Wilshire Credit Corporation Lies, deception, verbal and mental abuse, threats and extortion Beaverton Oregon

Obtained an ARM 8/04 with New Century Mortgage. They sold our mortgage to Deutsche Bank (without our knowledge) then Deutsche Bank hired Wilshire Credit and Collections as their loan servicer. Nightmare ever since. We have constantly had a problem with their insurance dept. They kept saying we had no insurance and we did. The sent no less than 50 letters within a year stating they were purchasing high risk insurance. I called Wilshire so many times but couldn't get anywhere. I finally stopped calling. They continued adding insurance.

In November 2007, I lost my job through no fault of my own. I immediately called Wislhire and told them we would be late. In December we received a $985.00 lite bill (won't go into that) and I called Wilshire and told them we need to work something out for November and December. They told me to send in forebearance forms along with our W-2's, tax returns (2 years), bank statements, check stubs. They said they would REFINANCE the loan at a lower interest rate. I waited and called continually. They said no one else could help me except the person who was working on our loan. I continued to call, he never returned any.

n April, a man hired by Wilshire came to our home to take pictures. He lied because he told me that Wilshire sent him to take pictures of all homes to see if they were being lived in. I called Wilshire and talked with the man taking care of our loan who told me not to worry, just routine. The next week we received foreclosure papers by certified mail. I again called Wilshire who told me DO NOT WORRY - YOUR HOME IS NOT BEING FORECLOSED ON. IT IS ONLY A COMPUTER GENERATED LETTER (from Wilshire's attorney ?) and our file is still being worked on. My fault for trusting them.

I called the next day and spoke with a man in the loan mitigation department who told me that the man I have been dealing with for the last 4 months was not handling our loan and has never handled our loan and if he called our home we are not to speak to him ever again and if he called us we were not to speak with him. He then wanted us to send in all the information that I had already sent in because he didn't know where any of our paperwork was. Wilshire also asked why I wasn't working and told me I need to find a job NOW. I told them I have a disability but will work however, I cannot work just anywhere. Wilshire told me they didn't care if I have polio, I need to find a job.

He then told me that I didn't know who was important enough to be paid first and that was Wilshire. He asked how much money do we have? He then asked how much money I would be making if I was working. I told him I was in college right now and he told me I need to quit and find a full time job to pay them. He then told me we cannot afford our home and we should move. (I find this to be strange since we have lived here for 22 years and this is the first time we have ever had a problem and we have never had a problem paying our mortgage before.)

Wilshire did (for the first time) call me the third week in May said they would work something out if we put down $1,300.00 and paid $900.00 a month. Desperate to save our home and Wilshire not wanting to work anything else out with us I said OK BUT when the papers came for us to sign they state many things I never agreed to.

For instance they state that we agree not to file any kind of lawsuit against Wilshire, its affiliates, partners or our loan provider. They papers also state this is for a two-months period and after 2 months Wilshire has the authority to reevaluate our loan status and determine what the interest rate will be. I won't sign it! Wilshire said either we sign it or we lose our home. We think that because we still have fairly good equity in our home Wilshire wants it because they can make money off it. I totally objected to us paying their legal fees because they were too incompotent to take care of the loan in the first place. They are making us pay for their screw-ups. To the tune of almost $6,000.

Yesterday Saturday 06/08 we received a another letter from Wilshire which states complletely different amounts from what was sent by the attorney. The letter shows much higher amounts than Wilshire stated and the letter also shows insurance due which there was none.

This is blatant clear cut extortion. We are being forced to pay the fees and amounts and either we pay or else lose our home. There is nothing else to call it except extortion. Plain and simple!!

Now they have already been getting 12-14% interest on this loan and the extra charges each month they billed us for (and that we paid) went against the interest and not the principal. We never knew that. They also stated that no insurance has ever been charged against our loan but this is not true because I have the papers showing they did. What I wanted was a complete audit of our account from the time the loan was transferred to them to see where the money has gone each month. They have refused to do that.

Now the "kicker" on all this is that we have huge "structural" damage on our home that happened in February. Our insurance has paid us a check to repair. This damage is very dangerous because the ceiling in the garage has collapsed and we are getting a backdraft from the garage ceiling going into the attic. The gas water heater is in the garage and the pilot light keeps going out and when that happens the fumes are going into the attic and our carbon monoxide continually goes off. This is very dangerous. Wilshire knew the insurance paid us (we pay the first $1,000) and Wilshire has told us the check belongs to them and if we cash the check they will sue us. Now we are living in an unsafe house and Wilshire knows this.

I suppose we file bankruptcy this week as a last ditch effort to save our home. We have no other options. Also have not been able to find an attorney to take this case on. We are devastated. There is no other options that I have not explored.

Now I ask why this company is getting by with what they are doing to people. Why has no one came down on them? I believe extortion is illegal!! Is Wall Street bankers and Merrill Lynch protecting them? Wilshire has violated FDCPA regulations, and broken state laws and federal laws.

Look on the internet and you will see hundreds of complaints against them but no one has done anything? Where else do we go? I have turned them into the Federal Trade Commission, Texas Attorney General, Better Business Bureau, Federal Reserve Board of Governors and so far have received no replies.

I have everything to back me up on all this so these accusations are fact-based. This company has to be stopped by someone, someway and somehow.

Thank You,
Skj
Angleton, Texas
U.S.A.