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Wilshire Credit / Putting it off

1 United States Review updated:
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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.

Va
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  • Va
      24th of Apr, 2008
    Wilshire Credit - Failed to provide timely escrow analysis
    Wilshire Credit
    United States
    www.wcc.ml.com

    After several t/calls & letters, it took us 6 mos. to get a new escrow analysis, which revealed a huge shortfall because Wilshire did not escrow for our hazard insure. When they bought the mortgage from another company. Several reps I spoke with could not explain why we had a $400/mo. increase, until I went over line by line what the orig. escrow and the new one was -- only then did it surface that they had not escrowed, but paid, our insurance. Being deficient in escrow also caused interest to accrue, and we would not have known about that until our new escrow anal. Was due (this coming July 08)... They should tell you WHEN it occurs, not a year later!! They finally dropped to increase to $200/month, but where is THAT supposed to come from? We did not get a raise, never mind get $200 month more in income or lessened expenses. And we cut out everything we could, call in insurance loans, etc. We're still waiting for them to resolve yet another issue; I have no faith in how our mortgage is being serviced, and if I could dump them tomorrow, it would be over with.

    0 Votes
  • Ja
      6th of May, 2008
    Wilshire Credit - Wilshire Credit Crosses the Line!!!
    United States

    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.

    0 Votes
  • Va
      11th of Aug, 2008
    Wilshire Credit - Terrible experience
    Wilshire Credit
    P.O. Box 8517
    Portland
    Oregon
    United States
    Phone: 888-917-1054
    wcc.ml.com

    Wilshire foreclosed on my home due to the fact that they were filing for bankruptcy. They would not accept my payments - then did agree to a lump sum - then returned it saying additional interest was due. This interest apparently accrued while the payment was in transit to them! I met with a Consumer Advocate Attorney (he has all my records) who said he could stop the transfer of the deed - but then did nothing.

    I tried to refinance but it was then too late. I was devastated to lose my home (and furnishings now in storage I have been unable to pay for). I would be very interested to be included in the Class-Action Lawsuit now pending.

    0 Votes
  • Va
      17th of Oct, 2008

    To all the Customers that write in, did it ever occur to you that the staff Wilshire hire are temp employee's. At least 99% cause the other 10% are not allowed to tell you the truth on what the company really does, like not report the mods that have been done to the investor's.

    Yes, the company does want every penny from the customer the Hold button is gone so you never now if the employee hung up on the customer or not! I can tell a lot more want more?

    Still getting foreplace insurance when have insure and no refund?

    0 Votes
  • Sk
      31st of Oct, 2008

    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.

    0 Votes
  • Va
      12th of Nov, 2008
    Wilshire Credit - Awful company
    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 next 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.

    0 Votes
  • Ha
      2nd of Feb, 2009

    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?

    0 Votes
  • Ha
      2nd of Feb, 2009

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

    0 Votes
  • Ha
      2nd of Feb, 2009

    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 .

    0 Votes
  • Sh
      22nd of Feb, 2009
    Wilshire Credit - Refused to lower our interest rate on our current mortgage.
    Wilshire Credit
    United States

    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.

    0 Votes
  • De
      23rd of Jul, 2015

    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.

    0 Votes

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