I think Wilshire is stalling just to try and get my home.

Wilshire has foreclosed on our property without verbal communication and one day prior to substitute sale. Now, each time that we call them, we get a different answer from someone, they won't let me talk with a Manager (only Customer Service Reps), and we feel used and abused.

I applied for a loan Modification back in October and they send me a Stipulation Agreement where they agreed to take a monthly payment for 5 months. The five months already past. I paid them on time. Now they tell me to continue paying the same until they give me an answer when and if they're approving me. I feel the're giving me the run around. What can I do? Please help me.

Rescind the loan,

Wilshire has also foreclosed on our property after we entered into a Forebearance Stipulation and have collected $4,000.00 to make the account current and paid two subsiquent payments. While we are waiting for the new modified loan payment they went ahead and sold our property to one of their subsidary company and now we have to retain an attorny to have the sale reversed due to an illigal skim they used to get our house. We have attempted to resolve the issue through our attorney so far we can't even get a response from ther attorney. We need your help how to resolve this problem.

We were in good standings with Wilshire when my husband left work due to disability. We contacted Wilshire to see if they would work with us on lowering the payment. They refused and told us to pay all or nothing. We didn't pay for a few months. One day we heard about modifications. So we contacted Wilshire and began working with them. They drew up a stipulated agreement with us and we agreed to sign the contract. While the contract was in the mail, I found out that my employer (state of CA) would be taking 10% of our income to help budget situation. I asked and Wilshire agreed to start the process over to rework numbers. We received notice that an auction date to sell our home had been scheduled so we called Wilshire to see what they could do. They were able to stop the sale. In the mean time, they wanted proof that we were getting a pay cut at work. Because the unions took the Governor to court, I could not immediately provide this info; however, I kept in contact with them to keep them updated. The Governor won the case and the state started deducting our pay, so I was able to provide a check stub showing proof. While waiting for an answer, we started receiving business cards on our door from a broker that claimed to be handling our home. We called him and found out our home had been sold three weeks earlier. He started asking us to take cash for keys. Meanwhile, Wilshire is supposedly still working on our loan mod, but was able to confirm that our house was sold. Now, despite proving to them that we have made up for lost income by reducing debts to only essential items and showing rent we are receiving from occupants in our home, we're received a letter stating we have been declined modification based on insufficient income. We qualified before with less income and more debt. We just received a notice to vacate by this coming Sunday. Today is Monday. How is that for HOPE! We never received any notice that a new date had been scheduled to sell our home. I would love to join a class-action lawsuit against this company.

The HOPE for homeowners is a joke right along with Wilshire. Each and every time I call about a modification or anything to help assist in lowering my mortgage payment, the famous word pops up 'NO'. I have never heard so much bull in my life. I do not know anyone that has Wilshire that says anything nice about them or the investors. as of last week, i have made my last phonecall to them regarding my loan. i will let my husband deal with the idiots.

Wilshire will not let you talk to a manager, only the reps. They keep asking for the same information, which they already have. They want to take your home through foreclosure. I had 2 offers to sale the home, Wilshire delayed so long that the buyers walked away. I have a new buyer offer and Wilshire cannot be contacted by phone, it is at least 45 minutes wait on the phone waiting for a representative to answer the phone. Something needs to be done immediately.

Hey, I can tell you my story, however, every one of your stories is my story. I will love to join in the class action law suit. Wilshire says its not a loan company, however, if its a debt collections agency there must be laws agasint what they are doing.
If we are not ready to contact the A. Generals Office and go with our proof of abuse, then please don't waste my time. We need action, and we need action now.

I have posted several times before, but decided to be a good girl and try for laon modification and work with our attorney. Now, I feel like for some insane reason Wilshire wants our home and after 7 court ordered mediations and almost 2 yrs. of aggravation, I am ready to give it to them. We have been p[aying a stated amount in forebearance for 9 mos., now they want to double that amount for 7 months, with no loan mod gaurantee at the end of it. When I check my credit report, the principal keeps going up on my home and here in OH ii is no longer worth what we owe. I have snet stuff, tried as much as I can and cried a whole lot. I guess I will just have to accept the inivitable and loose the home we build and raised our kids in. We can start over and they cannot get me down too much. They are horrible and good luck to those of you who are still dealing with them.

