Posted on: 02nd Nov, 2008 09:56 pm
I have been trying to get a loan modification from Wilshire credit corporation since mid August. I finally had someone who looked at my case and I was told YES! I thanked them in tears! They said "Relax, catch up on bills. Your first new payment won't be due until Dec 1st! We'll call you next week with the details."
The following week (oct 30) they called back saying "MODIFICATION DENIED". I've been locked in my room in a deep depressoin ever since.
My variable rate is now up to 9.625% and will go up again in January. I have never been late other than just barely by skipping October's payment as I was told to wait until Dec 1 and "catch up on bills".
I want to keep my home. I would like to have a reasonable rate so I can keep my home. I have been a good customer by always paying on time for the 2 1/2 years I have had the loan...but 9.625% and set to go up is too much interest. Over the 2 1/2 years of the loan I have paid them $75,000 in interest. $5000.00 has gone to principle.
I need help! If I foreclose I am certain whoever gets my home will also get a great interest rate. Why wouldn't Wilshire just consider ME and skip the foreclosure procedure and save money in the long run?
Wilshire was part of the bailout...are they not participating in helping people save their homes?
ADVICE?
The following week (oct 30) they called back saying "MODIFICATION DENIED". I've been locked in my room in a deep depressoin ever since.
My variable rate is now up to 9.625% and will go up again in January. I have never been late other than just barely by skipping October's payment as I was told to wait until Dec 1 and "catch up on bills".
I want to keep my home. I would like to have a reasonable rate so I can keep my home. I have been a good customer by always paying on time for the 2 1/2 years I have had the loan...but 9.625% and set to go up is too much interest. Over the 2 1/2 years of the loan I have paid them $75,000 in interest. $5000.00 has gone to principle.
I need help! If I foreclose I am certain whoever gets my home will also get a great interest rate. Why wouldn't Wilshire just consider ME and skip the foreclosure procedure and save money in the long run?
Wilshire was part of the bailout...are they not participating in helping people save their homes?
ADVICE?
hi hollyjova!
in my opinion, you should speak to the lender once again and check if there are other plans available with them. you can also try for refinancing at a lower rate. you can refinance the mortgage into a fixed rate one. the current interest rate for fixed mortgage is around 7%. remember, you can also take mortgage from other lenders if your original lender is not giving it to you.
if no lender is offering a refinance to you, then you can either go in for deed-in-lieu or short sale. however, you should remember that you will have to lose your house in this case and live in an rented house or rented apartment. if you want to save your house, you can go for filing chapter 13 bankruptcy. here you will also be able to clear off your debts and will be able to save your property.
thanks.
in my opinion, you should speak to the lender once again and check if there are other plans available with them. you can also try for refinancing at a lower rate. you can refinance the mortgage into a fixed rate one. the current interest rate for fixed mortgage is around 7%. remember, you can also take mortgage from other lenders if your original lender is not giving it to you.
if no lender is offering a refinance to you, then you can either go in for deed-in-lieu or short sale. however, you should remember that you will have to lose your house in this case and live in an rented house or rented apartment. if you want to save your house, you can go for filing chapter 13 bankruptcy. here you will also be able to clear off your debts and will be able to save your property.
thanks.
Hi hollyjova,
Welcome to our community forums.
I'm not sure as to whether Wilshire is part of the mortgage bailout program. But what I can say is, they haven't denied your loan modification just because you didn't make catch-up payments. It's because they felt perhaps in your situation they couldn't afford to provide you with a loan modification program.
I understand how you're feeling but please don't get so depressed..you see if you don't have the patience to fight it out, things could get worse. By the way, has the company spoken of a foreclosure yet? If not, then try to negotiate with them for an alternative repayment plan. Or do you have mortgage insurance?
Alternatively, you can file Chapter 13 bankruptcy through which you can pay off your mortgage as per a payment plan prepared by the court appointed trustee. Chapter 13 isn't that bad as many think of. It actually helps you to repay your debt thereby improving your credit gradually.
Regards,
Jessica.
Welcome to our community forums.
I'm not sure as to whether Wilshire is part of the mortgage bailout program. But what I can say is, they haven't denied your loan modification just because you didn't make catch-up payments. It's because they felt perhaps in your situation they couldn't afford to provide you with a loan modification program.
I understand how you're feeling but please don't get so depressed..you see if you don't have the patience to fight it out, things could get worse. By the way, has the company spoken of a foreclosure yet? If not, then try to negotiate with them for an alternative repayment plan. Or do you have mortgage insurance?
Alternatively, you can file Chapter 13 bankruptcy through which you can pay off your mortgage as per a payment plan prepared by the court appointed trustee. Chapter 13 isn't that bad as many think of. It actually helps you to repay your debt thereby improving your credit gradually.
Regards,
Jessica.
Thank you so much for the info. I need some hope to hold onto!
