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Wilshire Home Loan / Fraud and scam

1 Beaverton, OR, United States Review updated:
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I would just like to inform the public that this company only cares about making money. I missed one payment and from there they wouldn't except anything but the full amount. I was then told they would help me modify my loan and this started in november 2007.

December they said they were missing information, january they said they were missing information, February they said they were missing information, march they said they were missing information, april they said they were missing information, and still in may they were missing information.

I own my own business and the only thing that changed since the purchase of my home in 2006 was that I made more money then the year before. They kept telling me it was lost because they were updating there systems and they never paid my home owners insurance out of my escrow account.

By the time they received everything and a modification person was appointed to me it was may 13th. He was a few choice words but I will just say not the nicest person and didn't care about anything but the money. He hung up on me and you couldn't understand him because of a thick accent.

I called on the 14th and talked to someone else and on the 15th talked to this same not nice person but he told me we were on track and that he would let me know what the payment arrangements would be.

I called that next monday to find out they auctioned my house and there was nothing I could do about it. and i had an 80/20 so they stuck me still owing the 20%.

I moved on and learned something from this. There are many things we can't control and this was one of them. I did everything I was supposed to but because of missing one payment is snowballed and it didn't matter.

They lied and told me they could help me fix it and I should have just gotten an attorney before it was to late.

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  • Al
      15th of Feb, 2009

    This is bad business. Normally, when a borrower is only a month or two behind, the mortgage servicing company would send you to the loss mitigation department and setup a payment plan to get caught up. My experience with the mortgage servicing industry is that they cannot make money off of a loan if a payment is not made. That they make their money on the interest that is made on monthly payments and not the property itself. I am not saying that what happen to you did not happen, I believe that it did. It is just does not look prosperous for the mortgagor or the mortgagee. I hope this can help others who is having this problem.

    0 Votes
  • Om
      23rd of Jul, 2010

    This has happened to me, My loan was taken over by BACBank Of America!! because I was imformed the Wilshire went out of business? March 2010 My loan went from being in a modification I have to signed doc's to prove it!! the bank has my loan and the payment all messed up and eveytime I call I get someone that does have a thick accent say your late on your payment and thats not the case here!! and you have to explain the same problem over and over again, Im so frustrated with all of this. They keep sending me letters to fax the imformation pertain to my loan Modifcation from Wilshire and the bank( BAC) says they never receive my imformation and they dont know what Im talking about. I cannot believe this !! OMG This is not my fault that Wilshire went out of business and as far and my loan is concered it should have stayed the same for the modication not being changed all of sudden without no word!! I have contacted BAC several times and I have sent over the same doc's per ther request. Now my credit report is saying Im late on my mortgage. This is bad. Why didnt Wilshire send over my paper work ? This did happen to me and this is awful.

    0 Votes
  • Om
      23rd of Jul, 2010

    someone did not tell the truth!!

    0 Votes

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