Wilshire Credit CorpBogus fees!

P
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We have been charged a bpo fee, which is a brokers opinion fee, that was $100. We were not informed of this charge it was added to our sept 2007 payment without notice. After three disturbing phone calls to wilshire, nothing resolved. Furthermore, they requested copy of paid property taxes. We have faxed this to them five different times. Then we were told we used the wrong fax number to their company. This has been going on for six months. Listen to this people!!! On their letter head of the letter requesting tax payment, is the wrong fax number. This is how they added the bpo fee. Maybe they intend to foreclose on our home? Remember people, our payments are not behind, and all taxes and insurance has been paid in full.

Avoid this company people!

Responses

  • Th
    T Hall Sep 17, 2007
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    They also billed me a fee of $100.00 this year without any prior notice. I am a 1st time home buyer and once I get 1 years of established payment history with them I plan to refinance. They could have at least mailed a letter prior to invoicing my next statement.

    0 Votes
  • Rh
    Rhett L Attwood Sep 19, 2007

    Refinance; get the hell away from their strong arm tactics to foreclose your homes. I lost 20,000 getting way from them, but I still have my home.
    Wilshire wrongfully reported my loan balances to the credit burro
    Wilshire forced flood insurance in an area that is not considered a flood zone, but does border a flood zone.
    I faxed them proof several times that I my local insurance company was providing me with flood insurance and I was still being billed by Wilshire, in the state of Washington it is illegal to charge a home owner twice for hazard insurance, but yet is was done. I refused to pay and my credit score paid. They started reported I owed more then I barrowed and started reported late payments because I was not paying that part of the monthly bill. PEOPLE CHECK YOUR CREDIT SCORES AND SEE IF YOU ARE BEING SCAMMED. I had an interest only ARM loan so it looked like I owed more then I barrowed. If I would have waited the 2 years, to avoid prepayment penalty points, to refinance my credit score would have been so low I would not have been able to get out from under their clutches and for sure would have lost my home to them.
    Wilshire primary role is Collections Agency, they bought high risk loans just so they could use unethical tactics to help along the foreclosure process so that they could profit.
    On my secondary loan, I was paying into equity but my credit report was showing I owed more then I barrowed, how is that when I was paying around $100 on the principle?
    On my 2 loans when I did refinance there was an additional $7,000 worth of charges that were never explained, but if I would have contested it I would have blown my window to refinance out of their ###.
    Once I refinanced out from under them my credit score went from 550 to 720. Hmmm. At the time I started the refinance process I was at 630 and falling. So if I would have contested the payoff balances I would have lost the opportunity to get out from under their questionable tactics.
    I did post comments on http://asktony.tonynovak.com
    And there was supposed to be a class action law suit forming, but the site is down and I have not heard a word on any legal action against Wilshire and there should be!

    Rhett Attwood

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  • Al
    al zim Sep 25, 2007
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    Indeed, Wilshire Credit is the worst mortgage servicing company today. They are not a lender. They are merely a mortgage servicer. The company is owned by Merrill Lynch and I am not sure if Merrill Lynch's executives or, better yet the company's shareholders, know that Wilshire's attitude and uncooperative approach is costing Merrill Lynch millions of dollars. I have a client who is going to lose her home to foreclosure because Wilshire credit would not accept $375,000 short payoff request on a loan amount of $380,000. Based on the current market conditions, Merrill Lynch will be lucky to recoup $350,000 if they foreclose on the property, not to mention the costs they are going to incur to proceed with a foreclosure action. I wonder if Merrill Lynch's executives and shareholders are aware that Wilshire Credit is ran by bunch of ignorant people.

    It’s not their money. So, they could care less.

    Merrill Lynch’s executives and shareholders ought to look into the practices of Wilshire Credit and save millions of dollars of shareholder money.

    0 Votes
  • Jo
    joanne farrell Nov 28, 2007
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    Wilshire credit raised my mortgage payment illegally at a time when I was already having financial hardship. Next they refused to give me a chance to work things out. Then they made an offer and when I accepted the deal they put the mortgage in foreclose procedures. Next, I found a buyer and yet they foreclosed after being notified I had a buyer. They have stalled the sale for months now trying to get me to loose the buyer and set a date for a public sale inspite of the fact I have a buyer. The mortgage was 87,000 and they are charging me 102,000 to close.I said ok lets do it. No answer.day after day it gets closer to the sale date of December 18, right before Chiristmas and my lawyer doesn't get a closing date. My buyer and his attorney are getting impatient.