please dont give up keep fighting for your home..i have a loan with thjem two but im stil fighting i have been in my home 2 years and im not paying they tried to foreclose but i went to a good lawyer who is helping me. because the loan that i have is a predetory loan. the court order them to modify and still they havent and this was back in aug i believe so who is loosing they are mean while ill be her till they modify. good luck i also would like a class action they ve lost my papert work several times. their idiots i hope some one starts the class action..

again its me ma dont think i wasnt paying my loan i was. but my husband lost his job , and they never cared to modify my loan. so i did bancruptcy, and my lawyer checked my loan and saw it was a predetory loan, so we went to court several times and nothing. they still hav ent modify and i keep calling and they never want to speak so what do i do , im still here waiting for an answer...so please to every one out their fight for your house informe your self about your rights and dont let go .. wilshire sucks, they dont know what their doing.... and we need help look for it.....youll find it...

My husband and I are victims of predatory lending from Fremont Investment & Loan. We are residents of the state of Maryland. We closed on our home in Bowie, Maryland on December 21, 2006. The originating lender was Fremont Investment & Loan (“Fremont”) and transferred to Wilshire Credit Corporation, the mortgage servicing company. Our home was foreclosed in January 2009 leaving my family homeless. We now live with family in a basement based on Fremont’s predatory lending practices.

I found out that by March 7, 2007, just 3 months after closing on our home, the FDIC issued a “Cease and Desist” order against Fremont Investment & Loan.

According to FDIC’s press release, “The cease and desist was implemented based Fremont’s lending practices, including: “engaging in unsatisfactory lending practices” and “marketing and extending adjustable-rate mortgage (“ARM”) products to subprime borrowers in an unsafe and unsound manner that greatly increases the risk that borrowers will default on the loans or otherwise cause losses to the Bank, including ARM products with one or more of the following characteristics: …. qualifying borrowers for loans with low initial payments based on an introductory or ‘start’ rate that will expire after an initial period, without an adequate analysis of the borrower’s ability to repay the debt at the fully-indexed rate.”

The Attorney General for Massachusetts stood up for her citizens of Massachusetts to protect them from Fremont. The Attorney General’s Office sued Fremont to stop foreclosures in Massachusetts and demand a settlement. Attorney General Martha Coakley’s Office entered into a $10 million settlement with Fremont Investment & Loan and its parent Fremont General Corporation (“Fremont”) to resolve the Commonwealth’s lawsuit against the California-based lender. Fremont agreed to pay the settlement including $8 million in consumer relief. Why was this not done in Maryland?

Fremont also extended their predatory lending practices right here in Maryland to families like mine. What has our Attorney General done to protect hard working citizens from Fremont’s predatory lending practices?

I’m now a single parent of two children who is underemployed and cannot get a job due to bad credit for seven years due to Fremont’s predatory lending practices.

I’m confident we are not the only victims of Fremont in the State of Maryland. Please stand up for hard working Maryland citizens by suing Fremont and its Mortgage Servicers. Please advise where we can work and/or live. The FDIC implemented a “Cease & Desist.” The Attorney General of Massachusetts successfully sued Fremont. Why can’t Maryland?

If you have entered a Forbearance agreement with Wilshire and find out that Wilshire took your money and never put you in modification or increase your payment, then please join our class action against Wilshire.

WILSHIRE IS A JOKE!!!
THIS COUNTRY IS IN SUCH SHAMBLES... WHAT DO WE DO?? WE HAVE BEEN IN OUR HOME 15 YRS, WHEN WE REFI'D 3YRS AGO AN UNFOURTLY THEY BOUGHT OUR LOAN AN HAS BEEN NIGHTMARE EVER SINCE!!
WE STOPPED PAYING...IF WE ALL STOPPED PAYING MABY SOMETHING WILL GET DONE ABOUT THIS CATASTROPHY!!!

Wilshire really sucks. I finally sold my house through a short sale, but Wilshire took me through hell. I just wanted to get out of that loan with Wilshire and have nothing more to do with them. When I buy another home, I will put a condition in the agreement, that will not allow my loan to be sold to Wilshire or any other predatory lenders. I stopped paying and threatened them that I would go file for bankruptcy, which made them work in a timely matter with me. Jesus made a way of escape for me. The Holy Spirit gave me the wisdom and God delievered me from their unlawful practices.

