When my home was purchased in 2004, I had 80/20 loans. Refinanced next year and 2nd to Wilshire was paid off.
When refinanced in 2007, ran into problem where Wilshire never sent in Release of Lien to local Recorder's Office. Called them twice, closing company called them also, and they promised paperwork was on the way. Some way, some how, that loan finally closed. Now trying to refinance for better interest rates and closing is being held up because Wilshire lied and never sent the Release of Lien.
Now closing company is trying to deal with Bk. of America and that is like trying to get a needle out of a haystack.
I'm sure I paid several times over for that Release to be recorded and it never happened. I think somebody somewhere should sue their a*** off.
Product or Service Mentioned: Wilshire Credit Loan.