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Wilshire Credit Corp / Bogus fees!

1 United States Review updated:

We have been charged a bpo fee, which is a brokers opinion fee, that was $100. We were not informed of this charge it was added to our sept 2007 payment without notice. After three disturbing phone calls to wilshire, nothing resolved. Furthermore, they requested copy of paid property taxes. We have faxed this to them five different times. Then we were told we used the wrong fax number to their company. This has been going on for six months. Listen to this people!!! On their letter head of the letter requesting tax payment, is the wrong fax number. This is how they added the bpo fee. Maybe they intend to foreclose on our home? Remember people, our payments are not behind, and all taxes and insurance has been paid in full.

Avoid this company people!

Pe
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Comments

  • Th
      17th of Sep, 2007
    0 Votes

    They also billed me a fee of $100.00 this year without any prior notice. I am a 1st time home buyer and once I get 1 years of established payment history with them I plan to refinance. They could have at least mailed a letter prior to invoicing my next statement.

  • Rh
      19th of Sep, 2007
    0 Votes

    Refinance; get the hell away from their strong arm tactics to foreclose your homes. I lost 20,000 getting way from them, but I still have my home.
    Wilshire wrongfully reported my loan balances to the credit burro
    Wilshire forced flood insurance in an area that is not considered a flood zone, but does border a flood zone.
    I faxed them proof several times that I my local insurance company was providing me with flood insurance and I was still being billed by Wilshire, in the state of Washington it is illegal to charge a home owner twice for hazard insurance, but yet is was done. I refused to pay and my credit score paid. They started reported I owed more then I barrowed and started reported late payments because I was not paying that part of the monthly bill. PEOPLE CHECK YOUR CREDIT SCORES AND SEE IF YOU ARE BEING SCAMMED. I had an interest only ARM loan so it looked like I owed more then I barrowed. If I would have waited the 2 years, to avoid prepayment penalty points, to refinance my credit score would have been so low I would not have been able to get out from under their clutches and for sure would have lost my home to them.
    Wilshire primary role is Collections Agency, they bought high risk loans just so they could use unethical tactics to help along the foreclosure process so that they could profit.
    On my secondary loan, I was paying into equity but my credit report was showing I owed more then I barrowed, how is that when I was paying around $100 on the principle?
    On my 2 loans when I did refinance there was an additional $7,000 worth of charges that were never explained, but if I would have contested it I would have blown my window to refinance out of their ###.
    Once I refinanced out from under them my credit score went from 550 to 720. Hmmm. At the time I started the refinance process I was at 630 and falling. So if I would have contested the payoff balances I would have lost the opportunity to get out from under their questionable tactics.
    I did post comments on http://asktony.tonynovak.com
    And there was supposed to be a class action law suit forming, but the site is down and I have not heard a word on any legal action against Wilshire and there should be!

    Rhett Attwood

  • Al
      25th of Sep, 2007
    0 Votes

    Indeed, Wilshire Credit is the worst mortgage servicing company today. They are not a lender. They are merely a mortgage servicer. The company is owned by Merrill Lynch and I am not sure if Merrill Lynch's executives or, better yet the company's shareholders, know that Wilshire's attitude and uncooperative approach is costing Merrill Lynch millions of dollars. I have a client who is going to lose her home to foreclosure because Wilshire credit would not accept $375,000 short payoff request on a loan amount of $380,000. Based on the current market conditions, Merrill Lynch will be lucky to recoup $350,000 if they foreclose on the property, not to mention the costs they are going to incur to proceed with a foreclosure action. I wonder if Merrill Lynch's executives and shareholders are aware that Wilshire Credit is ran by bunch of ignorant people.

    It’s not their money. So, they could care less.

    Merrill Lynch’s executives and shareholders ought to look into the practices of Wilshire Credit and save millions of dollars of shareholder money.

  • Jo
      28th of Nov, 2007
    0 Votes

    Wilshire credit raised my mortgage payment illegally at a time when I was already having financial hardship. Next they refused to give me a chance to work things out. Then they made an offer and when I accepted the deal they put the mortgage in foreclose procedures. Next, I found a buyer and yet they foreclosed after being notified I had a buyer. They have stalled the sale for months now trying to get me to loose the buyer and set a date for a public sale inspite of the fact I have a buyer. The mortgage was 87,000 and they are charging me 102,000 to close.I said ok lets do it. No answer.day after day it gets closer to the sale date of December 18, right before Chiristmas and my lawyer doesn't get a closing date. My buyer and his attorney are getting impatient.