I pray for everyone that is in Wilshire grip to be free of their terrible experiences in 2010 and I call it done now in the name of Jesus Christ. When you get the victory, post it because your testimony will help someonelse.

I also entered into a forbearance agreement with Wilshire in 2009, I had to give them 1500.00 up front then pay $74.00 more a month than my original payment. At the end of the agreement I contacted them to see what was going to happen now and they stated well we will look at your financials and advise you within 45 days, well that came and went. They have denied a modification once again. They have filed for forclosure with has forced me to file bankruptcy. So I will join any suite you might have as well. They certainly don't want to work with people, you would think the government would make them somehow.

I feel your pain, all of you. I was fortunate enough to find a company that is legitimate. Now I know that the banks the news and government say we shouldn’t go to any company that charges, that the banks will modify your loans for free. Well, how many of us on here have had our loans modified by the banks?

A lot have lost their homes, and lot more still will unless you do what’s necessary to save your homes from the banks. I went through what most of you have, I was there. Then I was referred.

I know I would have lost it to Wachovia if it wasn’t for him and the rest of the people who work there. Got me caught up on my mortgage 1st & 2nd, lowered my interested rate & payment.

Before anyone else on here loses their homes you need to give them a call. Don’t be afraid of hiring a loan modification company, be afraid of the banks, they are the ones who are taking our homes!

I know they get the job done. News and TV made me afraid to even consider a loan modification company because they are all scams and my lender will do it for free (wrong). There hasn't been not one story about a good company and when I tried to contact my local news channel they told me that my success story wasn't news (What!)

So, I am making it my mission to spread the word on this GREAT company!

Wilshire put us in a trial period for three months. During our second month we get our new modification program which put us from $3100.00 to $4100.00. How is that a modification!!!! If we couldn't pay for $3100.00 what makes them think we can pay an additional thousand dollars a month. I am really disgusted and honestly don't see a light at the end of the tunnel. Don't know what to do!!!! Our attorney didn't help at all either.

HAVE ANY OF YALL GOT THE NOTICE ABOUT WILSHIRE SELLING ITS COMPANY AND NOW BANK OF AMERICA HAS TAKING OVER THE LOAN. I HAVE'NT RECIEVE ANY PAPERWORK OR NOTICE FROM BANK OF AMERICA. HAS ANYBODY THATS HAS A LOAN HEARD ANYTHING FROM BANK OF AMERICA

I work on short sales for a local realtor in Grand Rapids, MI and we have one property that is(was) with Wilshire....We've been trying to get a short sale approved for 7 months now and then they supposedly transferred the servicing to Bank of America, yet 72 hours past the transfer date, Bank of America has no information about the property,borrower, or account.....all of Wilshire's phone numbers just ring busy! The borrower has not been notified or received any information about the change....HMMMMMM. Would be very interested to hear if anyone else has been successful in confirming the servicing transfer!!

I am with everyone else on here. I have been waiting since October for my modification. And Wilshire has put my home in foreclosure. I sent Wilshire my Feb. payment only to have them return it, BECAUSE I'M IN FORECLOSURE. Then they tell me that my loan is being transferred to Bank of America. I haven't received any letters from Wilshire or BOA regarding this. I called BOA last night 3/3/10 to find out about my loan and they told me they don't have any information yet, to call back after 3/8. ... WILSHIRE REALLY SUCKS PLEASE CONTACT ME REGARDING A CLASS ACTION SUIT AGAINST WILSHIRE. I WOULD LOVE TO PUT THEM THROUGH WHAT THEY HAVE PUT ME THROUGH

IBM Closes Acquisition of Wilshire Credit Corporation Assets

ARMONK, N.Y., March 1 /PRNewswire-FirstCall/ -- IBM (NYSE: IBM)
today announced that it has finalized its acquisition of the core operating assets of Wilshire Credit Corporation from Bank of America Corporation (NYSE: BAC). The initial agreement to acquire Wilshire assets was announced on October 5, 2009.

The acquisition strengthens IBM's commitment to mortgage business process services that improve clients' flexibility, competitiveness, and ability to manage their businesses more effectively through dynamic market cycles. As part of the closing process, Bank of America will retain Wilshire's mortgage servicing rights and related assets.

