Anyone who has a loan with these people need to be careful. When you read your signed contract you will see their additional verbiage which they think get them out of any additional legalities they will put your into. Wilshire is without a doubt the very worst mortgage servicer still in business. They will tell you one thing but a few weeks later will say they never said it. This has happened to us since 11/07. We have been continually lied to. They have violated RESPA and FDCPA, worked out a modification agreement with us and then changed what that agreement. Then raised our payment to up to over $675.00 up to over $1,100 per month due to taxes which was an issue I brought up before the modification agreement was signed but was 'fluffed off'. Now we cannot afford a payment of over $1,000 per month so we are now responsible for our own taxes which I was told could not be done before any agreement was signed. We were foreclosed on without any prior warning before the modification agreement was signed even when I continually called and was speaking with a person at Wilshire. We have continually had high risk insurance added onto our escrow even though we have insurance and each time I called Wilshire they told me to fax them proof of insurance and I am so tired of that. It happens almost every month. The burden of proof lay upon us, the homeowner to prove we had insurance of which we continually had. Willshire has intentionally created a negative on our principal and escrow. All this can go on and on. However, I do have proof since I keep all my paperwork I have proof to substantiate all my above allegations. Now all I hear from Wilshire is that they have investors who need their money. This is because Willshire's parent company was Merrill Lynch and the Merrill Lynch employees went to work at Wilshire to try to collect monies of homes for their investors. So the investors who are suing Merrill Lynch for losing their monies are now getting some of their monies back from us.US being the same people who got 'screwed' when the housing market when 'belly up'. Now our mortgage payment are going to investors who lost their monies and we are stuck with a home that if sold tomorrow would have to be sold for at least $25,000 less than it is worth. So who has really lost in the housing crisis. Looks like us, the middle class homeowner. So to the Merrill Lynch, etc investors who are getting some of their monies back now you know where that money is coming from.
This morning I received a call grom Wilshire. When trying to prove they were wrong they would not accept the reason of why nor would they admit they were wrong. They terminated the phone call. I am certain that due to my reporting them on Rip Off Report is why they will not deal with nor speak to me so now where do I go because they are wrong, Not Wilshire. So I will now have to proceed further on my own and file through state and federal channels since Wilshire has decided not to correspond with me.
The last things I cannot say enough is that anyone who has a loan through Wilshire pull your papers back out, read them. Have your attorney look at them because Wilshire has protected themselves and not you. If you are thinking of taking out a loan with Wilshire BEWARE because these people are not competent to do mortgage loans and are completely incompetent to do modifications. Write down everything, date everything, including who you speak with and the time you have spoken with them. If you have filed a report with Rip Off Report be very cautious because Wilshire will read it and will hold you liable for reporting them.
Wilshire, including Mr. Jay Memmott, needs to step up to the plate and admit to their wrongdoing and take their licks instead of expecting the homeowner to take it for and from them.
Wilshire Credit are bad folks who are doing very bad things to some nice people. Be cautious and protect yourselves. Within the next few weeks I will supply everyone reading this and who are affected by Wilshire with names and e-mail address of all federal agencies where Wilshire needs to be reported.
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