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  • Ca
    Carla Scheurn Paglia Dec 07, 2007
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    THEY ARE RIP OFF. THEY PROMISED ME THAT THEY WOULD REMOVE ALL THE BAD CREDIT FROM MY REPORTS IN 45 DAYS, THEY DID NOTHING BUT TAKE $2000.00 FROM ME AND MY HUSBAND AT THE TIME THAT WE COULD HAVE USED THE MONEY TO DO SOME HOME IMPROVEMENT. THEY SHOULD BURN IN ****, FOR WHAT THEY PUT US THROUGH NOW WE HAVE TO GO TO ANOTHER COMPANY AND ARE AFRAID THAT THEY WILL RIP US OFF, I WANT TO GO AFTER THEM FOR TRIPLE WHAT WE PAID THEM. AND THAT THEY ARE OUT OF BUSINESS FOREVER. GET RID OF THEM, I WANT TRIPLE PAYBACK NOW!!!

    0 Votes
  • Gr
    Greg Fischer Dec 08, 2007
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    Wilshire received my mortgage agreement after being sold from Novastar. I've already gone through one foreclosure settlement and they now have put me in there again, despite the fact that this has been settled. It was settled at least over the phone and with payments that I've sent. However, for over two months I've been chasing them to get me paperwork that this deal has been settled and that my mortgage is no longer in foreclosure. I'm contacting my lawyer on Monday to see if we can get them back as well as contact Merill Lynch to see if we can get this resolved. Wish us luck.

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  • Al
    Al Smith Dec 18, 2007

    First I believe someone misinformed you of the definition of a bpo. A BPO is not a brokers option fee. It is the acronym for Broker Price Option, which is an estimate of probable selling price of a residential property based on selling prices of comparable properties in the area better known as a drive-by inspection, often used by a mortgage servicing company as an alternative to a full property appraisal when a loan is placed in default or loan terms are modified. I can see no reason this fee should be added if there is no foreclosure process in place. I would call them and ask to speak to the foreclosure department. You may ask the customer service agent to look in their comments on your account and see if there is any dialog about the bpo You may want to ask for someone in the structured loans department to ask if there was a loan modification.. You should also request a copy of your history statement. This will show all transactions on your account. As for the request for the tax information, I am to assume that you do not have an escrow account with them. Usually if the customer request not to have an escrow account they are responsible for showing proof of insurance and tax payments to the servicing company (if you look at your original note you will see this dialog. When you signed your note you agreed to these terms.) This is so if they are audited, they can show that the investment is covered. I have seen servicing company’s loose faxes from customers even though the customer did send the fax to the right fax number. In this case I would call customer service and ask to speak to the person in the tax department that is responsible for your state. Get this persons name and number if you can. When you talk to them ask if their department have a dedicated fax number and fax your information to that number and ask if they would call or email you a conformation that they received the fax. The company as a whole may not be that great, but gaining an ally in the company can be an asset to you.

    Hope this helps.

    Al.

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  • Bo
    Bob Cantore Feb 05, 2008
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    This place is a giant rip-off. Anyone interested in being a plaintiff in a class action?

    0 Votes
  • Md
    M deSantiago Feb 10, 2008
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    Wilshire Credit Corporation is a predatory lender and I have complained to the CA State Attorney about them on several matters involving extra charges that have no basis.

    Our mortgage has increased over 1200 a month and we have contacted WCC about helping us. Their continued response is they need more financial information. I don't know what more I can give them. My thought is they want us to fall into foreclosure.

    There 800 phone numbers are useless. When you call them you wait over 20 minutes to get a Rep. Then the Rep cannot help you and turns you over to another Rep who can't help. This tactic has been very successful. Borrowers, stay away form WCC you will regret dealing with them. They are as bad as ASC, HomeEq and some others.

    0 Votes
  • Eb
    Ebony Feb 16, 2008
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    I purchased a condo in Long Beach, CA in August '06. My original lender sold the loan to Wilshire Credit. As many stories go I was told my Wilshire that my best option was to sell the property, doing a "short sale" agreement with them. I found buyers submitted the offers and was sent a letter stating that they would review the offers and make a decision within 60 days of the notice. I was foreclosed on 30 days later. I wrote a letter to the Department of Corporations here in California complaining about what Wilshire Credit did. The department of Corporations contacted Wilshire and then Wilshire contacted me. They have reversed the foreclosure and are agreeing to the short sale as they said they were going to do from the beginning.
    My story isn't the norm, but it could be. Don't give up, even when they tell you there isn't anything they can do, talk to someone else. Keep complaining, keep calling, keep talking. If enough people do it, someone will listen. I am a great example.

