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The good, the bad, and the ugly - discover what customers are saying about Wilshire Credit

Welcome to our customer reviews and complaints page for Wilshire Credit. We understand that making informed decisions about where to invest your time and money can be challenging, which is why we've created this platform for our community to share their honest feedback about their experiences with Wilshire Credit.

On this page, you'll find a comprehensive collection of reviews and complaints from real customers who have used Wilshire Credit's products or services. Our reviews are authentic and unbiased, providing you with a complete picture of the company, its products or services, and their customer service.

Whether you're considering doing business with Wilshire Credit, or you've already had an experience with them, our community's reviews and complaints will give you a valuable perspective on what to expect. Our goal is to help you make informed decisions about where to invest your time and money, and we hope that our platform will be a valuable resource for you.

Please feel free to browse our reviews and complaints and share your own experience with Wilshire Credit. Your feedback is an important part of our community and will help others make informed decisions.

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8:45 pm EDT

Wilshire Credit Pissed about Title Loan

Never use this company for title loans. I called after only 3 months of having a title loan with this company, and I had made 3 payments. I was going to pay the loan off. This guy tells me you better hurry up, because we are going to repo your truck. The payment was not even 30 days late, and i am calling to pay the loan off completely. He tells me to do it within the hour at money gram. they are ridiculous and scam artists! Their customer service stinks! Never get a title loan with this company! Never!

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jennifer smith
,
Feb 21, 2008 10:00 am EST

WILSHIRE MORTGAGE CO. GAVE US A 1099-C TWO YEARS AFTER A LEGALLY DISCHARGED BANKRUPTCY, AND THATS ILLEGAL- WORKING WITH ATTORNEY RIGHT NOW.

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cyberkiss
Buena Park, US
Mar 10, 2014 5:30 am EDT

the same things going on with myself with them right now. They know i am waiting on a probate inheritance and will be paying it off but they have sent a repo company out to my house numerous times but i have it behind a locked gate and also a locked garage. they will not take my truck! and everytime i have delt with them they are rude and controlling. cyber_kiss24@yahoo.com

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Bondcita
Plainsboro, US
Feb 08, 2009 9:19 pm EST

I just got one, too. And, they double what I owe and what the house is worth. Not sure what to do next. Wrote to the attorney general seeking guidance!

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10:10 am EDT
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Wilshire Credit Bad fees, lates and extra charges now they are just gone

Wilshire credit neglected to send out a statement for 10 months and I could not acess my account on line. I received a statement 2/09 then nothing till 12/09. I had late fess for payments not received, then $141.00 for an aprasial. I had telaphone my payments in even that was a struggel, they siad I missed 2 payments but they could not come up with any statments from 2/09 till 6/09. I settled with them after the BBB was involved. Now they are just gone their phone number has changed and their web site is too it all takes you to BAC.

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5:19 pm EST
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Wilshire Credit second mortgage

2nd mortgage was bought by Wilshire a year or so after I bought the house in '05. It fell behind after a divorce, reduction in hours, & most recently a layoff. I've written at least 6 letters over the past 18 months asking for refi/modification and/or offering to payoff. Never a response. Wilshire started to hold my checks. A month or two after, I called; the rep at first dropped the call, then didn't know why the payments were being held, then "discovered" that the loan was 'closed', they returned the checks months later. After that they sent a forbearance agreement which I did not sign at the advice of an attorney.
I can't get a response to my repeated reasonable offer letters (one of which was to reduce the interest rate from 12.4% to 6.2% and the amount of the loan from $25k to $10k) and they won't take my money. A Wilshire rep suggested I offer a payoff of $5000, which I did...and which was ignored.
They are of course assessing late fees & "inspection fees" which they are assessing every month they choose to refuse my payments. I am in process of becoming quite vocal to everyone including media about the issue, before I file for bankruptcy which will be 100% due to Wilshire credit. I have no other major debt, even a car loan. In chapter 7, they will get nothing. Smart business.

