• Report: #223513

Complaint Review: Wilshire Credit Corp.

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  • Submitted: Sun, December 03, 2006
  • Updated: Thu, May 29, 2008

  • Reported By:San Diego California
Wilshire Credit Corp.
www.wcc.ml.com Portland, Oregon U.S.A.

Wilshire Credit Corp. Customer Service my *ss! Foreclosure with no written notice! Wilshire Credit Corp sucks! Portland Oregon

*Consumer Comment: In support of Constomers of Wilshire

*UPDATE Employee: DO NOT BLAME ANYONE BUT YOURSELF

*Consumer Comment: You are not correct Bonni

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I purchased my home in January 2006. My first mortgage company was WMC, who sold my loan within 30 days to Litton Loan Servicing. I only made one payment to Litton before my loan was sold to Wilshire. By June, I was having problems paying the over-inflated mortgage and called Wilshire in July for help prior to becoming behind on the payments.

They told me that since I wasn't behind in the payments they couldn't help me. They said I had to be about 60 days behind, then I could fill out a loan work-out sheet to see if I qualify for a forbearance. Mind you, I was trying to get help BEFORE I became deliquent on the payments.

In August, I called again because I barely made July's payment and I wasn't going to be able to make August's payment. Still, I was told that I wasn't "behind enough", however, one person I spoke with allowed me to split my payments up and by the middle of September, the mortgage for August was paid. When I tried to do the same thing for September, I was told that the previous arrangement wasn't considered a "real payment arrangement" and I couldn't do it anymore.

They finally allowed me to fax in the loan workout paperwork in October and told me that someone would call me about it in a couple of weeks. I made two additional calls to check on the paperwork. One call was to tell them that my tax bill had arrived and I wanted to add it to my expenses. (I wanted to know if I should refax the paperwork to include the tax bill.) Again, they told me that someone would call me back about the paperwork. We're into November by now.

I called again right before Thanksgiving to check on the status of the loan workout paperwork and was told that I was in foreclosure. The girl said that it was noted on the account that someone told me that my loan workout paperwork was rejected because of my income. I had NO IDEA what she was talking about. No one had talked to me about that paperwork since I faxed it to them. I asked her how it was that because of my expenses, I didn't qualify for a forbearance.

She told me that their "idea" of forbearance was breaking up the the amount that I was behind into equal payments and attaching it to my regular monthly payments! Because my expenses outweighed my income, I wouldn't be able to afford that. (well, DUH!) I told her that if I were able to make "extra" payments, I wouldn't be behind in the first place! I told her that my understanding of "forbearance" was NOT PAYING the payments for a specified amount of time, giving the person a chance to pay off other bills to have enough money to start making the regular payments again and the unpaid portion would be attached at the end of the loan.

Oh no, not with Wilshire. They wanted me to make a "down payment" which is a percentage of the amount that I'm behind on, then make extra payments per month to catch up. What kind of crap is that?!? And on top of that, I never received any notices in the mail that I was about to go into forbearance, nor did anyone mention it all those times I called to check on my paperwork. My friend, who is a real estate agent checked with a local title company and they couldn't even find anything on a forclosure for my property. It makes me wonder if they're even telling me the truth. I'm now trying to either re-fi or sell my property quickly before I lose it to a forclosure.

It really pisses me off how I went to this company for help before I couldn't make the payments and they couldn't help me because I wasn't behind enough. And now that I'm behind in the payments, they still say they can't help me because I don't make enough to afford extra payments, but they can sure put me into forclosure in a hurry! The bastards!

Bonni
San Diego, California
U.S.A.

This report was posted on Ripoff Report on 12/03/2006 12:31 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wilshire-Credit-Corp/Portland-Oregon-97207-8517/Wilshire-Credit-Corp-Customer-Service-my-ss-Foreclosure-with-no-written-notice-Wils-223513. 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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REBUTTALS & REPLIES:
0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

