My original mortgage / home loan was financed through Mortgage It Company in August of 2005 and shortly after, in October of 2005 was bought off by Wilshire Mortgage Credit Corporation.
I made numerous of calls to them trying to establish an Escrow account for my taxes to be incorporated into my mortgage payments. I work during a day, went to school on evenings and weekends and trying to get them on the phone was almost impossible - spending my breaks and launch hour(s) on the phone trying to get “alive” person. This tactic is used so they can wear you out. They know that most people don't have the time to stay on the phone during working hours. They conduct business only during regular business hours, when most people are at work and can't bother them. After repeated phones calls thru the most frustrating system I have ever used, the representative requested that I mail/fax them requested paperwork in order to set up that escrow account. I faxed it and I had a conformation that fax went through and was received. Couple weeks later, I called to inquire how long will it take for them to process it, and I was informed that they don’t have my paperwork and I was told that they are humans too, and the paperwork do get lost sometimes - and - they asked me to submit it again. I decided to go ahead and try again. This time I fax the paperwork and with a copy of conformation page I decided to mail those copies of the same paperwork with certified delivery confirmation. Again, I waited couple of weeks and called them to inquire how long it is going to take to process it - as the tax collectors already started calling me and started sending me vicious letters. After so many attempts to get someone on the phone again I was told - again - that they do not have my paperwork (???). They asked me to submit again (?) I decided not to.
The mortgage with them had two loans - 1st mortgage with adjustable rate going from some 6-7% to 10-11% in such a short period of time and 2nd mortgage with fixed rate of 10.99%. I had no late payments, no missed payments even dough that payments were killing me and there was not enough money left for my property taxes that were falling behind and barely any money left for life necessities. Having a comfortable income from my full time employment, and regular child support payments, and a part time job – wasn’t enough - leaving no time for anything else. Not only those payments were killing me, but they were now exterminating my household – my life!
In November of 2007 I called Wilshire and asked them to refinance me into a fixed mortgage rate home loan with escrow account set up. They told me to they do not refinance existing loans with them and asked me to file for forbearance with them due to hardship. I refused. I felt like they want me to loose my house. I felt they want me to fall behind the payments and owe them more money. I felt they are promoting foreclosures rather than helping their customers seek any option available in order to keep the roof over their heads. My son’s 13th birthday was approaching in mid November and I was devastated!! I couldn’t afford any gifts for him and I couldn’t possibly explain to him that all my hard work and major lack of time and neglect of him was for nothing - we were going to loose our home! I was on the edge of a nervous break down. I couldn’t sleep, I couldn’t eat, and I couldn’t concentrate or think straight.

I understand now that their investors are so greedy that they would rather see their investments vacant and not selling / refinancing than working with their customers. These games that Wilshire plays with people are simply sickening and should be - if not - illegal!!
So, I did my best and made my payments until December of 2007, while working with local mortgage brokers to help me refinance through other financial institution. I called Wilshire day before Christmas and remind them that I am looking into refinancing my home and the last payments from me will conclude for that current month - December of 2007. I also told them that as of January of 2008 they should be paid off in full (my prognosis for refinancing was looking very good) but if something goes wrong and I do not get refinanced – no payments will be send for January. I already planed to move out by end of January of 2008 and told them they can go ahead do what they need to do after that.

Miracle happened on January the 3rd of 2008. I was refinanced through Countrywide Homeloans FHA program and they paid off Wilshire on January the 8th of 2008!!
One of the best things ever happened to me! I was so happy! One mortgage payment, escrow account set up with taxes and insurance all included – and - almost $279/month less than both mortgages with Wilshire.

