My husband and I bought our home three years ago, with the understanding that our interest rate is not fixed. We knew that with in the first year the intrest would increase and every five years after that. Since Wilshire has taken our mortgage loan our interest rate has been risen four times. This has made our payments: $675 for 12 months, $738 for 6 months, $804 for three months, $838 for three months, and is now $917 for the past two months. Wilshire has made numerous calls to us as we are unable to pay the full amount of the monthly payment at this time. The lady on the phone has told us that our interest rate will be rising every six months, she would not disclose how much that rate would be. I figured that within the next six months our mortagage payment will be over $1000. This is also keeping in mind that the original loan was for only 87,000. The has been very little (250 this year) that has been put towards the principal balance. Through my research and talking with a bank, I have discovered there is to be a top off on interest rates. I have felt that within the last year Wilshire has been swindling as much money as they can out of consumers to keep themselves afloat, is this what is happening? I don't feel like this has been a legal transaction with Wilshire, as they have never sent us anything to sign or to go over about our loan, I feel they have tried to pull a blanket over our heads. I have filled out the financial difficulty twice and have been told to fill it out again because they show no record or because there have been changes in our loan. I have been told to use their website to fill these papers out again and have also been told they would send me the papers. Where are they Wilshire? I believe something needs to be done about Wilshire before they force the consumers into bankruptcy, or worse, loosing our homes.
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