Our original mortgage with Old Kent Financial Services was sold to Wilshire in 2001. We received a letter from Old Kent in regard to the transfer, and didn't think much of it at the time, because we had owned another home previously and the same thing had happened, with no problems.
However, as soon as Wilshire got hold of our loan, it mysteriously was behind a month's payments, and they tacked on all sorts of fees, etc. Despite catching them up, we were constantly behind a month the entire time we had the loan with them.
We put the house up for sale in November, and shortly after that my husband was laid off from his job, and we couldn't make the payments, which by this time had become exhorbitant as the loan was at an adjustable rate. Our home went to foreclosure sale, but we had 75 days by state law to redeem it or sell. We found a buyer and proceeded to sell the home within the allotted time frame, pulling it out of foreclosure in May. All proceeds were sent to the trustee, who then disbursed the funds, as is normal procedure.
The amount we paid didn't match Wilshire's payoff amounts or the amounts on the previous bills, but was in excess of $110,000 on a $98,000 loan. Then the fight began.
We contacted Wilshire repeatedly, requesting the overage be refunded to us, and also asking each time that they perform a complete audit on the account, so that we could see where the money came from. We got replies that we needed to contact the foreclosure attorneys, the trustee, and just about anyone else but Wilshire, which we did, and everything led back to Wilshire. Yet they did nothing to remedy the situation.
In early we realized we hadn't yet received an interest statement from Wilshire in order to file our taxes. I called and requested the statement be sent out three times, and finally received it in May, when it should have been mailed by the end of January. I asked again about the overage, and also about the release of the deed of trust, which we hadn't gotten, either, and again for an audit of the account, receiving none of that.
I then took my complaint to the state Attorney General's office, and went through more back and forth nonsense with Wilshire. The Attorney General's office was of very little help, claiming that they were only mediators in this type of problem, and couldn't really do anything about it. When we sent proof to Wilshire that their numbers were wrong, they sent us another interest statement that was thousands of dollars different than the first one, and switched all the numbers around to suit their purposes, yet they still didn't match anything they'd given us previously.
The Attorney General's office said there was nothing more they could do, and we'd have to hire a private attorney, something our budget just doesn't allow for right now. So we reluctantly let it go, and thought we'd hear nothing more and were done with them.
Recently, we were hoping to buy our own home again, and spoke with a mortgage specialist, who ran credit bureaus and lo and behold, there sits Wilshire at the top of the list of every credit bureau, reporting our account as a foreclosure (it's not, since we redeemed it) and also stating that we still owe them $104,000!
Lawsuit?! You betcha!!! We'd love to stick it to these morons the way they're still sticking it to us after all these years. I don't know what the requirements for working for Wilshire are, but I do know that ineptitude and rudeness must be at the top of the list. Something definitely needs to be done to put an end to these people ripping people off and ruining their lives, once and for all.
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