This Company utilized forced insurance on an 87 years of widow on a fixed income and has nearly doubled her monthly payments. They knew she had no other means of support and income; and also knew she could not acquire insurance...not even with Citizen because her 4 point inspection failed. They knew her roof was in need of complete replacement and for months stalled on processing the modification. Now they have sold her to another mortgage company. The stipulation would have been to get her roof fixed, once they modified the loan and then she would acquire insurance and sustain and maintain a lower monthly payment. As is...she still has a payment higher than her Social Security check and has to worry where she will live the remainder of her years. It is really a sad situation!!!
Interesting reading all the Wilshire complaints that seem to mirror my own experiences with them.
Complaint #1:Had water damage that was appraised at $12, 000 damage. Our insurance check was issued to us and Wilshire, requiring their sign off. After we sent the check to Wilshire with all the required repair quotes and paperwork it took over 6 months to get the first half and another 18 mon to get the next portion, and would you believe they still have not sent us the last $3000 yet. What makes it worse is every time we talk to someone (after being on hold for over 45 min)they request "one more" quote, then they sit on it until 30 days later then tell us we need a new one becasue it is now 30 days old.
Complaint#2:We got a couple months behind in our payments due to income loss, we called Wilshire and were reassured everything would be fine as long as we filled out their Hardship paperwork. We submitted everything and had been told they would not except any payments until this was resolved. By this time our income loss was resolved and we could resume payments, but they still would not except (we were three months behind). I called weekly, was on hold for 45-90 minutes each time and every week was told there was no news yet. After 90 days they had not addressed our situation and now had to resubmit everything again. This happened a total of 4 times, all the while they still would not accept payments. We finally received a new payment agreement for $4100 per month, our original payment was $1400. We filed an appeal and now just received notice that they sold our mortgage to BAC...the drama continues.
My husband fell back on his mortgage due to financial setbacks. We notified wilshire to let them know if we can fill out a hardship form. So they sent us one in 1/07. So in the end of 2/07 I asked them did they look over our hardship form and they said they could not find it so. I said would you please send me another one so they did. I did not receive it until late June. I faxed over it and mailed it with all our personal papers to make a long story short they finally told me and my husband that besides us being behind on our mortgage that it also went from 6.75 Percent to 9.75 Percent. We don't want to lose our home but this is not right. Oh by the way we asked them to refinance us and they said they have nothing to do with that part.
My husbands credit is not good and we are late with our payments but no one will help us in this situation.
I sent Wilshire Credit Corp Six money orders totaling 1392.69 and I sent it certified mail and USPS verified they received the letter and westernunion verified when it was cashed and whilshire stated today they only received 645.00. I have totally had it with this company I am going to file with the Attorney General and then seek legal counsel. I have all of my receipts and this is a very bad company. If the FTC gets enough complaints from this company the will conduct and investigation. So the more complaints they get from consumers the closer we get to justice. Please everyone who is having a problem with company like myself call the FTC (Federal Trade Commission) enough complaints will warrant an investigation. Their are 72 complaints well we need 72 complaints filed with the FTC and then some. pass the word along.
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.
Wilshire Credit Corporation did a forced placed hazard insurance on our account. We provided documentation to the lender that we have had insurance since the date of purchase thru the home owners association. Their insurance company said they were charging us 799.94 dollars a year however according to the monthly statements they were charging us 230.89 a month. pulling 27.61 from the escrow account putting the escrow account into the negative 1, 800.00.
I was told from their insurance company that once they verified insurance from the home owners association they would credit our account. The funds were never credited back to our escrow account and as a result of the funds never being credited back to our escrow account, they raised the escrow from 605.00 a year to 805.00 that is a 200.00 dollar increase. The property value has not gone up. In fact from 2006 to 2008 the property value dropped from 113, 000 to 105, 000.
I contacted the county tax assessor and they sent me a copy of the real property valuation and it does not justify the reason for the 200.00 increase for the escrow and as orginally stated on the loan we pay our insurance directly to HOA which also includes the payment for the water, trash and lawn. I sent a certified letter to the Loan Servicing agent asking for an explanation on the lack of funds in my escrow account and a reason for 200.00 increase on my escrow account when the value of the property has not gone up and our hazard insurance is paid thru HOA.
