Wilshire raised our mortgage to a horribly high interest rate. We couldn't make payments and Wilshire asked us to file for forbearance. We did this and were told that our new interest rate would lower our payments. After almost 6 months and repeated phone calls to them all they would say is they are still working on it. Then I received a notice of intent to foreclosure this past Friday. It seems as if Wilshire did nothing on our loan except make us play out the waiting game long enough for their satisfaction to take our home in foreclosure. Now the loan officer who was working on our papers informed me that we now have a 9% (from the original 14-18%) interest rate but we have to catch up on all our back payments. They are smart aleck, rude and have a no-care attitude and no compassion
They now say we have to make up the payments from 6 months ago that was with the 14-15% interest rate and our home is now in foreclosure. Why it took them 6 months to do nothing is beyond me. All they could say is "How much money do you have?" They lied, lied, lied on this and on a mortgage insurance issue of which they have also bled us dry! We now owe more than the original mortgage was to start with. DO NOT DO BUSINESS WITH THIS COMPANY - THEY ARE RIP-OFF ARTISTS! They will con you into thinking they are helping you when they are not!!! Aside from this why is a credit and collection agency doing handling home mortgages?
By the way we have lived in our home for over 20 years and my husband has been working at the same job for the past 35 years.
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