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Wilshire Credit Corp / Loss Mitigation

1 Puyallup, WA, United States Review updated:
Contact information:

We sent in our paperwork for possible reworking of our loan to freeze our old interest rate that reset from 6.99% to 8.99% in April of this year. We sent our paperwork to Wilshire in Feb 08 well before our loan was to reset. We explained that we could continue to pay our loan on time with our current interest rate, but that the added 340.00 dollars per month at the reset rate was going to cause us great hardship. They confirmed receipt of all info they needed on March 13, 2008. It is now July 23, 2008 and we are still waiting for any response from Wilshire on this. Per Wilshire the process should have taken a few weeks to perhaps 6 weeks to complete. After repeated phones calls thru the most aggravating system I have ever used, they don't know why it's taking so long and have no explanation or information where the process currently is. I have sent many certified, delivery confirmation letters in regards to this as well as my phone calls with still no answer from Wilshire. We have been told that Wilshire has to respond in writing to us within 30 days of receipt of these letters, but are still waiting. Unbelievable! And there doesn't seem to be any resources to help us other than to attempt to hire an attorney that we frankly cannot afford. We are still struggling with making the higher payment, but these games that Wilshire plays with us are simply HORRID and should if not ARE illegal. Any help or info on this would be greatly appreciated. Any resource info would help us!

Sh
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Comments

  • Re
      23rd of Jul, 2008
    0 Votes

    I agree with everyone on this comment board and I am so sorry to hear about all the trouble that you are all having. This is the reason I started my company. I have helped several people that have mortgages with ASC, Countrywide, and other mortgage companies that don't seem to care if they harass people or suck them dry. The comments I have heard are along the lines of trying to get blood from a stone or turnip, or something like that.

    Contrary to what some people have said on here, I am not trying to be one of those people I mentioned above. My company is a nationwide company that provides services for people that are at the end of their rope. One of the helpful things that we provide is letting you know, before payment for service, if we can assist you and if we can not. If we can not, we tell you why not and what can be done to allow our company to assist you. Most companies won't do that, but we will also give you the reasons why exactly so that, if you should choose a different service, they will not be able to scam you. Now that's a way of saving money too.

    I have a service that actually will take you out of the loop of contact with ASC, or Countrywide or whomever you have servicing your loan. All you have to do is tell me how we can help you. By that I mean, tell us what you are looking for us to do for you and we will pursue the help that you want, no matter what. We have all aspects of the mortgage business covered from being a mortgage mediation company, a title company, a real estate company, all the way to having access to attorneys for litigation or help to avoid foreclosure. No aspect of help is turned away.

    Let me tell you, most of the customers that I deal with have told me about the fear and the frustration of working with mortgage companies that don't seem to care or give them the runaround. To be totally fair, mortgage companies have their ways of dealing with people. Some are good, some are horrible. But one thing all mortgage companies love is being vague. When they are vague, they don't have to give you information until you ASK for it. How does that help you? How can you try to save your home if you don't know how to ask the right questions?

    That’s another reason why I created this company. I take your number out of their "system". When they mail you something, it goes to me. I take the burden away from you so you can live your life without the phone calls and the letters. And the rudeness!!! Oh, man, if I told you some of the stories I have heard...let's just say, it’s not pretty.

    I know that some people are going to look at this comment and go, this guy is trying to drum up business. Well, you're right. But here's the kicker. I used to work in mortgage collections. I used to make the phone calls and send the letters. I used to work around the people that make your lives hell. And I kept asking myself, why? Why are these people not being told about the help that’s readily available? Why are these people not being helped to make payment arrangements that are realistic? Why does this company care more about the money than about customer service when that is supposed to be their primary objective?

    That's why I got out. I can not stand collections. Just because they are hiding behind a company name they think that they can say anything or act anyway they like with the customers, being friendly with one and the next 40-50 they can treat like crap. Where is the customer service?

    I take all that frustration away from you and create solutions that work. I know that it may be hard to swallow, but I do. I have done it for several people. And I can do it for you too. If you want more specifics or just want to talk to me, call my office at 888-453-1518 and check out the website, which is being updated with a few new options available. And this isn't just for people facing foreclosure, people that are current and want to pay off their home early, call me. I can and will help as many people as I am able to. What have you got to lose? Website address is http://www.onlybusiness.com/members/RealtyMediationService...and if not for you, best of luck. In all your endeavors.