My mortgage payments have never been behind just late and we do owe late charges which is 30.00 after the 10 of every month. Every month I am becoming more and more delinquent with this account. They have added a 445.64 suspense account and 306.00 as other when just last month the other was only 135.73 Wilshire Credit Corporation will not provide me a written statement for the continued increase in the suspense account or other account or what happened to the monthly funds that were to be applied to my escrow account.
When I call they charge me with missing payments but i have money orders for some, express mail signatures on others and withdrawals from my checking account. If they were totally on the up an up I would have written reasons coming from someone but no one wants to provide the reasons for these charges in writing.
My situation is a mess courtesy of Wilshire Credit Corp. I have two mortgage companies. In late June 2008, the short sell process was started. In late September, an offer was made on the home. The home was close but not yet in foreclosure. No one was notified of the foreclosure date set for mid-October. All the information needed was faxed over to Wilshire, 3 times with confirmations in hand before the foreclosure date.
Last week the second mortgage company calls me requesting to resend information to complete the short sell for close. This week the second mortgage company sends me information about short sells and the monthly bill. Wilshire did not notify the second mortgage company or me, the home owner, or the Realtor who was handling the entire procedure. We found out because the Realtor called to check the status of the short sale approval.
What makes the situation worse is that Wilshire stands to lose only $200 on the short sell and yet would rather let the home foreclose. This is just bad business.
Here in Missouri we have experience 5 federally declared disasters. I have called Wilshire trying to make payment arrangements and I keep getting reminded that they are a loan service and not the actual loan holder. I keep getting no where. I finally had to hire an attorney and I still not sure if we will save our home. Wilshire is well trained in being the heartless don't give a crap company. I didn't choose them, they chose me because my mortgage was an ARM mortgage. Way to screw the American dream people. I am not asking for a hand out but apparently they just want to keep harassing me until I do things their way.
My original mortgage / home loan was financed through Mortgage It Company in August of 2005 and shortly after, in October of 2005 was bought off by Wilshire Mortgage Credit Corporation.
I made numerous of calls to them trying to establish an Escrow account for my taxes to be incorporated into my mortgage payments. I work during a day, went to school on evenings and weekends and trying to get them on the phone was almost impossible - spending my breaks and launch hour(s) on the phone trying to get “alive” person. This tactic is used so they can wear you out. They know that most people don't have the time to stay on the phone during working hours. They conduct business only during regular business hours, when most people are at work and can't bother them. After repeated phones calls thru the most frustrating system I have ever used, the representative requested that I mail/fax them requested paperwork in order to set up that escrow account. I faxed it and I had a conformation that fax went through and was received. Couple weeks later, I called to inquire how long will it take for them to process it, and I was informed that they don’t have my paperwork and I was told that they are humans too, and the paperwork do get lost sometimes - and - they asked me to submit it again. I decided to go ahead and try again. This time I fax the paperwork and with a copy of conformation page I decided to mail those copies of the same paperwork with certified delivery confirmation. Again, I waited couple of weeks and called them to inquire how long it is going to take to process it - as the tax collectors already started calling me and started sending me vicious letters. After so many attempts to get someone on the phone again I was told - again - that they do not have my paperwork (???). They asked me to submit again (?) I decided not to.
The mortgage with them had two loans - 1st mortgage with adjustable rate going from some 6-7% to 10-11% in such a short period of time and 2nd mortgage with fixed rate of 10.99%. I had no late payments, no missed payments even dough that payments were killing me and there was not enough money left for my property taxes that were falling behind and barely any money left for life necessities. Having a comfortable income from my full time employment, and regular child support payments, and a part time job – wasn’t enough - leaving no time for anything else. Not only those payments were killing me, but they were now exterminating my household – my life!
In November of 2007 I called Wilshire and asked them to refinance me into a fixed mortgage rate home loan with escrow account set up. They told me to they do not refinance existing loans with them and asked me to file for forbearance with them due to hardship. I refused. I felt like they want me to loose my house. I felt they want me to fall behind the payments and owe them more money. I felt they are promoting foreclosures rather than helping their customers seek any option available in order to keep the roof over their heads. My son’s 13th birthday was approaching in mid November and I was devastated!! I couldn’t afford any gifts for him and I couldn’t possibly explain to him that all my hard work and major lack of time and neglect of him was for nothing - we were going to loose our home! I was on the edge of a nervous break down. I couldn’t sleep, I couldn’t eat, and I couldn’t concentrate or think straight.
