Complaint Review: Wilshire Credit Corpoation

There is no "rip off" happening here. YOU SIGNED AND AGREED TO THE CONTRACT. Wilshire absolutely has a copy of your contract. They can mail one to you, since it seems that you don't have one to reference to. In that contract THAT YOU AGREED TO AND SIGNED, you will find the clause that states that your loan can be transferred to other parties for servicing. F.Y.I. Most loans are transferred. Most of the time the loan is already set to be transferred when it is signed. In that contract you will also find your minimum interest rate and your maximum interest rate. You will also find the terms by which the interest rate can be adjusted.

As it was stated in a previous response, usually it is 3% after 1st 24 or 36 months. And then 1% (up or down) every six months. Keeping in mind that it will not go higher than max int. allowed and will not go lower than min. int. allowed. Any servicer that had your loan would be enforcing the contract THAT YOU SINGNED AND AGREED TO, as it was written. This is not against the law.

The advice given to you previously on what to do to get a Modification of your loan was 100% correct and you should thank them and follow their advice. IT IS SERIOUSLY YOUR ONLY HOPE. You signed an adjustable rate mortgage. It probably would not have been an issue, but home values have dropped. You are asking your mortgage servicer (who is employed and paid by your lender, NOT your interest rate) to take a financial loss due to YOUR hardship. They don't have to do that and a sharp attitude will not get you far when you need help! Whether your loan was sold or not, YOU AGREED to pay back a note that included principal and (adjustable)interest.

Any lender or servicer would enforce the contract as it was written, it is a legal contract. In the future, you should really read the contracts that you sign. I know things get rushed when you are at the signing table, and everything seems good at the time, but if you would've taken the contract home to review (3 days allowed by law) you probably wouldn't be in this situation.

Also, our country and our countries borrowers are going through an extremely difficult time right now. Wilshire was never set up or prepared to Modify 100,000 bad loans. The need came up for these Modifications, due to ARM's that borrowers signed. They had nothing to do with that. They are seriously just trying to help everyone on a first come, first serve basis. So take your frustration and apply it to trying to get a modification completed. Call them once a week to, POLITELY, check on your status. And remember, they are trying to HELP YOU out of a situation that YOU got yourself into.

I'm sorry to hear of your situation. However there's a few things I would like to point out.

1. Yes, you may not have signed for Wilshire to service your loan. however, mortgages are sold everyday by every bank. During the course of the loan you may have several different companies servicing the loan.

2. Yes, Wilshire would have a copy of your contract. That how they would know the terms and conditions you signed for. but then again you should also have a copy of the contract. What does your copy say about when and how much rates can go up? Additionally, there have been a couple of changes in my mortgage payments, not because of interest rate changes but because of property tax changes. This meant I had to pay extra to ensure the servicer had the correct amount to pay the taxes when due.

3. Why, when the Wilshire employee came on to help and gave you very detailed information of the process would you rip them for an answer? It seemed that you were asking for help, the employee provided great information to help you and all you cared about was ranting and raving about your victimhood. If you truly want help, take the steps the employee gave you. If you just want to wallow in your victimhoon continue to rip any response to your OP.

I'm sorry to hear of your situation. However there's a few things I would like to point out.

1. Yes, you may not have signed for Wilshire to service your loan. however, mortgages are sold everyday by every bank. During the course of the loan you may have several different companies servicing the loan.

2. Yes, Wilshire would have a copy of your contract. That how they would know the terms and conditions you signed for. but then again you should also have a copy of the contract. What does your copy say about when and how much rates can go up? Additionally, there have been a couple of changes in my mortgage payments, not because of interest rate changes but because of property tax changes. This meant I had to pay extra to ensure the servicer had the correct amount to pay the taxes when due.

3. Why, when the Wilshire employee came on to help and gave you very detailed information of the process would you rip them for an answer? It seemed that you were asking for help, the employee provided great information to help you and all you cared about was ranting and raving about your victimhood. If you truly want help, take the steps the employee gave you. If you just want to wallow in your victimhoon continue to rip any response to your OP.

I'm sorry to hear of your situation. However there's a few things I would like to point out.

1. Yes, you may not have signed for Wilshire to service your loan. however, mortgages are sold everyday by every bank. During the course of the loan you may have several different companies servicing the loan.