  • Ca
      7th of Dec, 2007
    0 Votes

    THEY ARE RIP OFF. THEY PROMISED ME THAT THEY WOULD REMOVE ALL THE BAD CREDIT FROM MY REPORTS IN 45 DAYS, THEY DID NOTHING BUT TAKE $2000.00 FROM ME AND MY HUSBAND AT THE TIME THAT WE COULD HAVE USED THE MONEY TO DO SOME HOME IMPROVEMENT. THEY SHOULD BURN IN ****, FOR WHAT THEY PUT US THROUGH NOW WE HAVE TO GO TO ANOTHER COMPANY AND ARE AFRAID THAT THEY WILL RIP US OFF, I WANT TO GO AFTER THEM FOR TRIPLE WHAT WE PAID THEM. AND THAT THEY ARE OUT OF BUSINESS FOREVER. GET RID OF THEM, I WANT TRIPLE PAYBACK NOW!!!

  • Gr
      8th of Dec, 2007
    0 Votes

    Wilshire received my mortgage agreement after being sold from Novastar. I've already gone through one foreclosure settlement and they now have put me in there again, despite the fact that this has been settled. It was settled at least over the phone and with payments that I've sent. However, for over two months I've been chasing them to get me paperwork that this deal has been settled and that my mortgage is no longer in foreclosure. I'm contacting my lawyer on Monday to see if we can get them back as well as contact Merill Lynch to see if we can get this resolved. Wish us luck.

  • Al
      18th of Dec, 2007
    0 Votes

    First I believe someone misinformed you of the definition of a bpo. A BPO is not a brokers option fee. It is the acronym for Broker Price Option, which is an estimate of probable selling price of a residential property based on selling prices of comparable properties in the area better known as a drive-by inspection, often used by a mortgage servicing company as an alternative to a full property appraisal when a loan is placed in default or loan terms are modified. I can see no reason this fee should be added if there is no foreclosure process in place. I would call them and ask to speak to the foreclosure department. You may ask the customer service agent to look in their comments on your account and see if there is any dialog about the bpo You may want to ask for someone in the structured loans department to ask if there was a loan modification.. You should also request a copy of your history statement. This will show all transactions on your account. As for the request for the tax information, I am to assume that you do not have an escrow account with them. Usually if the customer request not to have an escrow account they are responsible for showing proof of insurance and tax payments to the servicing company (if you look at your original note you will see this dialog. When you signed your note you agreed to these terms.) This is so if they are audited, they can show that the investment is covered. I have seen servicing company’s loose faxes from customers even though the customer did send the fax to the right fax number. In this case I would call customer service and ask to speak to the person in the tax department that is responsible for your state. Get this persons name and number if you can. When you talk to them ask if their department have a dedicated fax number and fax your information to that number and ask if they would call or email you a conformation that they received the fax. The company as a whole may not be that great, but gaining an ally in the company can be an asset to you.

    Hope this helps.

    Al.

  • Bo
      5th of Feb, 2008
    0 Votes

    This place is a giant rip-off. Anyone interested in being a plaintiff in a class action?

  • Md
      10th of Feb, 2008
    0 Votes

    Wilshire Credit Corporation is a predatory lender and I have complained to the CA State Attorney about them on several matters involving extra charges that have no basis.

    Our mortgage has increased over 1200 a month and we have contacted WCC about helping us. Their continued response is they need more financial information. I don't know what more I can give them. My thought is they want us to fall into foreclosure.

    There 800 phone numbers are useless. When you call them you wait over 20 minutes to get a Rep. Then the Rep cannot help you and turns you over to another Rep who can't help. This tactic has been very successful. Borrowers, stay away form WCC you will regret dealing with them. They are as bad as ASC, HomeEq and some others.

  • Eb
      16th of Feb, 2008
    0 Votes

    I purchased a condo in Long Beach, CA in August '06. My original lender sold the loan to Wilshire Credit. As many stories go I was told my Wilshire that my best option was to sell the property, doing a "short sale" agreement with them. I found buyers submitted the offers and was sent a letter stating that they would review the offers and make a decision within 60 days of the notice. I was foreclosed on 30 days later. I wrote a letter to the Department of Corporations here in California complaining about what Wilshire Credit did. The department of Corporations contacted Wilshire and then Wilshire contacted me. They have reversed the foreclosure and are agreeing to the short sale as they said they were going to do from the beginning.
    My story isn't the norm, but it could be. Don't give up, even when they tell you there isn't anything they can do, talk to someone else. Keep complaining, keep calling, keep talking. If enough people do it, someone will listen. I am a great example.