I understand now that their investors are so greedy that they would rather see their investments vacant and not selling / refinancing than working with their customers. These games that Wilshire plays with people are simply sickening and should be - if not - illegal!!
So, I did my best and made my payments until December of 2007, while working with local mortgage brokers to help me refinance through other financial institution. I called Wilshire day before Christmas and remind them that I am looking into refinancing my home and the last payments from me will conclude for that current month - December of 2007. I also told them that as of January of 2008 they should be paid off in full (my prognosis for refinancing was looking very good) but if something goes wrong and I do not get refinanced – no payments will be send for January. I already planed to move out by end of January of 2008 and told them they can go ahead do what they need to do after that.
Miracle happened on January the 3rd of 2008. I was refinanced through Countrywide Homeloans FHA program and they paid off Wilshire on January the 8th of 2008!!
One of the best things ever happened to me! I was so happy! One mortgage payment, escrow account set up with taxes and insurance all included – and - almost $279/month less than both mortgages with Wilshire.
I was also very happy that I no longer have to deal with Wilshire unprofessional, misleading, lying, frustrating, rude, brainless, lazy, untrained, ignorant and careless employees.
I closed that chapter in my life – or so I thought - until yesterday! - !
Recently, I was offered by Countrywide Homelaons program Cash-out option for home improvement; new windows, doors, remodel bathrooms, etc. This approval is under the process and in addition to submitting all requested paperwork, I paid $349 processing fee for it.
I had a phone call yesterday evening from one of their underwriters, Mr. Jeff who informed me that Wilshire reported 30 days late payment for December of 2007. I was shocked!! I explained that I am totally unaware of that; this information is news to me as I made sure that all the payments were updated before I went into refinancing with Countrywide. I also told Mr. Jeff that I refinanced my car in March of 2008 through my employee Federal Credit Union and that wasn’t showing on my credit report as I am sure that would present a problem, an obstacle and I would be informed about it by loan officer from Credit Union. Mr. Jeff advised me to call Wilshire and to try to straighten this out. I told him that will be impossible, but I will try.
I started my ‘home-work’ this morning at 7:30 am. I was trying to get in touch with Wilshire once again. I also used Internet; research their web site and some additional web sites indicating anything in connection with Wilshire just to find out about the /link removed/ and http://www.complaintsboard.com/complaints/wilshire-credit-c76781.html - what a site(s)!!! Finally, at 9:50 am I was able to get a representative on the phone, who once again proof to me how unprofessional, misleading, lying, frustrating, rude, brainless, lazy, untrained, ignorant and careless Wilshire employees are. After ‘updating’ my account information with them (???), which no longer exist anyway, I explained to representative that reason for my call was to inquire about inaccurate information on my credit report provided by Wilshire and that I would like to dispute their ‘30 days late’ reporting currently showing on my credit report. He informed me that ‘their notes’ (entered by their employee) show that I called them and informed them on December the 24th that I will not be making a payments for December??? Knowing who I am dealing with - I calmly tried to explain to him that information makes no sense and that must be a mistake - that December of 2007 payments were made, and when I called them day before Christmas I informed them that I will not be making any payments for January of 2008 as my refinancing was coming through and they will be receiving a full pay off amount. I also recalled that I told their representative that if, for any reason refinancing doesn’t come through, I will be moving out by end of January of 2008 and they can go ahead and do what they need to do. The representative continued talking over me, called me immature (?) and that bottom line is - what their notes are saying is immaterial and irrelevant - still insisting that I was late with December of 2007 payment. I still tried to explain to him that payment was made, the check was mailed to them timely and they should check their records for the check date or simply by verifying it by the post date mark on the envelope of the payment. He told me they do not do that. I was stunned! I told him about my prior experience with Wilshire; loosing my (confirmed) faxes and (certified) mailings in the past and that I wouldn’t be surprised if they misplaced or sit on the check for days. I stated that it is not my fault if Wilshire was holding the payment once received or they must simply have an inefficient process for cashing checks. I also reminded him that refinancing came through January the 3rd and that Countrywide paid them off on January the 8th. In addition, I reminded him that received prorated / partial reimbursements from Wilshire for the payments that were made in meantime. I asked him how I can possibly be reimbursed the money if they were not overpaid or better yet, prepaid. He told me that means absolutely nothing, my payment was late and he will not change the information in their system. We went back and forth, back and forth. It was obvious to me that I was running into walls again with Wilshire. On the end, I had to terminate this phone conversation with the promise that I will sue. Deep down, I know that makes no difference to them.