    0 Votes
  • Al
    Alec Feb 23, 2008
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    I have the same problem with them in Oregon, they are messing with my life!

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  • Ka
    katy Feb 27, 2008
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    wow i see that im not the only one in this horrible situation, wilshire credit corp are a bunch of jerks!I have owned my home for 4 yrs they rasied my mortgage from 2,800 a month to 4,000!We had to go thru bankrupcy they never showed up to court but are still trying to foreclose on me, we call them everyday and get the run around, i dont know what to do these people should be shot!

    0 Votes
  • Am
    AMMAN CATALAN Mar 02, 2008
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    I have trying to lower my interest with them and nothing has happend. Their custome service is real bad. What can we do on the legal side?

    0 Votes
  • Sa
    Sammie Dawn Nelson Mar 03, 2008
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    My husband and i have been sending in letters to complain how Wilshire has been treating US so upfrofessional and giving us fees on top of fees and they are always sending us a default letter or a foreclose letter. We are first time home owner and Wilshire is a debt collector, thet are in the business of selling homes. They are not a mortgage company. We had water damgage in our home and the homer owner insurance company send us a check and they said we will keep half and when you make the repairs , we will release the rest after we send some one out to see if the repairs have been made. How can we order carpet with out the money. Now are our in our home with two handicap children on concret floors and Wilshire has our carpet and flooring money. THis company has to be reported. Please someone find a Lawyer to fight for our rights WILSHIRE FROM TAKING OUR DREAM. WE WORK HARD TO KEEP OUR HOME. WILSHIRE IS A LOAN SHARK. PLEASE WE NEED A CLASS ACTION SUIT FILED. THEY DON'T CARE ABOUT HOME OWNERS.

    0 Votes
  • Br
    bruce Mar 03, 2008
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    They have been very helpfull to me. They lowered my interest and my monthy payments to help me with my problems. They have helped me keep my house. Kudos to them.

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  • Be
    beth Mar 13, 2008
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    We need a class action lawsuit, it is the only way they will be stopped. Does anyone know of a suit already filed?

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  • Je
    Jeff Apr 04, 2008
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    I lost my home yesterday. I have been trying to work with Wilshire as soon as I fell behind. They were not willing to help me out and I had no idea that my house was going on the auction block until someone from wilshire called me the night before. I had someone willing to do a short sale but Wilshire said no. I tried to stop the auction but they wouldn't work with me either. I thought this was just me having these issues. I guess not.

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  • De
    Debbi C Apr 08, 2008
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    Wilshire is a servicer - not a mortgage holder. They legally CANNOT foreclose on your property unless they have the ORIGINAL MORTGAGE NOTE AND ASSIGNMENT from the original mortgage holder. There is NO legal precedent for one corporation to sue anyone on behalf of another corporation. Check the internet - google Ohio Judge Foreclosures. This is happening in the court rooms in Flordia and Nevada also. Judges aren't going to be settling for the "Lost Note" routine either. So if you are in foreclosure, get an attorney and download everything you find on Google. These judges are setting a "new" precedent and it helps the homeowner. In most cases, subprime mortgages (notes) are owned by a variety of investors - not just one and even the servicer CANT figure out who owns the property. Hope this helps.

    I've been trying a loan mod with Wilshire since 12/27/07 and can't reach ANYBODY and the only time I get a phone call is when they are looking for a payment!

    0 Votes
  • Je
    jesus Blanco Apr 14, 2008
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    My condo unit was hit for the two hurricanes in florida 3 and 2 years ago. I sent letters to WCC several times and they did not help me. I received a foreclosure note and on dec 13-2007 they will sell the property. They did not presented the proofs that the courthouse ask them.
    on april 08 they vacate the procedure and in this moments I do not know what is my situation. The mortgage is for 90.000 and the value of the condo today is about 25, 000 . I do not know what to do. Somebody can help me?
    Thanks

    0 Votes
  • Cr
    Crystal Apr 15, 2008
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    I purchased my first home in August of 2006 and about a month later my loan was bought by Wilshire. I have had numerous problems with them, the same as everyone on here. Right now my problem is that they are charging me 627.68 in escrow. I do not have an escrow account with them. They started this in Jan. before my taxes were even due. My taxes are only 3, 084.51. The total amount at 627.68 a month is 7, 532.16 a year. My house payment is 988.00 so adding the 627.68 is quite a lot for me to handle. Because of this I have gotten behind and they are now sending me foreclosure letters. I do not know exactly how escrow works. Can someone tell me what my legal rights are?