In support of Constomers of Wilshire

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

Bonnie like you we purchased our home at the same period of time. Like you our loan was accepted by WMC sold to Litton then sold to Wilshire. My ARM adjusted in April of 2008. the added $300 a month is killing us but we are making it and praying that the housing market will get better so we can re-finance our home. WE would finance it now but we are 10k upside down on our home and nobody really wants to finance a home that is at a negative equitity. here are some lessons I have I learned from all of this. 1 - Hire a real estate attorney that will walk you through the process 2 - Do not trust anybody from the mortgaget companies to include mortgate brokers who love to sell you a dream so they can insure they get the 6% commission. 3. Become educated on real estate and Fair Credit act. The sad part of this consumers are not educated enough about real estate contracts and go into these negotiations completly blind, I was just like everbody else believed in my Mortgage broker and believed that I would be able to refinance my note after two years. I am responsible for the actions however hindsight is 20/20 and if I knew now what I know now I would have stayed in my apartment.
Bonnie I truely hope that you make it through this process. I dislike wilshire and their business practices. however realize this they are a service company and only service the loan and skim a service fee off before it is sent to Your loan holder Which is some other entity and Wilshire will not share that information with you.

Regards
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#2 UPDATE Employee

DO NOT BLAME ANYONE BUT YOURSELF

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

I AM SORRY THAT YOU ARE HAVING FINANCIAL PROBLEMS. BUT YOU CAN NOT DEPEND ON ANYONE ELSE TO TAKE CARE OF YOUR FINANCIAL PROBLEMS BUT YOURSELF, YES WCC HAS A FORBEARANCE AGREEMENT OPTION AND LIKE MANY COMPANIES THERE ARE SOME GENERAL REQUIREMENTS THAT YOU HAVE TO QUALIFY FOR AND ONE IS YOUR ACCOUNT HAS TO BE 60+ PAST DUE THAT IS TO HELP AVOID FORECLOSURE. AND BONNI YOU SHOULD NEVER NEVER JUST STOP MAKING PAYMENTS JUST CAUSE YOU ARE SENDING IN FINANCIALS FOR HELP. YOU ARE JUST MAKING YOURSELF MORE AND MORE BEHIND. AND ONCE YOUR ARE BEHIND ITS VERY HARD TO GET CAUGHT BACK UP. WHENEVER YOU DO GET BEHIND A MONTH OR TWO WE CAN SET UP A PAYMENT PLAN WHICH YOU DID MENTION A REP DID SET UP PAYMENTS, BUT YOU HAVE TO UNDERSTAND WITH A PAYMENT PLAN YOU STILL WOULD HAVE TO BE ABLE TO MAKE A FULL PAYMENT PLUS EXTRA TOWARDS THE PAST DUE MONTH OR MONTHS. FOR THE PAYMENT PLAN TO BE A "REAL PAYMENT ARRANGEMENT" IT WOULD HAVE TO BRING YOUR ACCOUNT CURRENT IN A CERTAIN AMOUNT OF TIME.

FOR TAX BILL IT ALL DEPENDS ON IF YOU HAD AN ESCROW ACCOUNT OR NOT, IF NOT THEN ESCROW ACCOUT WOULD NOT BE SET UP IF THERE IS ANYTHING DUE FOR THE NEXT 3 MONTHS OR IF THERE IS DELQ TAXES, THAT WOULD BE YOUR RESPONSIBILITY.

IF YOU SEND IN FINANCIALS SHOWING THAT YOUR INCOME IS ENOUGH TO BRING YOUR LOAN CURRENT THEN OF COURSE YOU WILL NOT BE APPROVED FOR THE FORBEARENCE, IF YOU SAY THAT YOU ARE BEHIND ON OTHER BILLS DID THEY ALL HELP YOU IF SO THEN WHY COULDN'T YOU MAKE PAYMENTS TO GET CURRENT. WHY WOULD IT BE OUR FAULT IF YOU CAN NOT MAKE PAYMENTS???
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#3 Consumer Comment

You are not correct Bonni

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

A forebearance plan requires you to put down money, then it breaks out whatever you're behind, plus fees and penalties, and adds it to your house payment.

What I don't understand, is you eluded that your house payment increased when the loan was sold? It can't do that, unless you have an ARM, in which case, it didn't matter if the loan was sold or not, your payment would've increased anyway.

You loan agreement cannot be changed just because your loan was sold. If your payment was $1000/month, it stays at $1000/month until the loan is satisifed, unless you had an ARM.

Sounds like you bit off a little more than you can chew in this house. It would be best to sell now and save yourself the foreclosure. Forget refinancing, you're credit is probably really screwed by now because of your late payments.
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