Wilshire is not willing to work with people despite their massive errors and resulting situations. They are defrauding homeowners, running their credit, their hopes, dreams, livelihood, etc. They put thousands of families with children and senior citizens out on the streets without loosing any sleep over it. How does this company get away with doing business the way they do; with lies and wrongdoing and with so many complaints? I wish I can afford a lawyer!! I would take them al the way to the Supreme Court!
Wilshire frequently charges late fees for mortgage payments, though the delivery date of the payment is well before the 'grace period' due date. For the last 3 mos. I have been charged $16 late fee per month for sending payment late. However, this can be disputed by the fact that I send my payment through my online bank (BOA) who guarantees delivery date selected when making the payment. In one example, my bank cut the check on 5/2 and verified delivery on 5/7. Wilshire didn't cash the check until 5/13 - 2 days after the FINAL due date of 5/11.
When I contacted Wilshire they claimed the US Post Office must have taken over 6 days to deliver (from AZ to CA - right) the check. I asked them if they could verify by the post date mark on the envelope of the payment. I was told they do not consider the post mark a valid date - clearly there is a diabolic scheme here. If they are blaming the US Post for taking too long, then why not use the post date as a reference, I mean it is a federal document (the US date stamp anyway).
Meanwhile, I have been advised by Wilshire that it can take 5 to 10 business days for the US Post to send my payment from AZ to CA. This is ridiculous and clearly a loop hole for Wilshire to drain it's consumers in late fees. When I discussed this with my online banking co., they advised Wilshire must be holding the payment once received or they have a inefficient process for cashing checks (clearly it's not the latter, who doesn't want to cash $).
Over the years, I have noticed this seems to happen periodically each year and several months in a row. I'm not sure if they are trying to find ways to tap for add'l money or use it as a tactic to elicit payment before the grace period begins but it's shady and a bad way to do business.
In the end, I will pay the late fees and will have to await the months when Wilshire decides to hold payment and charge me extra. Please note, I have verified thru my banking co, payments have been delivered on the 7th of each month numerous times and somehow Wilshire cashed the checks on the 8th (wow the US Post works sometimes!!!).
I BOUGHT MY HOME IN FEB.2017 WITHIN 4 MONTHS OF OWNING THE HOME MY MORG WAS BOUGHT OUT BY WILSHIRE CREDIT CORP. IN JUNE OF 2017 I WAS DIAGONOSED WITH CANCER.I CALLED WILSHIRE TO MAKE PAYMENT ARRANGEMENTS I WAS TOLD I WAS NOT BEHIND AS OF YET SO THERE WAS NOTHING THEY COULD AT THAT TIME.I CONTACTED THEM AGAIN IN JULY 2017 WITH MY PAYMENTS NOW 2 MONTHS BEHIND AND OFFERD THEM $1000.00 BIWEEKLY UNTIL I WAS CAUGHT UP I WAS TOLD NO .THEY NEEDED THE PAYMENT IN FULL.DEC 2017 I HAD MAJOR SURGERY WITH COMPLICATIONS AND DID NOT RETURN TO WORK UNTIL FEB 2017.I AGAIN CONTACTED THEM AND ASKED TO MAKE THE SAME PAYMENT ARRANGEMENT AND TOLD NO.SO IN JULY 2017 I CONTACTED FRESH START MORTGAGE ASSISTANCE AND THEY TRIED FOR 6 MONTHS TO NEGOTIATE WITHWILSHIRE ON MY BEHALF .BUT WILSHIRE KEPT LOSING FAXES, NOT RETURNING CALLS.BY THEN I WAS $18, 000.OO IN THE HOLE WHEN I STARTED ORIGINALLY FOR HELP I WAS $4, 000.00.SO THEN I A CASH BUYER TO DO A SHORT SALE EVERYTHING ON MY PART THROUGH ME, MY REALTOR AND MY INVESTOR WAS DONE AND COMPLETED IN 2 WEEKS.EVERY TIME MY REALATOR OR I WOULD CALL THE LOAN OFFICER