Wilshire Credit Corporation
Wilshire - Unethical practices-Not standing for it

In July our home was foreclosed on in Las Vegas, Nevada. Wilshire represented our Junior mortgage, as an interest only loan in the amount of $55K, to be paid of withn 5 years. Our Senior mortgage company filed the foreclosure. The debt to be covered in the sale was $182k, $1200.00 in taxes... The home sold for $225k. JP Morgan bought the property and from what I can see partnered with Wilshire, or at least loaned the money to them?

For the past 2.5-3 years both mortgages showed the foreclosure as a 0 balance. Then suddenly in August Wilshire started reporting a $293k balance owed... Thats right $293k! Then they changed it to $245k. We contacted them by letter, since their customer service refuses to resolve issues on phone, and they responded that "Although the original 2nd mortgage loan shows a zero balance, the balance of $75,224.00 reported to the credit-reporting agencies is what is now owed" So, now it has changed to $75k. We re-responded asking them to pretty much show us where this figure comes from... Pretty much saying please proove this. So now it has changed to $25k.

Not once in these past couple years have they reported it, contacted us, filed judgement or attempted to collect any monies.in fact, Wilshire paid us $3,000 to move out of the property within 2 weeks after the sale.

I am furious... My husband holds a security clearance and when they started his re-investigation (every 5 years) they saw the foreclosure and accepted this fact. Then when they were "wrapping" it up this past January, they saw Wilshire's reporting this as of August and now have serious issues with it. They are not going to grant him his clearance, which in turn means terminated. How in the world could we have known that any balance was owed when they themselves admit that they reported as a zero balance this entire time. I am obtaining an attorney and I am not going to stand for their unethical way of doing business.

Company: Wilshire Credit Corporation
Country: USA
State: Oregon
City: Portland
Phone: 8885020100
Site: wcc.ml.com

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