Letsbereal123
Austin,#2Consumer Comment
Mon, February 04, 2008
I am truly sorry for all that you had to endure over what sounds like a long period of time. We work long and hard for the american dream and it sometimes seems like one small thing can start a horrible dominoe affect. I work for the mortgage industry and both parties (the borrower and the company) are both facing some trying times right now. I understand your frustration with Wilshire Credit Corporation but something not many know is that Wilshire Credit is strictly a mortgage servicer ...Not an Originator. Which means they are bound by law on the terms that were signed apon at the closing of your loan. In your "Note" it specifies after a specific period of not making payments foreclosure action will be taken. The Loan Workout packet that you were reffering to is Wilshire Credits way of trying to help to the best of their ability. I have worked directly with them and see how they might catch a bad wrap because their hands are just as tied as yours. With the current market, foreclosures are at an all time high and George Bush is trying to help out by signing for loan modifications. Because of this it is now allowing companies (like wilshire) to now assist borrowers in modifying the terms of their loan agreements to try to avoid or prolongue the foreclosure process. Please know with every mortgage company/servicer it costs more to have to foreclose on a property. Now a days there are not too many homes that are being forclosed apon that have any equity in them for the mortgage/servicer to profit in anyway from a foreclosure. I know that this might not provide you with any solice but I wish you the best of luck with all future endevors...
Chris
BEAVERTON,#3Consumer Comment
Wed, February 28, 2007
I CAME ACROSS THIS AND WAS SUPRISED TO SEE THE COMMENTS ABOUT THIS COMPANY. wHEN YOU READ THRU THE STORYS ITS FUNNY THAT PEOPLE DONT LOOK AT THE SITUATION FROM A COMPANY STAND POINT. ANY MORTGAGE COMPANY OWNS YOUR HOME AND WHEN YOU DONT PAY WHAT DO YOU EXPECT IS GOING TO HAPPEN. iTS ACTUALLY IN YOUR NOTE THAT YOU THE CUSTOMER SIGNED AND AGREED TO. ANY COMPANY CAN ONLY HOLD OF FOR SO LONG BEFORE THEY HAVE TO TAKE ACTION. I MEAN ITS A HOME ITS NOT A CREDIT CARD. THE LOAN IS USUALLY WORTH ANYWHERE FROM $100,000 TO 700,000 ON THE AVERAGE. sO IF SOMEONE OWED YU THAT KIND OF MONEY WHAT TO YOU THINK IS GOING TO HAPPEN. ALSO THESE PEOPLE ARNT TO EDUCATED ABOUT MORTGAGE LOANS , FOR ONE ALL THESE COMPANIES LIKE WILSHIRE ARE CALLED A SERVICER THEY SERVICE THE LOAN FOR THE INVESTOR WHO LOANED THE MONEY TO YOU FOR YOUR HOME. MOST INVESTORS HAVE DIFFERANT GUIDLINES ON WHAT TIME FRAME THEY WILL GIVE THE CUSTOMER. AND WILSHIRE BEING THE SERVICER OR ANY SERVICER HAS TO ABIDE BY THAT. jUST LIKE THE CUSTOMER IS TO ABIDE TO THE TERMS AND CONDITONS OF THE NOTE TO THERE HOME. DONT GET ME WEONG THINGS DO HAPPEN THAT ARE OUT OF PEOPLES CONTROL THAT CAUSE THEM TO GET BEHIND,BUT IF LARGE COMPANIES WAITED FOR EVERYONE TO PAY WHENEVER THEY WERE ABLE TO WELLL THEY WOULDNT BE IN BUSINESS, AND EVERYONE WOULD TAKE ADVANTAGE OF THEM. LIKE DO PEOPLE NOT RELIZE WHEN THEY GET A LOAN FOR A HOME THEY DONT OWN IT UNTIL THEY PAY IT OFF. THE BANK OWNS THE HOME. BUT FROM WHAT I HAVE HEARD I HAVE ONLY HEARD GOOD THINGS ABOUT THIS COMPANY! ANYWAYS THIS IS JUST MY OPINION ON MORTGAGE SERVICERS. OR ANY COMPANY FOR THAT MATTER