I was also very happy that I no longer have to deal with Wilshire unprofessional, misleading, lying, frustrating, rude, brainless, lazy, untrained, ignorant and careless employees.
I closed that chapter in my life – or so I thought - until yesterday! - !
Recently, I was offered by Countrywide Homelaons program Cash-out option for home improvement; new windows, doors, remodel bathrooms, etc. This approval is under the process and in addition to submitting all requested paperwork, I paid $349 processing fee for it.
I had a phone call yesterday evening from one of their underwriters, Mr. Jeff who informed me that Wilshire reported 30 days late payment for December of 2007. I was shocked!! I explained that I am totally unaware of that; this information is news to me as I made sure that all the payments were updated before I went into refinancing with Countrywide. I also told Mr. Jeff that I refinanced my car in March of 2008 through my employee Federal Credit Union and that wasn’t showing on my credit report as I am sure that would present a problem, an obstacle and I would be informed about it by loan officer from Credit Union. Mr. Jeff advised me to call Wilshire and to try to straighten this out. I told him that will be impossible, but I will try.
I started my ‘home-work’ this morning at 7:30 am. I was trying to get in touch with Wilshire once again. I also used Internet; research their web site and some additional web sites indicating anything in connection with Wilshire just to find out about the www.ripoffreport.com and http://www.complaintsboard.com/complaints/wilshire-credit-c76781.html - what a site(s)!!! Finally, at 9:50 am I was able to get a representative on the phone, who once again proof to me how unprofessional, misleading, lying, frustrating, rude, brainless, lazy, untrained, ignorant and careless Wilshire employees are. After ‘updating’ my account information with them (???), which no longer exist anyway, I explained to representative that reason for my call was to inquire about inaccurate information on my credit report provided by Wilshire and that I would like to dispute their ‘30 days late’ reporting currently showing on my credit report. He informed me that ‘their notes’ (entered by their employee) show that I called them and informed them on December the 24th that I will not be making a payments for December??? Knowing who I am dealing with - I calmly tried to explain to him that information makes no sense and that must be a mistake - that December of 2007 payments were made, and when I called them day before Christmas I informed them that I will not be making any payments for January of 2008 as my refinancing was coming through and they will be receiving a full pay off amount. I also recalled that I told their representative that if, for any reason refinancing doesn’t come through, I will be moving out by end of January of 2008 and they can go ahead and do what they need to do. The representative continued talking over me, called me immature (?) and that bottom line is - what their notes are saying is immaterial and irrelevant - still insisting that I was late with December of 2007 payment. I still tried to explain to him that payment was made, the check was mailed to them timely and they should check their records for the check date or simply by verifying it by the post date mark on the envelope of the payment. He told me they do not do that. I was stunned! I told him about my prior experience with Wilshire; loosing my (confirmed) faxes and (certified) mailings in the past and that I wouldn’t be surprised if they misplaced or sit on the check for days. I stated that it is not my fault if Wilshire was holding the payment once received or they must simply have an inefficient process for cashing checks. I also reminded him that refinancing came through January the 3rd and that Countrywide paid them off on January the 8th. In addition, I reminded him that received prorated / partial reimbursements from Wilshire for the payments that were made in meantime. I asked him how I can possibly be reimbursed the money if they were not overpaid or better yet, prepaid. He told me that means absolutely nothing, my payment was late and he will not change the information in their system. We went back and forth, back and forth. It was obvious to me that I was running into walls again with Wilshire. On the end, I had to terminate this phone conversation with the promise that I will sue. Deep down, I know that makes no difference to them.
Wilshire is not willing to work with people despite their massive errors and resulting situations. They are defrauding homeowners, running their credit, their hopes, dreams, livelihood, etc. They put thousands of families with children and senior citizens out on the streets without loosing any sleep over it. How does this company get away with doing business the way they do; with lies and wrongdoing and with so many complaints? I wish I can afford a lawyer!! I would take them al the way to the Supreme Court!

I am so unhappy and very pissed I tried to purchase a property which they owned and I did everything I was supposed to do all inspections paid for my appraisal and I lost all that money because I had to cancel the transaction I waited more than 3 moths for them to finally sign that they would fix some problems with the location and then they signed but would not fix the problems and then they sat on it again I am low income and cannot afford these losses they are a scam plan and simply. I feel defrauded.

