Wilshire Credit Corporation
Wilshire Credit Corporation, liars and scammers who take all they can from their borrowers!

Wilshire Credit Corporation is an awful company to deal with. I would not recommend anyone getting a mortgage loan with them. Although we had no choice, our loan was sold to them a few months after we bought our home.

First of all, we had our house on the market for about 6 months when we finally got an offer. The offer was a lot lower then we needed so we went to Wilshire about doing a short sale. That is when the bank/lender agrees to take less for the home than you owe. Well, about 2 weeks later, the mortgage company told my realtor the short sale amount was accepted and we were good to go. About a week before closing we were told that we were going to be held responsible for the difference. I was shocked. How the heck would we be able to afford a lien against us for 30,000.00? We couldn't and still can't. How can a company say that they will accept the offer and not counter offer if they are going to hold the borrower for the difference? That isn't fair if you ask me. You would think that they would attempt to get as much as possible out of the potential buyer.

So, I called Wilshire to try and work something out. I asked them to have the phone call between my realtor and the rep, Chris she spoke with listened to. This was the end of March. To this day this still has not been taken care of. I know that if Chris said that there would be nothing held against us then that would hold up in court. I have called on several occasions to find out about this and every time I call, it is a different customer service rep and they tell me something different than the last person.

At the end of March, I called and spoke with Valsa. She told me that there is no lien release in the state of Illinois. So, I contacted the JAG office on the base where we are stationed and they told me that the mortgage company is trying to take advantage of me and that was a lie. I do not appreciate being taken advantage of and being lied to. Wilshire also told me that I cannot dispute the lien until after the short sale was closed.

My husband and I decided to go ahead with the short sale anyways, we needed to get out from under the house asap as we were in an adjustable rate mortgage and it was getting to the point where we were having major problems making the payments.

Now that the short sale has gone through, I have sent in the proper paperwork AGAIN and I have to wait and see what they decide. I called last week and found out that the funds were finally distributed to both the first and second mortgage (a month after receiving the funds). They said that they were missing closing documents. The title company faxed these documents 5 different times before they said they got them. This is insane. So, because they waited so long to apply the funds, supposedly we have about 1600.00 in interest left on the first mortgage which was supposed to be completely paid off. So, I am disputing this as well.

I am so frustrated and fed up with this company and their lying, unknowledgeable ways that I am very close to hiring a lawyer. I have already filed a complaint with the BBB and will also be filing one with the IDFPR (Illinois Department of Financial and Professional Regulation.

Frustrated in Illinois
Scott AFB, Illinois
U.S.A.

Company: Wilshire Credit Corporation
Country: USA
State: Oregon
City: Beaverton
Address: 14523 SW Millikan Way

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