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I have the same problem with whilshire credit mortage i fell behind on my payments and for 6 months i called them told them what was going on no help went to hud no help so they foreclosed on me in jan hired lawyer in jan still no help so wilshire caused me to lose my home because all i wanted them to do iis lower my payments and they wouldnt so now in july i might be homeless because I have no one to help me no one now i got a better paying job but now im trying to play catch up,and the lawyer that i gave 1775.00 to wont answer my calls her in mich im doomed rhe best to any one who deals with wilshire

Monetary Loss: $105.

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Anonymous
Montague, Michigan, United States #14541

Let's get real here... Look I think it sucks that people are losing their homes & filing BKs over this whole housing/mortgage crisis the country is dealing with, BUT these people took out these loans & chose to sign notes in which they agreed to loan terms they couldn't afford. Loan servicers and banks are not obligated to do anything for you if you can't hold up your end of the bargain...

With that said... If you think that they just want to take your house... You don't understand how the banking industry works. Do you actually think they make money off of that? In a vast majority of foreclosures that are occurring these days the banks are foreclosing on homes where the outstanding loan balances these borrowers owe is much higher than the value of the property. These companies are taking losses of ten if not hundreds of thousands of dollars everytime they foreclose on a home.

They have every intention of working with people to keep them in there homes... The problem is these companies aren't staffed to service the second great depression, can't answer every single call that comes in & can't possibly fix every situation that needs help. Its impossible. And a lot of their time is wasted trying to save someone that doesn't have income or has some other obvious obstacle that will prevent them from ever getting their head above water... Do you expect them to just say, "Oh sorry, yeah forget about the $500,000 loan you promised to pay... and couldn't afford. Its ok, just go on & we'll just write it off..."

Get Real

When you buy a home... or anything in which you are signing a promise to pay back more money then you've ever seen... you need to be realistic & make sure you can afford it. If you aren't willing to do the math & be financially responsible... That my friend is on you. Buyer beware.. all that stuff.

Anonymous
Platteville, Wisconsin, United States #11766

I am a little confused why these issues don't fall on the consumer considering all of these start with "I was X number of months behond on my payment." Didn't people read anything on ARMS before taking them?

Anonymous
Edmonds, Washington, United States #10934

I feel your pain. Wilshire raised my ARM to an astronomical , criminally insane rate the very frst month they were able.

After falling behind, I asked for a modification. They wanted me to fill out hardship papers, etc but never promided to actually do anything to help. Florida Law required them to accept a loan reinstatement including all their extra fees. They stalled on the reinsatement amount for weeks.

We finally sent these to their lawyers in Ft Lauderdale. Secured in the knowledge that my home was safe for now from these vultures, I was shocked to get a letter from the County Court clerk that me home had been auctioned for a dismal amount the previous day! The atty's claimed the atty handling the case was out of the office and never saw the reinstatement. I got a SECOND attorney involved who discovered they never disclosed the larger first mortgage to the auction buyer who thought he was going to male a quick fortune on my misfortune.

NOT !! The Judge ordered the sale vacated and the title put back in my name. He also directed the State Attorney to investigate Wilshire's attorney's actions in this matter.

When Wishire tells you that they're not in the real estate business....BULLS--T !!

They absolutely ARE. Their loan "service' is merely the tool to get them lots of properties on the cheap! ***, they even state on their website and letterheads that they're a DEBT Collection Agency!! We got lucky and escaped their clutches and had 2 good lawyers working for us.

Most peeps aren't. We're still working to pay off this loan entirely.

They have behaved relatively well since ,except the multitude of phone calls if the payment isn't in by the 1st of the month. But I won't let my guard down until they're gone from my life!

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