    0 Votes
  • Fr
    FreeDove Apr 17, 2008

    We bought our home from a guy as a for sell by owner deal. The seller worked with a company that had something to do with mortgages and lending and the whole thing was done in two weeks from the first day we saw the house. That should have alerted us but we were so happy to be getting out of the bad neighborhood we were in. We didn't know there would be a second lein in the deal of $25, 000.00 until the day of closing of which originally was through the same home lender Accredited Home Lenders. A short time later the second lein was transfered to Wilshire Credit Corp. My husband and I aren't very in the know on home buying and didn't think very much about it at the time. But we have been making payment of $246.61 for the past six years and the total principal paid is barely $1000.00! They only credit us with $15.94 to $16.09 towards the principal per payment and nothing goes into Escrow and we still owe $24, 827.04 after 6 years!
    I am 57 years old and disabled since buying the home and my husband is 62. I want to refinance the home and combine the 2 loans at a lower interest rate but after watching a special on TV about the shady home lenders I have no idea who to go through. I wish there was some legal action lawsiut that I could become a part of. They have really shafted the people and it is horrible what they are doing to us. Where do we turn for help? Isn't there anyway to get justice?
    Please anyone email me if you have any advice that can help.
    Thanks
    Janis

    0 Votes
  • Se
    Serge Jean May 25, 2008
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    Verified customer

    Our mortgage has jumped from $1478 a month to $2600. So far we have talked to many of their agents, and no one seemed to know why such a drastic jump. We have contacted Bill O'Reilly, Obama and Hilary. Only these folks can force Wilshire out of business.

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  • Al
    Alex Jul 05, 2008
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    a verified customer
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    How do we start a class action suit against this company for unscrupulous dealings?

    0 Votes
  • Jo
    Joyce Jul 14, 2008
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    I am interested in participating in a lawsuit against Wilshire. I have documentation to back up my stories. Anyone with ANY info, please let me know.
    Thanks
    [protected]@yahoo.com

    0 Votes
  • In
    Indiana Jul 28, 2008
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    a verified customer
    Verified customer

    We have owned our home for 9yrs before we refinaced in Oct 2006 within 2 weeks we were picked up by Wilshire Credit and within a month they said we did not have insurace on our home we had State Farm send over papers showing our coverage that is when they said that we had to have flood insurace on our home. We had never had flood insurace we have 11 acres and do have a creek at the back of our property but not close to the house so we sent mapping showing the flood level out here and they would not respond instead they added FORCED PLACED FLOOD INSURANCE on us at $445 per month. This is when we contacted our attorney and got him involved but they would not respond to him at all. So we continued to make our mortgage payment just not the extra $445 per month for several months until we got one of our payments back which was March 2007 when they sent out a Forclosure notice. Since then we have also had a FLOOD CERT. done on our propery showing that our house is not in the flood way and they still are not wanting to settle with us. We went to court on Friday and the Judge threw out our Flood Cert. and said we have 30days to pay back all payments including all attorney fees and court cost. We are waiting to hear what # Wilshire comes back with that we owe but this fight is not going to stop here. If there is anyone that has helpful information for us we would love to hear it. Please email it to me at [protected]@comcast.net

    0 Votes
  • De
    Dennis M. Halcomb Aug 05, 2008
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    Please contact me about one of your clients.

    thank you,

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  • Di
    diott1 Mar 02, 2009

    I to bought a home in October of 2006. I had my loan bought out by Wilshire about two months after I signed the papers. And like everyone esle I lost my job. However, I did manage to keep my mortgage payments current for about eight months of the 16 months I was unemployed. I have called repeatedly, to work something out with these people and like everyone else I was given the run around. I submitted there paperwork several different times for a modification on my loan. But, I never got any return phone calls, I always had to make them and if I missed the eight o'clock open time I never could get anyone on the phone. I was told there would not be a problem with the modification and GUESS WHAT, they put me into foreclosure. I have since retained a attorney to file bankruptcy to force these people to speak with me but, to no avail. They have forced Flood insurance premiums on me two seperate times and then filed penalty and late fees that once I proved I was not in a flood zone they would not retract. So I ended up being over 9, 000 behind when in fact I was only about 3000.00 behind. I was continually, and I mean every week, sending them a check of at least 400 per paycheck. That apparently was not good enough. CLASS ACTION LAWSUIT, OH yeah they need one! Count me in on this one. They are trying to take a family home that my spouses grandfather built! They also keep pointing out the amount of equity that is in the home. What is the point of that? I do not want a second mortgage to satisfy these greedy buggers nor do I intend to get one!