SHE NEVER RETURNED PHONE CALLS.4 MONTHS LATER I GET A LETTER IN THE MAIL STAING SHORT SALE DENIED WITHOUT EXPLANTATION.I JUST WENT TO COURT MAY 27 2017 AND THE JUDGE IS GIVING ME UNTIL JULY 15 2017 TO WORK SOMETHING OUT WITH WILSHIRE. I AM AFRAID I WILL LOSE MY HOME.BECAUSE WILSHIRE HAS SHOWN NO INTREST IN HELPING OVER THE LAST YEAR WHY WOULD THEY START NOW.PLEASE HELP! THIS COMPANY AND THE PEOPLE ARE ONLY IN IT FOR THEMSELVES.THE PHONE # SHOULD NOT BE CALLED CUSTOMER SERVICE IT SHOULD CALLED WILSHIRE WE F--- YOU SERVICE.I'VE HAD SO MANY OTHER PROBLEMS WITH THIS COMPANY ALSO WITH MY PROPERTY TAXES AND MY HOME OWNERS INSURANCE NOT BEING PAID AND LOSING THE THE PAPER WORK AND FAXES.PLEASE HELP AGAIN.ALL CONSUMERS WITH WILSHIRE NEED HELP FROM THIS COMPANY AND ANY OTHERS LIKE IT. LETS FIRST START WITH THE MAIN ONE " WILSHIRE CREDIT CORP.!!!"
THANKS, LINDA & JOHNNY
Anyone who has Wilshire as your mortgage servicer. BEWARE if they want you to sign a forbearance agreement as they are now starting to do to people. If you sign, they own you. Have your attorney read these papers. Papers are full of wording where you are still "screwed" and if you sign these papers they state that you withdraw any and all claims, lawsuits, either past, ongoing, or future Wilshire Credit, predecessors, successors, affiliates, officers, directors, employees, subsidiaries and parent companies and agree not to sue. This is done in order for your temporary modification to go through that will allow you top stay in your home for a few months only. This is only a short term modification. After a couple of months another agreement is to be worked out. These papers also will not allow you to protest any and/or all of the legal fees associated with Wilshire and these fees were initiated by Wilshire!! These papers are full of BS. This contains information that was stated was agreed upon by both parties BUT since I did not agree to this.
Please anyone who enters into an agreement with Wilshire do not sign these papers unless your attorney looks at these papers. You will end up losing your home regardless. Also, in my opinion the amount that will have been paid to Wilshire (for the few months and the down payment) comes to about what the 2008 taxes are on our home. I think they are now working for modifications due to the upcoming tax time so they will have enough money to pay taxes on your home without Merrill Lynch having to take from their own investors pockets.
I hope Merrill Lynch, and Wilshire Credit employees can sleep at night knowing how many people they have put out into the streets and how many homeless senior citizens there are now due to their
lies and wrongdoings. None of us homeowners wanted this nor did we ask for it nor did we sign for this. What happened what greedy companies like Merrill Lynch and Wilshire Credit and Capital Investments and Deutsche Bank saw a way to fill their pockets until their "cup runneth over" of which they have. They have taken people's dreams, hopes, livelihood (not only adults but also children) and have made it into "horror stories" just big corporation get rich quick schemes. Someday a good investigative journalist and will come along and expose these corporations/companies for what they really are and what they have really done and how rich these companies and corporations have gotten off the hard working average guy and the senior citizens. Just follow the paper trail and it leads you to people and places that I would have never thought or dreamed possible.
PLEASE DO NOT SIGN ANY PAPERS INITIATED BY WILSHIRE CREDIT OR THEIR ATTORNEY'S OR MERRILL LYNCH OR THEIR ATTORNEYS OR DEUTSCHE BANK OR THEIR ATTORNEYS.
Please take them to your attorney.