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Wilshire Credit Fraud alert

In 1996 My husband and I was on our way to the beach pulling our travel trailer for our anniversary and I had just lost both my parents within 3 1/2 months. We had always wanted a place at the beach where we vacationed and on our way down there was a bad electrical storm and we pulled into a rest area to wait it out. The Lighting was so bright, the outside lights went out. A Rainbow came up In front of our truck after midnight. Never had we seen a Rainbow at night! We could not believe our eyes, The Rainbow went over into the woods towards the ocean. After the storm had died down we pulled out heading for the beach we didn't get there until after 3 am and we slept late that morning. While my husband was shaving I decided to go to the sales office and get a sales sheet for sales at this resort. The Sales sheet had a lot on it that we always wanted. A little old man had for years with his wife that died. It had just been put on the sales sheet. we thought he may have died! We were the first ones to look at the little 1977, 35ft. travel trailer with a screened in porch and a small bedroom with a hole in the floor..But, we wanted it! We went to the office and paid our down payment and we now owned a place at the beach!

For three years we kelp the place just as it was until we decide to build a house at the beach.

We designed it ourselves and we were standing in the stairwell before the windows were put in the house and I said it looks to dark in the stairs I said. I want to put a window in the stairwell! It was not to late and I bought a octagon window with a Schooner Ship in it! I also bought two doors that was just like the front door to go in our kitchen that had gold lead, like stain glass and was almost straight across from the front door. Never would I have ever believed that after our house was finished we would have a Rainbow in our house every day when the sun went down. It started in the rest area, A Rainbow in front of our truck and now a Rainbow in our house every day! When the sun goes down, the sun comes through the ships window in the stairwell and shows a Rainbow around a ship on the wall in the stairwell! Also a Rainbow on the walls, the floor, all around the kitchen and the living room wall!

We names the house "GODS WILL" on the road side and the back of our house!

The front side of the house faces the lake and ocean.

My husband put my name on the right side "SHASACK" after my name!

The Rest Of Our Story!

My husband and I built a house in a resort only a few hundred yards from the ocean. It was only a small lot, and when we bought the right to lease the property the lot lease was only $24, 000 and $2, 400 a year in 1996. We had mortgage our 70 year old house that was paid for to build our house at the beach..(Big Mistake)! I was working and making good money and at the time we didn't think we would have any problems. Later that year I was injured on my job and had surgery. I had hoped that the surgery would have helped me and I could go back to work, but the damage was bad and I was always in chronic pain. I had to retire from a hard but great paying job. We had started our house and had no idea that the bank that gave us the money to purchase the lease would not loan us more money to finish our beach home, but they stopped loaning on leased property. The loan we got from our older home was not enough value to get more money. The only loan we could get was 10% interest on our beach house and to pay all off and we had to take it to finish our beach house.

That is how we came in contact with (Wilshire Credit), Our loan was bought by Wilshire Credit in 2005 right after our home was refinanced. We never missed a payment until the economy had gotten so bad in the summer of 2007, and our lease went up every year and this year 2009 of all years, it went up 6%! We are now paying almost $6, 000 a year just in land lease and our mortgage with Wilshire is $1, 500 a month for our home. We got behind on our house payment and unless I could pay it all Wilshire would not take a dime. I mailed Wilshire almost $4, 000 cashiers check on our house because they would not take it over the phone and it was mailed back to me. Every month I tried to get Wilshire to take my money but Wilshire refused and we just got further and further behind until I was afraid that we would lose our home and we moved our personal items out to rent our house out in the summer months so we could get caught up. Wilshire served foreclosure papers on us last summer and we went to the court house and told Wilshires Attorneys and the Court that we tried to pay Wilshire and they refused our payments. We told the Attorneys/Court all about our "RAINBOW" in our home and I offered Wilshire Credit $16, 000 plus a $1, 383.00 payment all in August last year and Wilshire said if we could pay that amount they wanted, we could save our home. Thank God, I prayed and asked God What I need to do, and "GOD'S WILL" That the Lord told me to rent my home so we could save it! We paid Wilshire Credit over $17, 383 last year in August and if we had not rented out our house we would have lost it! Wilshire set us up on a forbearance agreement with my house payments of $1, 385. We liked One payment until that would have been a year and when I called Wilshire Credit to make the 12th payment, Wilshire refused it! why?