2. Yes, Wilshire would have a copy of your contract. That how they would know the terms and conditions you signed for. but then again you should also have a copy of the contract. What does your copy say about when and how much rates can go up? Additionally, there have been a couple of changes in my mortgage payments, not because of interest rate changes but because of property tax changes. This meant I had to pay extra to ensure the servicer had the correct amount to pay the taxes when due.

3. Why, when the Wilshire employee came on to help and gave you very detailed information of the process would you rip them for an answer? It seemed that you were asking for help, the employee provided great information to help you and all you cared about was ranting and raving about your victimhood. If you truly want help, take the steps the employee gave you. If you just want to wallow in your victimhoon continue to rip any response to your OP.

I'm sorry to hear of your situation. However there's a few things I would like to point out.

1. Yes, you may not have signed for Wilshire to service your loan. however, mortgages are sold everyday by every bank. During the course of the loan you may have several different companies servicing the loan.

2. Yes, Wilshire would have a copy of your contract. That how they would know the terms and conditions you signed for. but then again you should also have a copy of the contract. What does your copy say about when and how much rates can go up? Additionally, there have been a couple of changes in my mortgage payments, not because of interest rate changes but because of property tax changes. This meant I had to pay extra to ensure the servicer had the correct amount to pay the taxes when due.

3. Why, when the Wilshire employee came on to help and gave you very detailed information of the process would you rip them for an answer? It seemed that you were asking for help, the employee provided great information to help you and all you cared about was ranting and raving about your victimhood. If you truly want help, take the steps the employee gave you. If you just want to wallow in your victimhoon continue to rip any response to your OP.

You first posted as "Bobbi" from Salina, KS, and now you are responding as "SKJ" from Anleton, TX! Do you even know who you are?

Second, your permission is not required for your mortgage to be sold and/or serviced by someone else. No rip off here. It's the way the business works, and always has.

I was in the mortgage business for a few years. I do know what I am talking about.

Third, you should not use the term "stealing", as nothing was stolen from you. If you believe that someone actually stole from you, go file criminal charges against them.

The fact of the matter is, you signed a contract that you could not live up to.
You probably did not understand what you signed. This is common.

You simply bought a home that you cannot afford, and are looking for someone else to blame.

No "ripoff" here.


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Submitted: 6/9/2008 1:30:32 AM
Modified: 6/9/2008 2:19:10 AM Skj
Angleton, Texas
U.S.A.

YOU do not know what we signed
This response must be from an employee at Wilshire so here goes.

You have no idea of what we signed because you do not have a copy. None of us signed for Wilshire to be our loan servicer. None of us signed up to have Wilshire Credit lie to us, steal our monies without authorization and put these monies where ever you wanted, none of us signed up for you to harrass us, and humiliate us. All these complaints goes way past what was on any contract. What Wilshire is doing is just plain illegal AND SO ARE YOUR TRANSACTIONS. WE DID NOT SIGN ANY CONTRACT THAT GIVES WILSHIRE THE RIGHT TO KEEP ANY AND ALL INFORMATION ABOUT US A BIG 'SECRET' to us, the homeowner. WILSHIRE IS INCOMPOTENT TO RUN ANY BUSINESS SO DON'T GIVE THIS BS ABOUT WHAT WE SIGNED. YOU HAVE NO IDEA BECAUSE YOU DO NOT HAVE ANY OF OUR SIGNED CONTRACTS. THIS COMPANY IS A SCAM AND RIP OFF AND WILSHIRE AND MERRILL LYNCH ARE NOTHING BUT COMPLETE MORONS.

HAVEN'T YoU MILKED ENOUGH MONEY OUT OF ALL US YET. WILSHIRE/MERRILL LYNCH WILL COME DOWN. I am sure they real will real soon. WHEN THEY DO THEN YOU BE COMING DOWN WITH THEM. DOES WILSHIRE KNOW YOU ARE SENDING RESPONSES FOR THEN IN THEIR NAME? YOU MUST TO BE A COMPLETE MORON. THAT MUST BE A REQUIREMENT FOR WORKING THERE.



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This response must be from an employee at Wilshire so here goes.

