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Wilshire Credit Corporation / hardship program my ###!!!

1 Nashville, TN, United States Review updated:

We had originally had our loan with a different company and they sold our mortgage without permission to Wilshire Credit Corp. Things went fine for about 2 years and then the high interest rate was put upon us as we bought the house in 2005. They increased our payment by several hundred dollars. My wife had to have 6 surgeries on her leg and is now having to file disability and we applied for a hardship loan modification and they told us to hold off sending payments for 2 months until they finalized the deal and they would refinance our escrow payments in with the remodification. They came up with a payment we could afford and we made that payment and they very next month they increased our escrow payments from 139.20 a month to 190.50 per month and used the excuse that it was the two months escrow we didnt pay, cause they told us not to that they would add it in, and was also a "cushion payment of an extra 304.00" just in case so they can make sure we have enough in our account to pay our insurance and taxes. I called the tax assessor and our insurance company and neither had increased in payment . We called for 3 days talking to Wishire and they said we had to pay it regardless. So instead of lowering our payment in they hardship program, they increased it more than it was. I suggest anyone doing business with people to get refinanced out from under them quick or they will nail you for as much money as they can and there is nothing you can do about it.

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  • Ci
      18th of Mar, 2009
    0 Votes

    I am so sorry for you. My company negotiates with lenders to modify loans. I have a client now that submitted paperwork to Wilshire in hopes of them adhereing to the new Obama legislation that passed on March 4, 2009 called "Afforadable home modification program". Well, they modified the loan but not under the guideline because they state thy don't have to because they are not servicing a freddie mac or fannie, ae loan- This loan was originally a Fremont Investment loan and Wilshire took over their servicing I think in 2007- so it is a subprime loan BUT I know that Merrill Lynch bought them (Wilshire) in 2004 and then Bank of America took them over January 2009 and according to the treasury, anyone who received TARP funds needs to adhere to the new program- so I wonder if this makes Wilshire liable to play ball just because they are a subsidiary???

  • Kt
      30th of Mar, 2009
    0 Votes

    I was just wondering how you went about even getting approved for a modification from wilshire and what the terms were because we have tried to get one for quite sometime and just getting the runaround. Is there anyone we need to talk to impaticular to get somewhere with these people. I know we were thinking about trying to do the Obama legislation modification. I'm just interested in what they offered your client Cindy. Thank you so much!!

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