Wilshire told me that they was going to set me up with a loan modification from the government that would make our house payments go down almost $500 a month and Wilshire told me to send them my bank statements and our income amounts and all my bills for the month. I ask Wilshire to still take my payment while Wilshire was working on the loan modification and Wilshire still refused! I mailed Wilshire everything that they wanted and About 2 weeks later I received a letter from Wilshire thanking me and that they would get back with me on the Government (Hope) hope loan and that was in July 2009. Well, Wilshire called me back and said that I was not approved for the Government (Hope) Loan or for theirs (Wilshire's) loan modification! Wilshire said that I was not approved and that I needed to get my house refinanced with someone else because (I didn't make enough money to make my house payments)? I said, I have been paying you (Wilshire) on time for the last 11 months and your telling me that I can't afford to make my house payments? Also my house was valued at $307, 000, in 2005 and that was just the house and not the lot! The lot lease was valued at over $130, 000 on the lake and only a few hundred yards from the Atlantic Ocean!

Wilshire said that my house no longer was appraised at the $307, 000, but down to less than $225, 000! Wilshire said that my house was to be sold the first of September 2009. Wilshire said that IF I paid (2) payments a month that I could keep making my payments! I said, you (Wilshire) just said that I could not afford to make my house payments, but your telling me to make 2 payments a month would save my house? Wilshire refused to take my house payment again, I told Wilshire that they had put on my credit report that my house was a (charge-off). Another of my creditors told me that Wilshire Credit listed my home as (charged-off) on my Credit Report and I sent Wilshire a copy of it. This was while I was making payments on time. I have an Attorney that has called Wilshire Credit Corporation several times and Wilshire will not return his calls and he also has faxed (Wilshire) and they still will not responded to him.

I want to keep my house at the beach, because the 70 year old house we have needs more work than we can afford to spend until we sell the beach house. Also my husband had cancer this year in his colon and we had to stay in Greenville because of his surgery at the hospital and Carolina Cancer Center Treatment Centers of The Carolina. The tumor in his colon was the size of a lemon that our doctor found in April of this year when he had a colonoscopy. I almost passed out when the doctor told me and the doctor had to catch me. We rushed to Greenville where we are from, because we have family that works in the Cancer Center there. My mother died from Liver cancer October 1995. My husbands surgery was on April 28th and he was given morphine for pain and he could not take that medicine and before I could get the doctors to change the pain pump he got pneumonia. I had to change his pillow 6 times in one night he sweat so much. My husband had to be rushed to ICU because his heart rate was 147 and his oxygen was 60 and it should have been 90! The Doctors thought he may have had a heart attack, or a blood clot to his lung. He was in ICU for 5 days and they could not tell me if my husband was going to live! The surgery was more intense than the doctors thought because the tumor was further down towards his rectum then in the curve of his colon as the cat scan should. He had to have over 20 clamps in his stomach, from belly button down. The LORD was there with his Doctors, because the test didn't show any more cancer outside the tumor! What a Miracle!, Thank The Lord! We have been truly Blessed! There were so many people praying for him and we are so thankful! We have had a really hard year and I don't know what else to do but this! To write this message about what we have been going through. We moved into a mobile home for the summer. We rented out our house at the beach while we were in Greenville for his surgery to help pay for those bills. We have had enough health problems plus worrying about Wilshire Credit trying to take our home! Wilshire was getting their money every month without it being late! One more month and it would have been 1 full year of payments on time and now Wilshire say that I owe Lawyers fees? Wilshire said last August and they would set us up with another loan modification when I can prove that I can keep making my house payments and that is what I did! We only owe $185, 000 and my house is valued at almost $450, 000 on this lot.

In 2004 we was offered $450, 000 for our house and didn't want to sell it and now that the economy is bad, I wish that I had. Wilshire is wanting our house. As I said, I have an Attorney and Wilshire will not respond.

I will be asking him to file a Class Action Law Suit against (Wilshire Credit Corporation)!

If I had my time to go over, I would have never built a house on leased land! That was my biggest mistake! I had just lost both my mother and daddy within 3 1/2 months and wanted to get away for awhile and we rented our house out for a while and the renters damaged the house and it needs lots of work because it is over 70 years old. We are going to sell our house on the leased property asap and restore our older home and live there, I just wish it was near the beach, because it is paid for.

