1. We were victims of wilshire's collection company too.
2 we bought a home from what turned out to be a preditory lender in 2002 in gresham oregon.
3. Preditory lender sold our loan to wilshire collections company.
4. Turns out the two preditory lenders we had, didn't know about the other one... Our first mortages was sold to one pred/lender and our second mortgage to another pred/lender!!!
5. Wilshire bought our second mortage...
6. When lost our home as so many americans have done in 2004. We file a chapter 7, no asset bankruptcy and was granted it. The house went to foreclosure, etc.
7. Then in we get a tax bill for over $8,000 dollars! Wilshire files frivious 1099-c tax forms against anyone who doesn't pay them.
8. We won, they lost... But beware... Any dollar you owe them will be filed as a frivious 1099-c... It took us 6 months of documented paperwork to fix the tax problem... It started a spiral of paperwork chases with the tax people both fed and state...
9. What allows them (wilshire) to operate in the first place.in the 1980's ronald reagan deregulated the banks. This county also allows foreigners to buy real estate here (in the usa). These are the same people behind the preditory lending. All of the rules that protected us from shyster lending, have been removed. You no longer have to have a down payment, can prove you can make the payments, and have a good credit history to buy. All a person has to do is sign on the dotted line... For any thing... New home, refi, line of credit attached to your home and its value paid off...
What hurts americans...
1. Being viewed by other countries as suckers with a buck.
2. Taxing our savings accounts etc.
3. Deregulating banks.
4. Foreigners buying our land up, driving prices up... Arab sheiks can always meet the buyer's price... Can you? No...
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