3 years ago I bought a house in my name for my brother as he had gone through a divorce and couldn't do it on his own.
Washington Mutual (WAMU) was the lender that knew I would be buying the house but he would make the payments. To my surprise they approved a 100% (no cash required loan).
Within the first few months the loan was transfered to Litton and then to Wilshire Credit Corporation.
In 2006 I inquired with Wilshire if I re-financed the loan would they waive the early repayment penalty. My brother had lost one of his two jobs and couldn't make full payments any more.
There answer was a flat no! I was told I would have to bring almost 20,000 to closing if we did it.
In 2007 I again contacted Wilshire to ask about accepting a short sale on the house as I had it listed since 2006 below what I paid for it and now had it listed at more than $50,000 below what was owed.
Again the answer was no - I would have to make up the difference at closing!
In late 2007 my personal employment changed and I would no longer be able to make up the difference, and might not be able to make the payments. I was alerting them that payments would be inconsistent, short of the full amount, etc.
I again asked about a short sale, and was told that until there was an offer they wouldn't assign anybody to the case for consideration.
I constantly deal with only whomever picks up the phone (even after I have presented them with offers to purchase).
Since the end of 2007 I have had 3 investors looking to take advantage of the situation and purchase the home. The first one they never responded to. The second one the gave a verbal o.K. To, and the latest one they have again given a verbal o.K. To.
Everytime I ask for the documentation specifially detailing what they will accept, payoff, and release me from I am told it was either sent or will be sent.
I never get to spaek with the specific person assigned to my case.
I still have never received anything directly from Wilshire Credit Corporation. The most recent investor did fax me a copy of something sent to them agreeing to a "lien release only" for $180,000 below what is owed.
They have driven me to the point of Banckrupty over this, when they could have been free and clear, out of the picture 18 months ago by simply waiving or negoiting a lower re-payment penalty.
The same could have happened if they waould have responed to purchase inquires of $70,000 - $100,000 more than what they are doing now.
They are sytematically destroying peoples lives and credit through inaction, ineptitude, uncaring attitudes. It is a wonder they are even in business or more importantly being allowed to stay in business!
Tlak about "cutting off one's nose despite one's face" - that is all Wilshire is a poorly run ripoff company that is more interested in gettting every penny than realizing the housing cruch that is present - ONE THAT THEY HELPED CREATED IN THE FIRST PLACE!
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