I hate to have to sell my home because I know God did proved us this home for as long as we have had it and the Rainbow! It's been 10 years that e have since we built the beach house wand we have owned the lease since 1996. That is 14 years God has given us at the beach. I love the beach, and If I do decide to live there again, I know that the LORD will bless it also! I love the smell of the salt air, the wind, being able to lay in my bed and hear the ocean or see the moon and stars from our large window facing the ocean. There is nothiing better than going to sleep to the sound of the ocean and the wind. The sun coming up every morning in my bedroom window was a great gift. I have prayed that the Lord will give me a feeling of comfort to come back and be happy living in the older house that I was also blessed with. I hope that I will be able to sale the house at the beach before Wilshire takes it, and have the money to fix it up.

For the last 10 years we have put most our money in the beach house and I don't want to lose it! The Devil is trying to take us down and using Wilshire Credit as a weapon to hurt our faith and give in and not trust our Lord to handle it!

If you would like to contact me and my Attorney, please send me your email and what Wilshire has done to your family and maybe we can get some help together. We should not let Wilshire take our Homes! I have repeated Wilshire's name because I don't want anyone to ever give them any business! If you already have an attorney please contact me asap! I hope that we can save our homes, we need to stop Wilshire Credit before they take others home. They can take their payments instead of refusing money that they are offered! They can help people stay in their homes if they would! If you are a investor, please check whom you have your money with and what they are doing with it. I want everyone to (pray tonight) that the Lord will give us the strength to get through all that we are going through these hard times. I know we have all heard of the Hoover days, when nobody had any money, and that's about what we are going through in some ways. God I hope that the ones that are not saved today, will remember that the Lord loves you and he died for you. It was his blood that he gave, If we would just ask to be forgiven and we will always have a God that loves you and he will never leave you no matter how hard it gets! There are a lot of heavy hearts on these messages about Wilshire, and I pray that the Lord will give us all a lighter heart!

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Wilshire Credit Makes u want to scream

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!

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skj
Angleton, US
Oct 21, 2008 1:53 pm EDT

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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Wilshire Credit Have tried since April 4th and no returned calls

I have been trying every week to get in touch and speak with someone regarding a hardship. Now it is July and still no calls back and I am still yet to talk to someone in this department to help me. Today I spoke to a rep that claims there are no notes in my account and that I need to make an immediate payment or foreclosure will start on July 8th. No help, I don't get it. How does this company get away with so many complaints and the representatives that work there do not care, it is like they know what is going to happen and they are feeding you to give them money even if the foreclosure is in process.

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8:08 pm EDT

Wilshire Credit Predatory lending tactics!

I hope the following information will be helpful to people who believe that they are being victimized by Wilshire Credit Corporation. First of all, please seek legal advice be it with a private attorney or legal aid. Make sure that you can prove what you are accusing Wilshire of. Next, while doing a little online research of Wilshire Credit Corporation, I uncovered some very interesting facts:

Wilshire Credit Corporation was bought and taken over in 2004 by Merrill Lynch. Merrill Lynch is also in the business of making mortgage loans, buying mortgage loans from originating lenders and brokers and forming mortgage trusts that sell mortgage-backed securities like their Merrill Lynch Mortgage Investors (MLMI) Surf Trusts. These trusts, using a regular bank as a trustee (like US Bank or LaSalle Bank), very frequently "buy" the homes Wilshire/Merrill Lynch pushes into default and foreclosure.

These acts as far as I know are illegal: Merrill Lynch buying mortgage loans serviced by their own company, Wilshire Credit Corporation, who in turn causes borrowers to go into default and foreclosure, then "buying" these very homes through a trust formed by none other than another division of Merrill Lynch, (these MLMI Surf Trusts.) At this point, they flip the properties for a quick, lucrative profit. Only now, they may have to sit on or rent out the properties until housing values start rising again.

If you can prove that Wilshire Credit Corporation/Merrill Lynch has caused you to default on your loan, you may have a case of predatory lending against them.

See legal counsel.

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hazel hager
Bremerton, US
Feb 02, 2009 4:36 pm EST

This is a very outrageous revelation and I am with Wilshire they are giving me hard time on remodifying besides overcharging me with escrow fees for $200 more now I understand they told us that this rebuying their property on foreclosure by their own people make sense to me now. /they will buy it cheaper while they get paid by the lost through the federal insurance while they charges the borrower with all the late charges

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Wilshire Credit Misleading promises

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.

