My original mortgage / home loan was financed through Mortgage It Company in August and shortly after, in October was bought off by Wilshire Mortgage Credit Corporation.
I made numerous of calls to them trying to establish an Escrow account for my taxes to be incorporated into my mortgage payments. I work during a day, went to school on evenings and weekends and trying to get them on the phone was almost impossible - spending my breaks and launch hour (s) on the phone trying to get “alive” person. This tactic is used so they can wear you out. They know that most people don't have the time to stay on the phone during working hours. They conduct business only during regular business hours, when most people are at work and can't bother them. After repeated phones calls thru the most frustrating system I have ever used, the representative requested that I mail/fax them requested paperwork in order to set up that escrow account. I faxed it and I had a conformation that fax went through and was received. Couple weeks later, I called to inquire how long will it take for them to process it, and I was informed that they don’t have my paperwork and I was told that they are humans too, and the paperwork do get lost sometimes - and - they asked me to submit it again. I decided to go ahead and try again. This time I fax the paperwork and with a copy of conformation page I decided to mail those copies of the same paperwork with certified delivery confirmation. Again, I waited couple of weeks and called them to inquire how long it is going to take to process it - as the tax collectors already started calling me and started sending me vicious letters. After so many attempts to get someone on the phone again I was told - again - that they do not have my paperwork (???). They asked me to submit again (?) I decided not to.
The mortgage with them had two loans - 1st mortgage with adjustable rate going from some 6-7% to 10-11% in such a short period of time and 2nd mortgage with fixed rate of 10.99%. I had no late payments, no missed payments even dough that payments were killing me and there was not enough money left for my property taxes that were falling behind and barely any money left for life necessities. Having a comfortable income from my full time employment, and regular child support payments, and a part time job – wasn’t enough - leaving no time for anything else. Not only those payments were killing me, but they were now exterminating my household – my life!
In November I called Wilshire and asked them to refinance me into a fixed mortgage rate home loan with escrow account set up. They told me to they do not refinance existing loans with them and asked me to file for forbearance with them due to hardship. I refused. I felt like they want me to loose my house. I felt they want me to fall behind the payments and owe them more money. I felt they are promoting foreclosures rather than helping their customers seek any option available in order to keep the roof over their heads. My son’s 13th birthday was approaching in mid November and I was devastated! I couldn’t afford any gifts for him and I couldn’t possibly explain to him that all my hard work and major lack of time and neglect of him was for nothing - we were going to loose our home! I was on the edge of a nervous break down. I couldn’t sleep, I couldn’t eat, and I couldn’t concentrate or think straight.
I understand now that their investors are so greedy that they would rather see their investments vacant and not selling / refinancing than working with their customers. These games that Wilshire plays with people are simply sickening and should be - if not - illegal!
So, I did my best and made my payments until December of while working with local mortgage brokers to help me refinance through other financial institution. I called Wilshire day before Christmas and remind them that I am looking into refinancing my home and the last payments from me will conclude for that current month - December. I also told them that as of January they should be paid off in full (my prognosis for refinancing was looking very good) but if something goes wrong and I do not get refinanced – no payments will be send for January. I already planed to move out by end of January and told them they can go ahead do what they need to do after that.
Miracle happened on January the 3rd of 2008. I was refinanced through Countrywide Homeloans FHA program and they paid off Wilshire on January the 8th of 2008!!
One of the best things ever happened to me! I was so happy! One mortgage payment, escrow account set up with taxes and insurance all included – and - almost $279/month less than both mortgages with Wilshire.
I was also very happy that I no longer have to deal with Wilshire unprofessional, misleading, lying, frustrating, rude, brainless, lazy, untrained, ignorant and careless employees.
I closed that chapter in my life – or so I thought - until yesterday! -!
Recently, I was offered by Countrywide Homelaons program Cash-out option for home improvement; new windows, doors, remodel bathrooms, etc. This approval is under the process and in addition to submitting all requested paperwork, I paid $349 processing fee for it.
I had a phone call yesterday evening from one of their underwriters, Mr. Jeff who informed me that Wilshire reported 30 days late payment for December. I was shocked! I explained that I am totally unaware of that; this information is news to me as I made sure that all the payments were updated before I went into refinancing with Countrywide. I also told Mr. Jeff that I refinanced my car in March through my employee Federal Credit Union and that wasn’t showing on my credit report as I am sure that would present a problem, an obstacle and I would be informed about it by loan officer from Credit Union. Mr. Jeff advised me to call Wilshire and to try to straighten this out. I told him that will be impossible, but I will try.
I started my ‘home-work’ this morning at 7:30 am. I was trying to get in touch with Wilshire once again. I also used Internet; research their web site and some additional web sites indicating anything in connection with Wilshire just to find out about the / link removed / and http://usashameboard.com/complaints/wilshire-credit-c76781.html - what a site (s)!!! Finally, at 9:50 am I was able to get a representative on the phone, who once again proof to me how unprofessional, misleading, lying, frustrating, rude, brainless, lazy, untrained, ignorant and careless Wilshire employees are. After ‘updating’ my account information with them (???), which no longer exist anyway, I explained to representative that reason for my call was to inquire about inaccurate information on my credit report provided by Wilshire and that I would like to dispute their ‘30 days late’ reporting currently showing on my credit report. He informed me that ‘their notes’ (entered by their employee) show that I called them and informed them on December the 24th that I will not be making a payments for December??? Knowing who I am dealing with - I calmly tried to explain to him that information makes no sense and that must be a mistake - that December payments were made, and when I called them day before Christmas I informed them that I will not be making any payments for January as my refinancing was coming through and they will be receiving a full pay off amount. I also recalled that I told their representative that if, for any reason refinancing doesn’t come through, I will be moving out by end of January and they can go ahead and do what they need to do. The representative continued talking over me, called me immature (?) and that bottom line is - what their notes are saying is immaterial and irrelevant - still insisting that I was late with December payment. I still tried to explain to him that payment was made, the check was mailed to them timely and they should check their records for the check date or simply by verifying it by the post date mark on the envelope of the payment. He told me they do not do that. I was stunned! I told him about my prior experience with Wilshire; loosing my (confirmed) faxes and (certified) mailings in the past and that I wouldn’t be surprised if they misplaced or sit on the check for days. I stated that it is not my fault if Wilshire was holding the payment once received or they must simply have an inefficient process for cashing checks. I also reminded him that refinancing came through January the 3rd and that Countrywide paid them off on January the 8th.in addition, I reminded him that received prorated / partial reimbursements from Wilshire for the payments that were made in meantime. I asked him how I can possibly be reimbursed the money if they were not overpaid or better yet, prepaid. He told me that means absolutely nothing, my payment was late and he will not change the information in their system. We went back and forth, back and forth. It was obvious to me that I was running into walls again with Wilshire. On the end, I had to terminate this phone conversation with the promise that I will sue. Deep down, I know that makes no difference to them.
Wilshire is not willing to work with people despite their massive errors and resulting situations. They are defrauding homeowners, running their credit, their hopes, dreams, livelihood, etc. They put thousands of families with children and senior citizens out on the streets without loosing any sleep over it. How does this company get away with doing business the way they do; with lies and wrongdoing and with so many complaints? I wish I can afford a lawyer! I would take them al the way to the Supreme Court!
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