Complaint Review: Wilshire Credit Corporation

My situation is a mess courtesy of Wilshire Credit Corp.

I have two mortgage companies. In late June 2008, the short sell process was started. In late September, an offer was made on the home. The home was close but not yet in foreclosure. No one was notified of the foreclosure date set for mid-October. All the information needed was faxed over to Wilshire, 3 times with confirmations in hand before the foreclosure date.

Last week the second mortgage company calls me requesting to resend information to complete the short sell for close. This week the second mortgage company sends me information about short sells and the monthly bill. Wilshire did not notify the second mortgage company or me, the home owner, or the Realtor who was handling the entire procedure. We found out because the Realtor called to check the status of the short sale approval.

What makes the situation worse is that Wilshire stands to lose only $200 on the short sell and yet would rather let the home foreclose. This is just bad business.

JML
Charlotte, North Carolina
U.S.A.