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Patricia Stevens
,
Aug 30, 2008 12:05 pm EDT

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.

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Damian
, US
Oct 11, 2010 2:37 pm EDT

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!

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Denis
, US
Apr 08, 2010 4:21 pm EDT

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.

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Denise Solgat Dickerson
, US
Jul 23, 2015 3:01 pm EDT

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

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hazel hager
Bremerton, US
Feb 02, 2009 4:49 pm EST

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.

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hazel hager
Bremerton, US
Feb 02, 2009 4:32 pm EST

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.
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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

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hazel hager
Bremerton, US
Feb 02, 2009 4:23 pm EST

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

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skj
Angleton, US
Oct 06, 2008 1:08 pm EDT

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

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Oh Word?
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Sep 01, 2008 9:26 pm EDT

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

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Wilshire Credit Putting it off

We have had Wilshire for 3 years now with no late payment, no missed payments and our adjustable rate is supposed to go in effect by May 2017. I FedEx Wilshire all the paper works needed to do a loan modification so I can still have my fixed rate instead of adjustable rates since December 2017-4 times I faxed and fed ex paper works and keep calling them to know what the outcome of the request is and still to this day, 2 weeks before it is due for adjustable rates, they have not responded with any type of response. They say it is always too early for the loan modification and it is against the law to modify the loan if it is not in its 30 day grace period. Since Wilshire has been putting me off, it is 2 weeks before it changes to adjustable rates--Wilshire *** and their customer service agents have no clue as to what they are doing. I guess I will have to foreclose and they can have my house if that is what they want. I am not paying more than $3400 a month for a house that has lost its value by $100, 000 since the droppings of the houses. Wilshire wants me to start paying $4, 100 a month with these adjustable rates-they can go to h---? They should be out of a job-they will be soon- if people can find other lenders-they need to be bankrupt since they are not helping any customers.

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Jackson
,
May 06, 2008 6:14 am EDT

I have been under contract with Wilshire Credit for over 2 months to purchase a foreclosed property in Ohio. I have had one delay after another in trying to close on this property. The real estate company that is representing Wilshire Credit and is listing this property employs arrogant, self rightous ###s. I have endured one delay after another. My original closing date for this property was April 1, then April 14th, then April 25th, then May 2nd. I now have NO official closing date. They put me off for so long and strung me along with "we will get the utilities on by", "oh, we meant by", "they definately will be on by", it was a joke. I couldn't get my inspector in their for the inspection for 45 days.

So yesterday I finally called the title company handling the transaction to find out EXACTLY what the delay was in closing on this property. I was informed that the delay was because the real estate company representing Wilshire Credit has not forwarded them the sheriff's deed turning the property over to the bank (Wilshire Credit, even though they are not a bank but apparently a collection agency). So I called the real estate company to see if I could come to their offices and pick up the document and hand deliver it to the title agency. ANYTHING to speed this along. Of course I got voice mail. So I called the court house in the county where the foreclosure happened and I was informed that there is NO sheriff's deed because this property is STILL in foreclosure. The judge has not signed the order turning ownership over to Wilshire it is still a pending foreclosure. I am under contract on a property that is still technically owned by the original owner! They have listed a property and gone into contract on a property the do not own! Now I know why they have been delaying me left and right...they were trying to buy time in hopes of getting the foreclosure signed off on and the sheriff's deed in hand before they were caught. Well...i'm calling my attorney as soon as his office opens today. I have already spent over $2, 000 trying to get to closing on this property.

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Sharonr
, US
Feb 22, 2009 11:35 am EST

When my husband and I refinanced our home a couple of years ago, our Mortgage was sold four times to four different companies. Unfortunately, Wilshire is who we wound up with. For thee and a half months I tried to get them to just lower the interest rate on our loan. We have never, ever been late. They told us that even though our account was up to date and we were never late what we provided them on paper said we could not afford to make the payments. Now tell me that makes sense. They even suggested that we well our home and buy something smaller. In this economy are they NUTS! I would never, ever, recommend Wilshire to anyone.

