Wilshire credit corporation refuse to help disabled refinance Portland Oregon

this started in 1992 when I was hurt at work 6 months prior we bought the house we could not afford disability insurance at the time .6 months later Iam rendered disabled we kept up as long as we could but with no income we had to file a bankrupcy we kept the house out as we needed a roof for the kids.In New York you cant sue your emloyer for injuries so I only get comp checks which arent much.when I was approved for SSIdisability the govt sent all kinds of offers to help out EG.home insulation low interest loans etc. they also told us they could help with reduced mortgage paymnts.They told us about a forebearance agreement and we took advantage of it as it let us keep a roof over our heads.After 2 yrs they sold usto a collections agency because some politicians said the program wasnt working the way it should.When we first signed the agreement with HUD they assured us that after the 1st 3 yrs if we were still in financial difficulty they would refinance us or if things were really bad they would forgive the arrearages and help us keep up to save the house.Ultimately none of this happened as the program was eliminated. when we approached wilshire with all of our info they say they can accept a lower offer just not from us.any stranger can buy it for less just not me whom has very little income and only keeps paying as i have noplace to go.We have always kept up with paymts so that we could get a loan someday and now we cant get one large enough and wilshire is strangling me for the rest. I had even spoken with theyre management and he agreed that my note was purchased from the govt for pennies on the dollar and that they could sell my home for almost nothing but not to me .I wish somebody had an Idea how to help.Iam praying my cancer is cureable so someday I can resolve this and releive my wife and kids of this burden.

Dear Brian,

On the basis of the information you have given, and without reviewing your loan documents, there really is not enough information for anyone to make an informed determination about your interactions with the reported Wilshire Credit Corporation. I can tell you, however, that this credit corporation is not a business I would want to do business with!

When you first purchased this home, could it be that this lender knew in the beginning that your loan was "up-side" down? Or could it be that you paid the lender in the beginning the difference between the purchase price and the loan amount?

EXAMPLE: ($87,000.00 PURCHASE PRICE - 60,000.00 LOAN AMOUNT = "UPSIDE DOWN" $27,000.00 DIFFERENCE) or $87,000.00 PURCHASE PRICE - $50,000.00 LOAN AMOUNT = ("UPSIDE DOWN" $37,000.00 DIFFERENCE) cash you needed to get the first loan + costs, including fees?

In most cases, before the lender makes a loan to you for the purchase of a home, you pay THE LENDER for the appraisal, but the lender will get(order) the appraisal and you can access a copy for your records, AND if the appraisal comes in at $50,000.00 then this is usually about the amount of the loan that the lender will give the purchaser.

Lenders are regulated by law as to what they can loan, length of time for making the loan, fees they can charge, how those fees are applied, etc.

If you paid a substantial amount of money above appraisal amount to get into this home, in my opinion it is a bit much to just "THROW TO THE DOGS" give up on(lose) and again I would recommend that you discuss this matter with a professional in your state...Real Estate Attorney. There might be additional options available to you especially if you had a real estate agent involved in this purchase; possible complaint with the Real Estate Department, etc. GOD BLESS! WILL HOPEFULLY SEE YOUR REPORTED PROGRESS!

Brian,

It sounds like you purchased your home at some time in the past and the payoff amount on your mortgage is now $87,000. It also sounds like you think the lender should lower the payoff amount to as low as $50,000 because you think that is all the house is worth and that the lender should then refinance your loan reflecting your lower appraisal.

The lender has no reason whatsoever to do what you are seeking. You are asking them to take up to a $27,000 loss. You can shop around for another lender and a lower interest rate, but you're still going to have to pay off the existing mortgage. If you really do owe $87,000 on a house worth only $50,000 you have little chance of finding a new lender.

I'm not sure how you got into this situation, but you are upside down. You owe more than the house is worth. My guess is that you had some sort of financial problem in the past and got snared by a predatory lender.

Home ownership is not for everyone. If I were you I would immediately find an affordable apartment while your credit is still good then move out and stop making mortgage payments. Let the lender take the house. If you have no income other than disability payments, they won't have much of a chance to garnish your wages.

When a Homeowner has an interest in refinancing his/her home mortgage, the following information should be considered: 1) Loan balance 2) Current Interest Rate 3) and number of years owed on loan(mortgage).

EXAMPLE: $100,000 LOAN FOR A 30 YEAR MORTGAGE with a 5% interest rate = $536.82 monthly (PI) plus property taxes in your state + your fire insurance will, of course, give you your total
payment + homeowner association dues, if any.

Your monthly property taxes would usually be included in your monthly loan(mortgage) payments and paid for by lenders.

If your current interest rate is 5%; when you refinance, of course, (then you would want a lower interest rate lowering your monthly loan payments) versus your current 5%. In many situations not usually lowered more than 2% less than your current rate.

If your credit rating, income (disability income counted but for approval from lender, must have income proof from Social Security), and other ducks are in order...should have no problem refinancing, and I would suggest shopping around with different lenders. Mortgage Broker's charge extra fees, but are good with helping you obtain a loan or with getting your refiance documents prepared and placed with a lender.

POINTS AND ORIGINATION FEES ARE most ALWAYS NEGOTIABLE!

When in doubt, suggest second opinion from other professional help for looking at your loan documents and or possible fraud discovery.

GOD BLESS!