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

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

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???

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.