You have no idea of what we signed because you do not have a copy. None of us signed for Wilshire to be our loan servicer. None of us signed up to have Wilshire Credit lie to us, steal our monies without authorization and put these monies where ever you wanted, none of us signed up for you to harrass us, and humiliate us. All these complaints goes way past what was on any contract. What Wilshire is doing is just plain illegal AND SO ARE YOUR TRANSACTIONS. WE DID NOT SIGN ANY CONTRACT THAT GIVES WILSHIRE THE RIGHT TO KEEP ANY AND ALL INFORMATION ABOUT US A BIG "SECRET" to us, the homeowner. WILSHIRE IS INCOMPOTENT TO RUN ANY BUSINESS SO DON'T GIVE THIS BS ABOUT WHAT WE SIGNED. YOU HAVE NO IDEA BECAUSE YOU DO NOT HAVE ANY OF OUR SIGNED CONTRACTS. THIS COMPANY IS A SCAM AND RIP OFF AND WILSHIRE AND MERRILL LYNCH ARE NOTHING BUT COMPLETE MORONS.

HAVEN'T YoU MILKED ENOUGH MONEY OUT OF ALL US YET. WILSHIRE/MERRILL LYNCH WILL COME DOWN. I am sure they real will real soon. WHEN THEY DO THEN YOU BE COMING DOWN WITH THEM. DOES WILSHIRE KNOW YOU ARE SENDING RESPONSES FOR THEN IN THEIR NAME? YOU MUST TO BE A COMPLETE MORON. THAT MUST BE A REQUIREMENT FOR WORKING THERE.

First I want to let you know that I am sorry for the hardship with your adjustable rate that you signed when you received your loan. There are thousands of people in the same situation and Wishire is helping people a lot.

As far as your adjustable rate going up we only go by the contract you signed. The adjustable rate change is based on the margin that you set up and the index in the market place. Right now a lot of adjustable rates are going down because of how the market is.

If you call our representatives can tell you the maximum amount your adjustable rate can go up to and also give you the terms of your contract. Most of the time the first time your adjustable rate goes up it is maximum of 3% and after the first increase the maximum is normally 1%. From the sounds of your letter it sounds like you have interest only on your loan. That is typically for the first five years. These loans are really not good and I am sorry if that is the loan you have.

As far as Wilshire, We want to help people. We have no desire to have another home on the market. I know how frustrating it can be to struggle with a payment but not be attended to. I want to let you know that at the present time our mitigation team is doing a minimum of 3000 modifications per month. The turn around time for a modification is at least 60 days. We have so many people needing our help. We want to help you as well.
I am going to let you know the items that we need from you to look at a possible modification.
1. Hardship letter, tell us why you are needing our help and what has caused the hardship.
2. completed financial statement you can download the form at this web site www.wcc.ml.com when you get to the website click on the link on left that says for borrowers, scroll down to faqs you will see a option for a link that says financial hardship, once you click on that link on the right of you is the link that says download financial statement. print out the financial statement.
3. next we also need 2 months of bank statements, 2 months of paystubs, and last but not least 2 years of tax returns.
I reccomend that you mail the forms in and send them certified so someone has to sign for the paperwork and it is also more secure and you don't have all your personal information in the mail.
After you mail the packet in and receive the certified letter receipt wait two weeks and then call 888 917-1050 tell the person who answers that you mailed in your modification packet and want it assigned to an officer.
After you do this it will take at least 2 weeks to be assigned to officer. We have a lot of people we are helping and it is just taking that long at the moment for accounts to be assigned. After the officer is assigned they will review the information you sent in and let you know what kind of modification can be done. Normally a modification takes the interest rate down to what it was before the adjustable rate changed and normally it is frozen for 3 years this enables our customers to try to refinance during that period or allow the market to improve and be able to afford the increase. Keep in mind we can do up to two extensions on the modification if you are still unable to refinance due to loan to value or credit challenges.

I truly hope this information has been helpful. I am an employee at this company and I know we care and are doing all we can to help customers during this time of need and hardship.
We really are in this together.
Good luck and God Bless You
ps. sent the modification packet to 14523 SW Millikan Way Suite 200 Beaverton OR 97005
make sure you put on the envelope attention Mod Squad.