I can't re-finance until next year. The house became mine after a divorce. I wasn't making enough to qualify at the time to even buy the house but my parents felt it was best for my three kids if I were able to keep the home for their sake so they agreed to help with their retirement savings.
Also I had to agree to get into a really bad loan for a few years but I thought if I worked hard to make a living, make payments on time & build my credit score I would be able to do it on my own in a few years. I have done all of those things and am very proud of my accomplishments!
I am now finally making enough money to qualify for the re-finance but it won't show until I file taxes next year. I already tried to re-fi and was turned down but was told next year I would be able to if FHA would accept one year of tax returns. I am in the same line of work so my broker thinks I will be very possible. But with the payment so high RIGHT NOW I have been really struggling since it jumped in August!
Question about chapter 13. The only real dept I have is the house...other than a $5000.00 personal loan I took out last year to pay medical bills. And a visa currently at $1000.00. It's the interest on the house that is killing me. My house payment is $3000.00 now. When my ex husband lived here before my divorce it was $1700.00 because we had a great interest rate. Can I file a chapter 13 even though my only real dept is $6000.00 and a whole lot of interset on my house?
I am trying to stay positive but the stress is so bad. I also have crohn's disease which gets worst with stress. The thought of trying to move and find a place to rent right before the holidays is stressful as well. I have 3 boys, 4 cats, 2 dogs and a lizard. I have looked at rentals...most say no pets. This may sound silly to some, but those pets are part of my family. We have lived here for 13 years. I really need to stay for now. So I am willing to try almost anything before I have to throw in the towel.
I can't re-finance until next year. The house became mine after a divorce. I wasn't making enough to qualify at the time to even buy the house but my parents felt it was best for my three kids if I were able to keep the home for their sake so they agreed to help with their retirement savings.
Also I had to agree to get into a really bad loan for a few years but I thought if I worked hard to make a living, make payments on time & build my credit score I would be able to do it on my own in a few years. I have done all of those things and am very proud of my accomplishments!
I am now finally making enough money to qualify for the re-finance but it won't show until I file taxes next year. I already tried to re-fi and was turned down but was told next year I would be able to if FHA would accept one year of tax returns. I am in the same line of work so my broker thinks I will be very possible. But with the payment so high RIGHT NOW I have been really struggling since it jumped in August!
Question about chapter 13. The only real dept I have is the house...other than a $5000.00 personal loan I took out last year to pay medical bills. And a visa currently at $1000.00. It's the interest on the house that is killing me. My house payment is $3000.00 now. When my ex husband lived here before my divorce it was $1700.00 because we had a great interest rate. Can I file a chapter 13 even though my only real dept is $6000.00 and a whole lot of interset on my house?
I am trying to stay positive but the stress is so bad. I also have crohn's disease which gets worst with stress. The thought of trying to move and find a place to rent right before the holidays is stressful as well. I have 3 boys, 4 cats, 2 dogs and a lizard. I have looked at rentals...most say no pets. This may sound silly to some, but those pets are part of my family. We have lived here for 13 years. I really need to stay for now. So I am willing to try almost anything before I have to throw in the towel.
The reply above is ME!
hollyjo is hollyjova... :)
I made a mistake and wrote that all in "quick reply"
hollyjo is hollyjova... :)
I made a mistake and wrote that all in "quick reply"
hi hollyjo!
have you spoken to the lender about loan modification? you can speak to the loss mitigation department of the lender. they may consider your situation and give you a loan repayment plan through which you will be able to pay the loan.
if you do not get the loan modification and if you do not want to lose your property, then i think you can file chapter 13 bankruptcy. to check whether you qualify for chapter 13 or not, you can visit the given link:
http://www.mortgagefit.com/bankruptcy/chapter7-chapter13.html
thanks,
jerry
have you spoken to the lender about loan modification? you can speak to the loss mitigation department of the lender. they may consider your situation and give you a loan repayment plan through which you will be able to pay the loan.
if you do not get the loan modification and if you do not want to lose your property, then i think you can file chapter 13 bankruptcy. to check whether you qualify for chapter 13 or not, you can visit the given link:
http://www.mortgagefit.com/bankruptcy/chapter7-chapter13.html
thanks,
jerry
I have heard of Wilshire granting modifications if they are applied for correctly. Have you been able to resolve your problem?
sorry wilshire is astupid company with a bunch of xxxx that dont know what they are doing and they wont help you....sorry i have the same company ive been my home for 2yrs fighting it with wilshire they dont want to modify me .. and they were told to by a judge..i had to file for a chapter 7 and then a chapter11 so i wont loss my house and they still havent respond... and ive been here 2 yrs and dont pay anything...serves them right.. all i wanted was to get modified, but they loose everything(the paper work)..kept faxing stuff over and over.. but good luck you need to keep communication open with them..
been living free of paymants with wilshire for over a year! cant complain :)
did you simply stop making payments to them guest, or did something else happen?
