Our mortgage was transferred to Wilshire Credit Corporation on June 28. Our interest rate was at 8% and payments were $1384.16. Our house was worth about $250,00 but only owed about $198,000.
In we were notified that our rate would go up to 9.375 % with payments of $1580.42 by April.in March we were having financial difficulties due to a layoff and slow freight in the trucking industry that my husband was in, also because of the bad economy. We had never been more than 30 days late and were afraid with the rate increase, we would be.
So we contacted Wilshire and were told to file hardship, which we did and never heard anything from them about it. Over the next few months, we managed to scrape payments together and again talked to them (Each time was with a new person) We were told to file again since the old information would need to be updated and to keep calling the MOD SQUAD (hardship modification dept.) to check on our status. We were assigned a person to our case and given a contact number. She never called us and I could never speak with her. But before we knew it, we were denied help because we didnt make enough money to cover our bills. Duh...
But then they paid our Property Taxes in November a few days before they were first due. We were told they might do that as part of the loan modification if they are going to be delinquent but they would not be delinquent until after March. We have never been delinquent, we always pay before the late date. We called to ask them about this and were given alot of possible excuses but no straight answer as to why they would pay our taxes for us when they denied us the hardship.
So then, they added escrow payments for our property taxes that we did not want them to pay. We were able to get them to extend the escrow amount to 2 years and keep our payments lowered but then they added additional escrow amounts for the following year's taxes and our payment went up to $1800. So we had to spend more time calling and sending in a letter, stating that we did not want them to do this. They have taken the added escrow off.
Anyhow, with all the added headache financial problems they piled up on an already stressful budget, we got behind over 30 days along with other bills. Our credit was not great before, but we had been working on it and were hoping to refinance to a fixed rate but now we cannot even do that. And our house is now only worth about $150,000 and with all their fees etc... We owe about $200,000.
We are almost 60 days behind and we have filed for hardship again. We also called a company that is advertising to help people refinance with no minimum credit score but when we told them we were dealing with Wilshire Credit, they said that they probably couldnt help us because Wilshire is one of the few mortgage companies that isnt helping people.
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