Wilshire Credit Corporation Stole my money and refuse to return it! Portland Oregon
I refinanced with MLN about 2 years ago and it turned out that MLN was bought by Wilshire Credit Corporation. They seemed ok at first but I was disheartened when they raised my mortgage payment by $ 200 a month. It went from $750 to $950. When I called they said that there was an increase in my property taxes and the extra $200 per moth was taken to cover the escrow. After struggling to pay my increased mortgage for over a year I got back on the phone because I was informed that there was no increse in property taxes. Wilshire then changed their story and advised me that they took an extra $200 per month just incase the taxes increased. This was over a year ago and I am still paying way more tham I am actually supposed to. Also they increased the mortgage payment again because I had an Adjustable Rate Mortgage. Whenever I call to ask where all my money is from last year they cant explain it. Sometimes they just hang up, sometimes they are very rude and try to make it out like it is my fault. I have never actually been told the real reason why they took the extra $200 per month for over a year. I want my money back and need to get away from this company. I have heard others complain of being ripped off by them also. I will not give up until I get what is rightfully mine and I am considering legal action if my money is not returned soon.
Denise
Susquehanna, Pennsylvania
U.S.A.
1 Updates & Rebuttals
Allie36
Salem,Oregon,
U.S.A.
There is a simple solution
#2UPDATE Employee
Thu, July 24, 2008
If you are concerned that Wilshire has stolen your money I would suggest you contact our customer service number at 888 502-0100 Order a payment history, a copy of the escrow analysis, and also have us send you a copy of your contract.
Wilshire would never take more money from you unless there was a valid reason. I know that with escrow it is illegal for us to keep more than $50 surplus in your escrow account. Sometimes what happens is either your taxes or insurance goes up. Wilshire runs a escrow analysis once a year and if there is a increase in what we are paying this year as opposed to the previous year we do adjust the payment. We send you notice of the change well in advance that explains the reason for the increase.
If your adjustable rate went up that is unfortunate and if it is causing a hardship to you you can call us and we can try to work out a solution. We do modifications every day. We have thousands of people we have helped due to this rising problem.
It is also illegal for a customer service representative to hang up on a customer unless they are cursing, in which case the representative has to give you warning before they do so.
The fact that a lot of people have filed reports on this site, We are one of the largest servicers and we handle thousands of loans. If you compare our 95 reports to other mortgage servicers like Countrywide for instance we have far less. We also are monitored very closely and if we were doing things illegally we would not be in business. From what I read and I have read several reports on here and responded, the majority are people who don't have a understanding and want to blame everyone else for their hardship. I can assure you I would not work for a company that was not ethical.
In closing, I hope you will contact our customer service department and get some clarity on why your payment has increased. We are there to help.
Good luck to you and have a nice day.