Everyone reading these reviews against Wilshire Credit Please also go to www.ripoffreport.com and also see many, many other people who have had it with this company. You can also see good additional information and see this company for what they really are.

Between this excellent site and the other mentioned above maybe we can get something done. This company is defrauding homeowners and it has to stop!!!

United we stand and there are enough of us that we should be able to do something. Someone please do a web posting for signatures to help all of us.

Wilshire employees - You know what is going on. You cannot work there and not what this company is doing. You can stay there and continue to be a partner in crime or else help all of us.

When you unknowingly do wrong your are innocent.

When you knowingly do wrong and keep on doing it you are as guilty as who you are doing it for!!

Anyone who has Wilshire as your mortgage servicer. BEWARE if they want you to sign a forbearance agreement as they are now starting to do to people. If you sign, they own you. Have your attorney read these papers. Papers are full of wording where you are still "screwed" and if you sign these papers they state that you withdraw any and all claims, lawsuits, either past, ongoing, or future Wilshire Credit, predecessors, successors, affiliates, officers, directors, employees, subsidiaries and parent companies and agree not to sue. This is done in order for your temporary modification to go through that will allow you top stay in your home for a few months only. This is only a short term modification. After a couple of months another agreement is to be worked out. These papers also will not allow you to protest any and/or all of the legal fees associated with Wilshire and these fees were initiated by Wilshire!! These papers are full of BS. This contains information that was stated was agreed upon by both parties BUT since I did not agree to this.

Please anyone who enters into an agreement with Wilshire do not sign these papers unless your attorney looks at these papers. You will end up losing your home regardless. Also, in my opinion the amount that will have been paid to Wilshire (for the few months and the down payment) comes to about what the 2008 taxes are on our home. I think they are now working for modifications due to the upcoming tax time so they will have enough money to pay taxes on your home without Merrill Lynch having to take from their own investors pockets.

I hope Merrill Lynch, and Wilshire Credit employees can sleep at night knowing how many people they have put out into the streets and how many homeless senior citizens there are now due to their

lies and wrongdoings. None of us homeowners wanted this nor did we ask for it nor did we sign for this. What happened what greedy companies like Merrill Lynch and Wilshire Credit and Capital Investments and Deutsche Bank saw a way to fill their pockets until their "cup runneth over" of which they have. They have taken people's dreams, hopes, livelihood (not only adults but also children) and have made it into "horror stories" just big corporation get rich quick schemes. Someday a good investigative journalist and will come along and expose these corporations/companies for what they really are and what they have really done and how rich these companies and corporations have gotten off the hard working average guy and the senior citizens. Just follow the paper trail and it leads you to people and places that I would have never thought or dreamed possible.

PLEASE DO NOT SIGN ANY PAPERS INITIATED BY WILSHIRE CREDIT OR THEIR ATTORNEY'S OR MERRILL LYNCH OR THEIR ATTORNEYS OR DEUTSCHE BANK OR THEIR ATTORNEYS.

Please take them to your attorney.

I made the mistake of financing with Wilshire mortgage, and I REGRET IT! Whenever I contact them, it takes too long to get an answer. It’s as though they are trying to wear you out. Also they know that most people don't have the time to stay on the phone during working hours, so they stall and drag their feet to get an answer. They also only conduct business during regular business hours, when most people are at work and can't bother them. Then if you are able to prove that the mistake is theirs, it will come back again in a month or two. They have instilled their insurance every year, for the past few years, without checking with my insurance company. If you use their website to make payments, they still charge you a transaction fee. Even though every company on earth uses the internet and other electronic methods of communicating, they are stuck in the 1980's. FRIENDS DON'T LET FRIENDS USE WILSHIRE MORTGAGE.