  • Al
      23rd of Feb, 2008
    0 Votes

    I have the same problem with them in Oregon, they are messing with my life!

  • Ka
      27th of Feb, 2008
    0 Votes

    wow i see that im not the only one in this horrible situation, wilshire credit corp are a bunch of jerks!I have owned my home for 4 yrs they rasied my mortgage from 2,800 a month to 4,000!We had to go thru bankrupcy they never showed up to court but are still trying to foreclose on me, we call them everyday and get the run around, i dont know what to do these people should be shot!

  • Am
      2nd of Mar, 2008
    0 Votes

    I have trying to lower my interest with them and nothing has happend. Their custome service is real bad. What can we do on the legal side?

  • Sa
      3rd of Mar, 2008
    0 Votes

    My husband and i have been sending in letters to complain how Wilshire has been treating US so upfrofessional and giving us fees on top of fees and they are always sending us a default letter or a foreclose letter. We are first time home owner and Wilshire is a debt collector, thet are in the business of selling homes. They are not a mortgage company. We had water damgage in our home and the homer owner insurance company send us a check and they said we will keep half and when you make the repairs , we will release the rest after we send some one out to see if the repairs have been made. How can we order carpet with out the money. Now are our in our home with two handicap children on concret floors and Wilshire has our carpet and flooring money. THis company has to be reported. Please someone find a Lawyer to fight for our rights WILSHIRE FROM TAKING OUR DREAM. WE WORK HARD TO KEEP OUR HOME. WILSHIRE IS A LOAN SHARK. PLEASE WE NEED A CLASS ACTION SUIT FILED. THEY DON'T CARE ABOUT HOME OWNERS.

  • Br
      3rd of Mar, 2008
    0 Votes

    They have been very helpfull to me. They lowered my interest and my monthy payments to help me with my problems. They have helped me keep my house. Kudos to them.

  • Be
      13th of Mar, 2008
    0 Votes

    We need a class action lawsuit, it is the only way they will be stopped. Does anyone know of a suit already filed?

  • Je
      4th of Apr, 2008
    0 Votes

    I lost my home yesterday. I have been trying to work with Wilshire as soon as I fell behind. They were not willing to help me out and I had no idea that my house was going on the auction block until someone from wilshire called me the night before. I had someone willing to do a short sale but Wilshire said no. I tried to stop the auction but they wouldn't work with me either. I thought this was just me having these issues. I guess not.

  • De
      8th of Apr, 2008
    0 Votes

    Wilshire is a servicer - not a mortgage holder. They legally CANNOT foreclose on your property unless they have the ORIGINAL MORTGAGE NOTE AND ASSIGNMENT from the original mortgage holder. There is NO legal precedent for one corporation to sue anyone on behalf of another corporation. Check the internet - google Ohio Judge Foreclosures. This is happening in the court rooms in Flordia and Nevada also. Judges aren't going to be settling for the "Lost Note" routine either. So if you are in foreclosure, get an attorney and download everything you find on Google. These judges are setting a "new" precedent and it helps the homeowner. In most cases, subprime mortgages (notes) are owned by a variety of investors - not just one and even the servicer CANT figure out who owns the property. Hope this helps.

    I've been trying a loan mod with Wilshire since 12/27/07 and can't reach ANYBODY and the only time I get a phone call is when they are looking for a payment!

  • Je
      14th of Apr, 2008
    0 Votes

    My condo unit was hit for the two hurricanes in florida 3 and 2 years ago. I sent letters to WCC several times and they did not help me. I received a foreclosure note and on dec 13-2007 they will sell the property. They did not presented the proofs that the courthouse ask them.
    on april 08 they vacate the procedure and in this moments I do not know what is my situation. The mortgage is for 90.000 and the value of the condo today is about 25, 000 . I do not know what to do. Somebody can help me?
    Thanks

  • Cr
      15th of Apr, 2008
    0 Votes

    I purchased my first home in August of 2006 and about a month later my loan was bought by Wilshire. I have had numerous problems with them, the same as everyone on here. Right now my problem is that they are charging me 627.68 in escrow. I do not have an escrow account with them. They started this in Jan. before my taxes were even due. My taxes are only 3, 084.51. The total amount at 627.68 a month is 7, 532.16 a year. My house payment is 988.00 so adding the 627.68 is quite a lot for me to handle. Because of this I have gotten behind and they are now sending me foreclosure letters. I do not know exactly how escrow works. Can someone tell me what my legal rights are?

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