• Report: #346224

Complaint Review: Wilshire Credit Corp

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  • Submitted: Tue, July 01, 2008
  • Updated: Wed, July 02, 2008

  • Reported By:plainsboro New Jersey
Wilshire Credit Corp
Pasadena , California U.S.A.

Wilshire Credit Corp caused buyers to back Pasadena California

*UPDATE Employee: your answer

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I closed last november of 07'.I lost two buyers due to wilshire not cooperating and making the process take weeks to month to accept a short sale.I complained numerous times which did make it seem to go quicker.

The next offer I recieved though was 20,000 dollars less than the total I owed.I accepted the offer cause I could no longer pay the mortgage.The other downside is wilshire says the do not do short sales as part of a wash for the money that is short.

Wilshire says they do accept to do a different loan after the sale of the house then with the 20,000 that made it a short sale I owed to wilshire for a loan of 10 years.

I really think this is unfair because other banks do accept a short sale for which that is the reason they call it that but wilshire doesnt.It seems like it put me in a position where I had to accept it or Iwould go into foreclosure.They also make me pay interest on the 20,000 dollars.

I also need help with anyone who knows how it affects you after,credit wise.I have lates on my loan now every month after the sale of the house which has greatly affected my credit.

Is there anyway I can still get this 20,000 dollars that I owe washed..please help

plainsboro, New Jersey

This report was posted on Ripoff Report on 07/01/2008 07:33 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wilshire-Credit-Corp/California/Wilshire-Credit-Corp-caused-buyers-to-back-Pasadena-California-346224. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE Employee

your answer

AUTHOR: Allie36 - (U.S.A.)

To answer your questions about the short sale process, I want you to know wilshire is not required to take a short sale. We do if the customer has no other way. I am sorry the first deal fell through. It is my understanding that a short sale is not as bad as a foreclosure on your record. How it will show on your credit is amount that was owed, amount that was paid, and settled. It is much better than a foreclosure. I am sorry your credit was messed up. Sounds like you may have had a adjustable rate and the payment went higher than you could afford and most likely you tried to refinance but there was either no equity in the home or your credit was not where lenders wanted it. Either way, credit is repairable it will take some time but it will happen.
Good luck to you.
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