If you have a home loan, please do not sign nor work with wilshire credit. They call themselves a credit and debt collection agency YET they are working on remodifying home mortgages. As a credit and collection agtency they can sell all your personal information to any other company they wish.
In order to remodify your mortgage you have to do what they say or you will not be approved for remodification of your loan. (Their words, not mine). They first wanted me to sign a paper stating that I would not file suit against Wilshire, Merrill Lynch, Deutsche Bank, any subsidiaries, partners involved in our home loan) In other words either sign or else they would foreclose. We vehemently objected to this. No Good! They then worked the papers and stated what our monthly payment would be. I kept stating to them that the taxes were not added in but they refused to listen. The papers were signed and sent to Wilshire. Wilshire then realized they had not allowed for the taxes as our final papers had stated. Wilshire went against themselves and changed their own paperwork. Wilshire called me back and stated that we would have to pay the taxes ourselves even though the papers we signed stated differently. Our interest rate was 6.75 for 3 years. We had thought we could live with that temporarily since we wanted to sell the house soon to get out from under it and Wilshire Credit.
We were personally called on a weekend from a person who worked at Wilshire warning us not to sign the papers. We had no choice because they were due the net day. The papers state an APR of 6.75 but that is not what Wilshire did. They are accruying interest per day which means we are paying $14.00 per day for each day we are living in our home. Some months that have 31 days the interest is $14.00 x 31. That was never explained to us nor do I see it anywhere in our modification papers. We were also charged with a "BOP" (brokers opinion fee) of $130.00 of which Wilshire states was due to our taxes not being paid on time they state (even though the receipt was faxed to them twice). However, our taxes were paid in full and on time and we have evidence to prove this.in order for Wilshire to remove the BOP charge they state I must fax Wilshire a letter disputing this and it is their disgression as to if they will remove the $130.00 or not. I never ordered a BOP, never asked for a BOP and refuse to pay for something I was not informed. It was added without our consent or knowledge.
Adding insult to injury is the fact if you have homeowners insurance you will see on your papers that Wilshire has made sure that if any claim is made on your home Wilshire has put their name on as the beneficiary of the settlement check. You could not receive the check if you had home damages but it would be up to the discretion of Wilshire to send the check to you after they approve and assess the damages. So you pay money out of your pocket for your homeowners insurance but you would not receive the funds in case of a claim. There is an individual's name typed on the insurance papers as the beneficiary after Wilshire Credit. I wanted to know who this person is but Wilshire Credit said they do not know who that person is. So you have the name of an individual with the name of Wilshire Credit above that name and as a homeowner you are not allowed to know who this person is? That is a bunch of BULL! This also means that if you are allowed $3,000 on a damage claim from your insurance and you get the work done by someone else Wilshire then has to see the invoice and if you get the work done for $2,000 Wilshire keeps the other $1,000. Not you but Wilshire. Sounds peachy doesn't it? This comes from the insurance money YOU have paid all year long. Wilshire has not paid this money, you have!
So out of 6.75% interest loan $90.00 per month is going toward our principal and Wilshire keeps looking for ways to add more money to your loan. When we remodified our loan Wilshire added over $5,000 of unpaid interest for a period of 6 months which made us owing more than we did before the remodification was done.
This company is horrendous and the worst excuse for a mortgage company (servicer) I have ever known heard or read of. They tell lies and defraud the homeowner. As a credit and collection company they are under FDCPA rules and regulations. However, the state that they are a mortgage company and not a mortgage servicer but not the case when you call the number and the phone is answered. They are a credit and debt collection company. Another lie from them. You could talk to 10 different people there and get 10 different answers.
If it takes the rest of my life I will see that Wilshire Credit is hit will a huge Class Action lawsuit and gets shut down. I detest this company and the people who work for them are contributors to their wrongdoing. They see what Wilshire is doing every day they go in to work and if Wilshire employees have any kind of compassion and honest inside them they will leave that place with their evidence with them and go straight to the federal authorities to help shut these people down. The news media is a great organization these days.
All of us who are "stuck" with Wilshire right now need to be cautious of what Wilshire Credit is pulling on homeowners. Rest assured that with your help and persistence that we can and will put this company with Merrill Lynch as their parent company out of business. Merrill Lynch is in so much trouble already that they are trying to pull as much money from the "little guy" as possible to pay for the lawsuits against them.
We have to band together as a group to take action against them along with the employees who see every day what Wilshire is doing to homeowners. This company along with their Merrill Lynch (Trust Fund Series) parent company has to be stopped.
We will stop this company and not allow their uncrupulous tactics, practices and violations against the homeowner to continue.
I will be opening a yahoo account right away for you to contact me on so we can band together to take this company down. Enough is enough! They have to be stopped!!! Together we can do it! These people are not above the law. United we can make this happen!
Wilshire has to be held accountable!!!
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