    0 Votes
  • Ca
    carol Apr 17, 2009

    we lost our home thanks to wilshire.they wouldnt help lower our payments they wouldnt even talk to us.one day we were in work they sold our home.never even notified us.count us in on a lawsuit.

    0 Votes
  • Wi
    WILSHIRE IS RAPING YOU!!!! Jun 27, 2009

    YOU MAY BE ABLE TO GO AFTER WILSHIRE WITH A (TILA) TRUTH IN LENDING LAWSUIT. THEY HAVE TRIED TO CONVINCE ME THAT MY HOME IS AN INVESTMENT PROPERTY SO THEY COULD FORECLOSE ON IT EASILY.MY HOME IS IN FACT MY PRIMARY RESIDENCE, ONLY PROPERTY I OWN AND THIS WAS DISCLOSED TO THEM AT THE TIME I APPLIED AND CLOSED THE LOAN WITH THEM.BASED ON (TILA) LAW THEY WERE SUPPOSED TO PROVIDE ME WITH A 3 DAY RIGHT TO RECISSION(RIGHT TO CANCEL) IN WRITING AT THE TIME OF CLOSING ON MY REFINANCE.THEY DID NOT, IF THEY DON'T PROVIDE YOU WITH A RIGHT TO CANCEL, YOUR RESCISSION PERIOD IS EXTENDED TO THREE YEARS FROM THE DATE OF THE CLOSING.THEY ARE PREDATORY, DISHONEST, VULTURES IN THE BUSINESS OF FORECLOSING ON PEOPLES HOMES. THEY OFTEN DON'T ANSWER OR RETURN PHONE CALLLS, THEY HARRASS YOU EACH TIME YOU CALL THEM AND TRY TO DISCOURAGE YOU FROM CONTACTING THEM TO TRY AND GET A LOAN MODIFICATION OR ANY TYPE OF CORRESPONDANCE WITH THEM.THEY WILL HANG UP ON YOU, HAVE RUDE SERVICE PEOPLE, WILL TELL YOU THAT IT TAKES 3 MONTHS TO REVIEW YOUR REQUEST FOR A LOAN MODIFICATION, AND ARE OVERALL FRAUDULENT. THIS COMPANY SHOULD BE CLOSED AND NOT ALLOWED TO DO BUSINESS.THEY ARE ONE OF THE REASONS THE ECONOMY IS THE WAY IT IS.THEY DO NOT OFFER HOMEOWNERS DECENT TERMS OF FINANCING AND THEN LOOK TO TAKE ADVANTAGE OF YOU WILL ALL TYPES OF TRICK CLAUSES TO STRIP YOU OF YOUR HARD EARNED MONEY WITH OUTRAGEOUS FEES AND ATTORNEY FEES AND MORE FEES THAT WILL BE DUE NOW, AND AGAIN IN 3 MONTHS AND AGAIN IN 3 MONTHS FROM THAT, ADDING UP TO TENS OF THOUSANDS OF DOLLARS. THIS COMPANY IS THE REASON HOMEOWNERS WILL CONTINUE TO BE FORECLOSED ON AND PROPERTY VALUES WILL CONTINUE TO DECREASE.IT DOES NOT MAKE SENSE THAT THEY WOULD WANT TO ATTEMPT TO RECOVER A LARGE AMOUNT OF MONEY OVER THE ACTUAL VALUE OF YOUR HOME DUE TO DECLINING MARKETS INSTEAD OF WORKING OUT A FAIR DEAL WITH A HOMEOWNER AT A REASONABLE INTEREST RATE.MORTGAGE RATES ARE IN THE 4 & 5's% RANGE AND WILSHIRE LOVES TO TAKE PEOPLE AT DOUBLE THAT USUALLY 8, 9, 10, or 11's%.THEY ARE PREDATORY AND NEED TO BE STOPPED.WHEN THE US MORTGAGE AND FINANCE MARKETS TURN BACK INTO A MARKET WHERE LENDERS ARE COMPENSATED FAIRLY FOR THEIR DEALINGS WITH BORROWERS AND NOT REWARDED FOR RAPING THEIR HOME EQUITY, LIVE SAVINGS, EFFORT OF HARD WORK AND MORALE BY STRIPPING PEOPLE OF THEIR AMERICAN DREAM OF HOMEOWNERSHIP THEN THE ECONOMY WILL RETURN TO NORMALCY.

    0 Votes
  • Te
    terrymander Jun 27, 2009

    sounds like you may need a loan audit. I had my done by American Loan Modificationn Group, AKA National Mortgage Solutions. They audited my mortgage found errors and used those errors as leverage over my wilshire to get me a good modified mortgage [protected]

    0 Votes

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