First off, I want to say that I am aware that Wilshire Credit Corp, is a loan servicer and their first obligation is to service the loans and to make sure that their investor's (not us consumers) are their clients. Also want to say that they (or any other bank/servicer) are not required or obligated to agree to short pays.
Ok, that being said - they should have an obligation to be truthful to us as consumers. I have been trying to make arrangements to bring our loan current since November. Talked to a different person in customer service each time. Finally our loan was transferred to loss mitigation/workout department - would still get a different person each time. Faxed over the paperwork required for a forebearance Agreement/Payment plan early in Feb 08 - tried from that time thru 5/19 to get someone to tell me whether we would be approved or declined. Wilshire started foreclosure early in March, I continued to call (I have a call log) I called at least 27 times during at time, sometimes waiting on hold from 45 minutes to 2 hours before someone would answer. Had the same issues that other people have stated, tried to leave messages for supervisor's but their voice mail would be busy or would leave messages never to hear from anyone. I even had the email for the person working on our file - never to have a return call. Also, they have NEVER called me to date - I have made all phone calls. Even called HOPE NOW to see if they could help - made a conference call with the HOPE NOW representative to see if that would help - made no difference. We did have money to put "down payment" on our delinquent payments - hope now said should have no problem to get payment arrangements made.
Well, due to foreclosure laws, as of 5/19 we decided to cash in (and have to pay IRS Penalties) on a small 401K account that we had to bring our loan current - asked for a reinstatement balance finally (after 3 more phone calls) got the amount verbally (they were having problems with my fax machine) wired the amount they asked for on 6/9, verified with a customer service rep in loss mitigation on the 12th that they had received our money. Received the follow up foreclosure paperwork on 6/16 - called again "just a formatlity - computer generates automatically) called the foreclosure trustee on the 19th - they hadn't received anything from Wilshire to postpone or cancel the foreclosure set for 7/6/08 - called Wilshire back again on 6/23 - was told that "for some reason the funds have been placed in suspense" and that he put me on hold - came back saying that he had talked to his supervisor and that would get it fixed and to call back the next day to verify. Called yesterday 6/24 and basically was told that they "were working on it" and that the lady that I talked to was personally going to take ownership of my file and see that it would be corrected - to give it a few days and then for me to call back "if I wanted". I let her know that I was quite concerned due to the fact that the foreclosure sale was scheduled for 7/6 and that was only 8 working days away - she stated (and it is true) that they can cancel the trustee sale with a quick phone call - I let her know that I was not comfortable with that possiblity because it would be also very easy to slip through the cracks and have our property auctioned and once auctioned - to undo it is very difficult.
One of the reasons that I am writing this is that I have seen some Wilshire employees respond to some of the reports. I'm hoping that maybe someone can shed some light on what is going on. I do (and have for 25 years) worked in the Escrow profession (and foreclosure profession for that matter) so I do understand how the process works.
I know that is our fault that we got behind in payments - with the slow/melt down in the industry I lost the job I had and am now working for 1/4 of what I used to make. Also had 2 deaths in our family during the last 8 months and have been trying our best to keep our homes.
I will say that during the last few weeks, Wilshire has been answering the phone quicker and the people have been much nicer and seem to actually want to help - but in the meantime they have over $13K of our money and it looks like we will still probably lose our home.
Any help or suggestions would be greatly appreciated.
Cedar Glen, California