I highly recommend everyone on this site set up a Google alert on any news or press releases concerning Wilshire. I did. That's how I found out Wilshire was acquired by Bank of America.

My home was foreclosed by Wilshire back in Jan. 2009. I hope they don't come after me for the amount left after the auction.

I'm wondering how this will affect our credit reports. I assume it will just have Bank of America and not Wilshire. I'm hoping to get lost in the paper.

Fremont Investment & Loan went under and do NOT appear on my credit report.

I would love to get on a class action suit with whomever is willing to try to take these SOB's down.My family and I have gone through pure hell ever since Wilshire has taken over my loan about 3 years ago. I have been set up on forebearance agreements at least 4 times at each time, while awaiting the new modification for 45-60 days, I am told not to move forward with any payments. At this time my home goes into foreclosure and costs me about $6,000 to get the process started all over again.
My last ageement was finalized in Sept. and I have been awaiting a modification since. I have sent 2 payments and they have never cleared my bank but yet noone has it on file. I have recently recieved a letter from Wilshire stating that my loan has been sold to BAC and I would be getting a letter soon from them. No letter yet and BAC does not have any record of my property and now Wilshire's phone has been busy for 3 days. Their phone line has never been busy. The reason I even asked for a modification was due to a business failure and instead of helping the situation, I feel like I have been rear ended by the biggest scam artists in the country. If anyone can tell me that they have got significant results from getting a lawyer, please make a comment to me.

I would just like to know HOW to get in touch with them to PAY my Mortgage this month...anybody know????

I would like to get in on the class action. I've been through the same thing as everyone else. This is crazy.

My story is just like all of yall, somebody please help us in a class action suit against wilshire.

I understand totally what it is that you are saying. We all are at a huge MAJOR disadvantage in these negotiation proceedings. In these dealings! What I don't understand is that since I know that we aren't the only ones who realize this (or are we?), why are more people going to lawyers and compliant loan modification companies to get their loans modified? Instead they will listen to their lenders who tell them not to, then they frustrate the hell out of you until you give up and/or lose your homes...Then you want to find a lawyer for a class action lawsuit. That doesn't bring your home back...

The government needs to do something to punish these banks for not doing what they agreed to do when they accepted that tarp money...And, we as consumers need to take all of our money out of these banks, and open up accounts at our local credit unions. Money is all they seem to understand. We all know that the President can't do this all himself. And, the other politicians can't seem to agree on anything fast enough to help all or most of us homeowners not lose our homes. I feel for anyone who has to lose their homes when they don't have to. YOU NEED TO DO WHAT'S BEST FOR YOU AND YOUR FAMILY TO SAVE YOUR HOMES! NOT LISTEN TO THE SELF CENTERED ADVICE THAT THE LENDERS ARE TELLING YOU. Hire a professional to get this loan modification done for you. The legitimate ones know what they are doing, do your research. Find the right company or lawyer (one who knows what he's doing) and go at the banks like you'd goto court..prepared with the best representation that you can find..I can't stress this enough how much sleep I got and gray hairs I lost once I turned my case over. Kept in touch with me from the very beginning, phone in and speak to the negotiator assigned to my case, as well as I don't know how many time I spoke to them. They always took the time to speak to me. Then when my loan mod was approved, I could exhale....They got accomplished in 90 days what I couldn't seem to get past step one for about 6 months. I will never forget what he told to me.. He said, " When the banks ask you questions over the phone or ask you to send in the same paperwork over and over again, they are not really looking to approve you. They are hoping you tell them or send them something to disqualify yourselves". And, the more I read these blogs and forums the more I realize that that is 100% true.

Look for yourselves, out of the 344 comments on here am I the only one who got approved? I must of been the only one who used a professional! You have a better chance of getting approved if you do. I can lead you to water..well you know the rest!

Have had the same horrible experience. We were told after 3 month trail we were approved papers would be coming in 30 to 60 days continued to pay every month with being told papers were coming just had alot of applications so it was taking longer. Paid March to Bac only to receive a payment coupon from Bac after paying for double the amount. Told they can't honor anything not finalized I will have to start over with paperwork. Wilshire knew we were being sold and just collected everything they could they were never processing anything!!!!!!!!!!!!!!!!