If you do a search online for assistance for preventing foreclosure, you will find first on the list - Wilshire Credit - they claim they are the forerunners, and leaders in assisting struggling consumers during this economic condition. When I contacted them, all they can do is a 'forebearance' on my account which will be reported to the credit bureau's as 'non payment' and delinquent account.
Why the forebearance then? I can just start making partial or no payments and get the same result. How are they assisting? This program is supposed to help homeowners temporarily during this time. It thier assistance ruins your credit, what's the point. They got us into this mortgage crisis in the first place by selling off our loans, and buying loans from other holders. This was not our decision.
So when you read that Wilshire 'CARES', they don't. My first mortgage company who holds the larger loan was very helpful and accomodating - ASC - they are the ones who are helping loan holders.
Wilshire is misrepresenting themselves. Beware.
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