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!
San Diego, California