARE RIP-OFF ARTISTS!! THEY WILL CON YOU INTO THINKING THEY ARE HELPING YOU WHEN THEY ARE NOT!!! Aside from this why is a credit and collection agency doing handling home mortgages?

    By the way we have lived in our home for over 20 years and my husband has been working at the same job for the past 35+ years.
    Comments
    United States

    Wilshire Credit
    Posted: 2008-11-19 by Kelly [send email]




    Unauthorized billing
    Complaint Rating:
    Company information:
    Wilshire Credit
    United States
    wcc.ml.com

    Anyone who has a loan with these people need to be careful. When you read your signed contract you will see their additional verbiage which they think get them out of any additional legalities they will put your into. Wilshire is without a doubt the very worst mortgage servicer still in business. They will tell you one thing but a few weeks later will say they never said it. This has happened to us since 11/07. We have been continually lied to. They have violated RESPA and FDCPA, worked out a modification agreement with us and then changed what that agreement. Then raised our payment to up to over $675.00 up to over $1, 100 per month due to taxes which was an issue I brought up before the modification agreement was signed but was 'fluffed off'. Now we cannot afford a payment of over $1, 000 per month so we are now responsible for our own taxes which I was told could not be done before any agreement was signed. We were foreclosed on without any prior warning before the modification agreement was signed even when I continually called and was speaking with a person at Wilshire. We have continually had high risk insurance added onto our escrow even though we have insurance and each time I called Wilshire they told me to fax them proof of insurance and I am so tired of that. It happens almost every month. The burden of proof lay upon us, the homeowner to prove we had insurance of which we continually had. Willshire has intentionally created a negative on our principal and escrow. All this can go on and on. However, I do have proof since I keep all my paperwork I have proof to substantiate all my above allegations. Now all I hear from Wilshire is that they have investors who need their money. This is because Willshire's parent company was Merrill Lynch and the Merrill Lynch employees went to work at Wilshire to try to collect monies of homes for their investors. So the investors who are suing Merrill Lynch for losing their monies are now getting some of their monies back from us. US being the same people who got 'screwed' when the housing market when 'belly up'. Now our mortgage payment are going to investors who lost their monies and we are stuck with a home that if sold tomorrow would have to be sold for at least $25, 000 less than it is worth. So who has really lost in the housing crisis. Looks like us, the middle class homeowner. So to the Merrill Lynch, etc investors who are getting some of their monies back now you know where that money is coming from.

    This morning I received a call grom Wilshire. When trying to prove they were wrong they would not accept the reason of why nor would they admit they were wrong. They terminated the phone call. I am certain that due to my reporting them on [redacted] is why they will not deal with nor speak to me so now where do I go because they are wrong, Not Wilshire. So I will now have to proceed further on my own and file through state and federal channels since Wilshire has decided not to correspond with me.

    The last things I cannot say enough is that anyone who has a loan through Wilshire pull your papers back out, read them. Have your attorney look at them because Wilshire has protected themselves and not you. If you are thinking of taking out a loan with Wilshire BEWARE because these people are not competent to do mortgage loans and are completely incompetent to do modifications. Write down everything, date everything, including who you speak with and the time you have spoken with them. If you have filed a report with [redacted] be very cautious because Wilshire will read it and will hold you liable for reporting them.

    Wilshire, including Mr. Jay Memmott, needs to step up to the plate and admit to their wrongdoing and take their licks instead of expecting the homeowner to take it for and from them.

    Wilshire Credit are bad folks who are doing very bad things to some nice people. Be cautious and protect yourselves. Within the bext few weeks I will supply everyone reading this and who are affected by Wilshire with names and e-mail address of all federal agencies where Wilshire needs to be reported

  • Ha
      2nd of Feb, 2009
    0 Votes

    Please send us a note if you do class action lawsuit we are same homeowners like you in foreclosure because of overcharging our escrow fees and our rates went up sky high. We tried to remodify but it seems they are just beating us around the bush with paperworks. thank you for you email. It makes me feel better i will save all this because it helps me feel good loosing my house but not to loose my sanity over this shameful practice. This is like our war fighting in our own land but with the same people but greedy people like this mortgage company.

  • De
      8th of Apr, 2010
    0 Votes
    Wilshire Credit - Scammers
    Wilshire Credit
    United States

    Wilshire Credit Corp is not reachable at any of the published phone numbers, fax number and now I am going to try mail as a last resort. This is the most uncustomer friendly company I have ever worked with... with the exception - Bank of America. I am almost positive they are hiding something_s just like BofA. The season *** for comsumers and quite naturally businesses are suffering too. But for the people who lived up to the agreement, at least treat us with some love. I am so upset that I have to go to these lengths just to be heard. I am done with it all.

  • Da
      11th of Oct, 2010
    0 Votes
    Wilshire Credit - Bad service
    Wilshire Credit
    United States

    I had a mortgage with Wilshire and noticed that my auto payments from my bank had stopped. Called to find that they were going out of business. I got the run around and they would give me no information about the mortgage because it was still under my ex-husbands name. Had to get the Ex-husband involved to try and resolve this situation to no avail. I had no phone number to call. I had no idea who now held the mortgage on my home and no address. I am not good with computers so this required help. I had no previous knowledge that my mortgage was even being "given" to another company! Now there has been no contact with the new company by phone or by mail!! This is a huge problem as it hurts my credit not to mention that the mortgage payments have not been made.! No one seems to want to help and the new company apparently lacks in any kind of moral compass as did Wilshire. So how is it that it is okay for these companies to do this and nothing gets done about it until we the consumer, the ones who live in these homes get notice of fore closer? The minute that we send a late payment or no payment the companies are calling non-stop. I want something done about this and I think that any payments that have been affected due to these companies lack of communication should be void.We the consumer makes the effort to pay the bills and get kicked in the face for our trouble. I am a single mother with two small children and a on permanent disability so the budget is tight but I want to pay my mortgage...I need to pay it for my children. This constant stress is no good for anyone. Please lets get this problem solved!

  • De
      23rd of Jul, 2015
    0 Votes

    I would like to be in the class action lawsuit also. please contact me.

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