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Denise Solgat Dickerson
, US
Jul 23, 2015 2:47 pm EDT

Ugh I was never sent my release documentation of the property that they ok'ed for the short sale. we bought the house in 07 for 68, 000.00and in 10 put in on a short sale because when the stock market crashed my husband lost his job and we could pay our payment so I called Wilshire to renew it to a fixed rate and they wanted to up my monthly payment by 300.00. Sold they house short sale with approved buy for 62, 500.00, They never sent me my release even after excepting the offer and they have sold the contract 5 time and now their coming after me for 30, 000.00.

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hazel hager
Bremerton, US
Feb 02, 2009 4:52 pm EST

get out of it as early as you can. Find another lending company go FHA the only safest one. Don't get trap with Wilshire save yourself and be glad .

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hazel hager
Bremerton, US
Feb 02, 2009 4:25 pm EST

We had the same problem overcharging escrow fees which added to our hardship in paying our mortgage. Can we do something about this?

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HAZEL HAGER
Bremerton, US
Feb 02, 2009 4:12 pm EST

I had the same problem with our mortgage. I pulled out our tax info and home owners insurance. The amount of both for escrow supposed to be 292.75. since January 2017 they start charging me $486.06 these are all documented . Besides raising my rates to 9%. I tried to remodify and had the same problem they told be the amount of monthly payment without telling me the rate. Did you find out about why they charge you in so much escrow?

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skj
Angleton, US
Oct 31, 2008 4:38 pm EDT

The only people who win in a class action are the attorneys. You get nothing except maybe the satisfaction of knowing the company did get a lawsuit thrown against them. Even after a class action this company will continue to go on some way, some how. How very sorry I am for you that this company has devastated your life. My thoughts and sympathies are with you. Yours and my misfortune is that we had to deal with a company like this who should not be in business. I only hope all the Merrill Lynch investors see this and now know this is why they lost their monies with Merrill Lynch. All this could have been avoided and the investors could have had monies coming in but Wilshire decided to lose more money by foreclosing on your home. You must have had enough equity in it that they knew they would get all their money and their investors also. If not, Wilshire has plenty of money to throw around. It came from all the other people that they "screwed". If I had my money invested in Merrill Lynch I would be filing lawsuits upon lawsuits against Wilshire Credit right now.

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12:00 am EST

Wilshire Credit will not pay home insurance

my home insurance and property taxes are compound with the mortgage payments. i got 2 cancellation notices in one year. the reason, Wilshire did not pay for my home insurance for last year. my insurance expires on 11th month each year. the orginal month was the 8th month, but because they did'nt pay the insurance bill when due, it became the 11th month each year. i need to know what are they doing with the money after all i'm paying the insurance every month through the compound payment plan. i hate this company. now i have to pay the insurance company another deposit in order to have insurance on my home. probably have to pay the whole insurance premium myself in order to keep insurance on the property. this means i will be paying insurance for the home twice a year. now thats sick. i need a lawyer but they rip you off as well. fellow Americans we need help to fight against the american businesses like wishire credit from ripping us off. i don't know about you, but i am tired of it. and i going to do something about it; not only for myself but for all of us.

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Tom Werner
,
Sep 25, 2008 11:07 pm EDT

I've been working with a Kari L Whitney at Merrill Lynch and I've never been so upset, or rudely treated in my whole life. I feel like I'm dealing with a child. Plus I was given bad advice and lost tons of money all because of her. Make sure you never use Kari's service as she doesn't know what she is doing.

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skj
Angleton, US
Jun 04, 2008 11:55 pm EDT

You will never know the amount they have withheld because with Wilshire everything is a secret UNLESS they initiate it. I also asked about insurance but they never gave me a satisfactoiry answer, they only said that any amount I paid went toward the interest. Of course, not the principal.
They sent me letters for over a year and I kept every one of them. The number is 45 letters within a 15 month period. I called them so many times about this but they all they continually said was to have your insurance provide us with coverage. My insurance company did this continually for almost a year. They are all incompotent ###s. Not one person there knows what they are doing. Just give thanks to Merrill Lynch. They hired the ###s! They will be hit with a huge lawsuit probably sooner than they think and I can only hope I see it in print because I want to see how many names of people who work for Wilshire come down with the company. I keep good records. You should have. You might need them for court. This is a situation you will never resolve. Been There Done That!

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