Complaint Review: Wilshire Credit

My husband and I were supposed to close on our house today (5/25/07). Wilshire Credit agreed to dismiss a prepayment penalty so that we could sell the house if they received the required documentation.

Our title company faxed all the required documentation and Wilshire reps said that satisfied what they needed to send the payoff. All Wilshire had to do was fax the updated payoff to the title company to complete the transaction.

Wilshire credit never sent the payoff, so the buyer backed out. Now we are facing foreclosure because we can't afford to keep the house. We had a closing date and an eager buyer. Now all we have is an empty promise from Wilshire credit.

Aren't there laws that govern how much time a mortgage company has to get a payoff to the title company? I have heard of many other unhappy Wilshire customers interested in a class action law suit-I would be very interested in going after Wilshire myself for their deceptive practices. We have already filed complaints with the Federal Trade Commission and BBB.

TNT
Maple Grove, Minnesota
U.S.A.