  • Da
      23rd of Dec, 2008
    0 Votes
    Wilshire Credit Corp - don't owe it
    United States

    This is a loan that I do not owe on anymore. I have foreclosed on my home. The house was bought out by another bank. It still shows that I still own the house and that i'm late on payment. I would like for this to be updated or taken off my report. It shows that i owe that money so my debt to ratio is out ragous.

  • Al
      28th of May, 2009
    0 Votes

    I myself have a loan with this company and has not been successful in completing a difficult task with my mortage..please, someone report them to the better business bureau..along with a representation of a attorney...they are not responding to no one modfication loan workout problems..they are holding back federal monies that were allowed to help struggling homeowners stay in there homes...please...any on out there that can help us...GET THEM REPORTED...

  • Lo
      7th of Jan, 2010
    0 Votes

    Wilshire has done the same to me. The house was foreclosed on 2007 (numerous phones to Wilshire for help were useless) now Wilshire is reporting it as an unpaid collection of 11K. All correspondence to them goes unanswered, I have the certified receipts to prove they have received my letters! What can be done about these people??

    Louise M.

  • Sh
      18th of Feb, 2010
    0 Votes

    Wilshire is the worst mortgage company around. As a matter of fact I am planning to file a lawsuit against them. Their behavior is unethical and illegal. About 7 months ago I applied for a modification loan to reduce my monthly payments. I had to resubmit my forms 3 times because they claimed they did not receive it. Finally I spoke to someone who "found" the forms, reviewed them and said I was qualified. They sent documents that I needed to sign and return in a given amount of time if I agreed to the stipulations and the payments. Needless to say, the new payments they suggested were ridiculous; $342 more than I was paying before. I called them and decline the offer explaining why. They tried to convince me to take it but I refused. I have not received a mortgaged statement since September 2009. However, I continued to send my payments through my bank.
    In December I received a letter stating that they paid my taxes. Now, I have always paid my own taxes and they know this. In January 2010 I received another letter stating that they paid for insurance when I already have insurance. When I call Wilshire they claim that insurance and taxes are a part of the modification program. What program? I never returned the paper work. Each time I call I am forced to speak to one idiot after another and the supervisors are never available. I plan to take legal action.

  • Sc
      8th of Mar, 2010
    0 Votes

    I have been on a modification with Wilshire since October 2009 and have successfully made all payments on time. My loan was sold to BofA as of March 1, 2010. When I called my new servicer to pay my March payment they had no record of my loan and asked if they could check my credit to see if they could locate any loan history through Wilshire. I allowed them to do so, and to my surprise my credit history shows that I haven't made a payment in 6 months. Where did my money go? I called the "Home affordable" program I was alegedly on and this government agency had no record of me ever being on this plan. I called Wilshire and the phone is disconnected. I am assuming Wilshire has moved out of their offices in the middle of the night and left others like me in this horrible situation. The representative at Wilshire told me to send money orders during the modification trail period. That should have been my first clue something was terribly wrong. I'm devistated. My credit is ruined and I face loosing my home.

  • Ks
      12th of Mar, 2010
    0 Votes

    on my, i have read all of these and it is sooo familiar i too tried to get a modification through them last fall and they sent me a letter telling me my payment had INCREASED by $300 (why would it increase if you are trying to get help) anyway they also paid my insurance and taxes with out me signing anything or notifying me about the intent too and then i had to send a letter asking them to cancel this escrow acct they created due to the fact that i requested assistance. They said they cancelled it and my payment was not back to normal and that i needed to reimburse them the $1200 they paid for our insurance and taxes which we did by wire transfer in feb. Then I also got a letter from BOA but it was in saying my mortgage is being sold, i went in today to pay my first official boa payment and was told that my payment amout was the higher amount!!! I was LIVID!! they refused to take the payment because it was $300 less than wilshire incorrectly told them it would be, even though wilshire has already been paid back the $1200, i tried to call wilshire at 1-888-502-0100 and all i get is a fast busy and when i try to access the website its no longer availible??? What can be done about these people doing this!!!

  • Ma
      11th of Sep, 2010
    0 Votes

    Who do you call for help? I worked out a loan modification with Wilshire Credit Corp. around October/November of 2009. At the beginning of 2010 I was informed to make payments to Bank of America, which I have been doing. They have now informed me that I am not eligible for a loan modification and plan to foreclose. I have been making the payments and now don't know what to do. Wilshire has just about ruined my life. Does anyone know of anyone that I can get in touch with to get some help? I live in Seattle, Washington.

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