Stressed out and losing sleep because you are worried about how to pay your home loan? Homeowners having trouble making their mortgage payment may be eligible for a Wilshire Credit Corporation loan modification with Obama’s government plan. The lender is one of the approved banks who can offer the very aggressive loan terms under this federal program. If you are at risk of losing your home, or facing a financial hardship that is causing your current mortgage payment to be unaffordable, find out the details of how this plan works and how you can apply for help.
Wilshire Credit Corporation has signed an agreement with the Treasury Department that allows them to actually get paid to modify loans using the standard criteria of the federal program. Each loan that is successfully modified using this criteria will qualify the bank to receive an incentive payment, that is a big reason for homeowners to apply now because the bank is very motivated to help as many borrowers as possible stay in their home. Wilshire Credit Corporation will receive payments from the Treasury Department for each loan they modify using this federal plan, whether the loan is delinquent or current. In addition, homeowners will be paid a bonus of $1000 for each year that they maintain the new payments, for up to five years. This $5000 bonus for success will be credited towards the loan balance, thereby increasing the home equity and encouraging homeowners to stay in their home.
Federal Plan
What are the basic requirements for homeowners to be eligible for this federal plan called Home Affordable Modification? There are 5 basic guidelines you must meet before you can submit your formal application:
- 1. You must live in the home as your principal residence
2. Your loan must have been initiated before January 1, 2009
3. Loan amount must be less than $729,750
4. Current payment must equal greater than 31% of your gross monthly income (including your property taxes, homeowners insurance and any homeowners dues)
5. You must be facing a financial hardship situation-due to lower income, greater expenses or other acceptable reason
Once your pass the initial questionnaire, you will be asked to submit an application that includes your financial information. You will have to prepare a financial statement or budget that details your monthly income and expenses. This is very important-you must prepare your forms correctly so that you clearly prove you are a good candidate for a loan modification. You should work on this form before you call the lender-you do not want to be caught off guard and unprepared when you have your lender on the phone. Take the time to learn the program guidelines and work on your forms ahead of time so you can make the necessary adjustments and increase your chances of approval. Use the easy to understand directions to complete your own loan modification forms correctly in Chapter 2 of the #1 resource guide, The Complete Loan Modification Guide.
Learn how!
Wilshire Credit Corporation will use the standard methods of loan modification set forth by the government to lower your mortgage payment to the new target payment. First, they will reduce the interest rate to as low as 2%, then they will extend your loan term to 40 years, and finally they may defer or forgive part of the principal balance. The goal is to achieve a new payment that equals just 31% of your gross monthly income. Your new target payment will be affordable now and in the future, and enable you to be able to stay in your home.
If you are facing difficulties and at risk of losing your home, you need to begin the Wilshire Credit Corporation loan modification process now. This government program enacted by President Obama is available for a limited time and funded by $75 billion in stimulus money. Do not miss your chance for the help you need and deserve. Make sure you understand how to apply and qualify so you have the best chance of success.
You can get the help you need to apply and qualify for a Wilshire Credit Corporation loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan.
Get started today on the path to secure home ownership, order The Complete Loan Modification Guide, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
Home Edition Loan Modification Kit with Customer Assist
Need help completing your loan modification forms? Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly.
8 Responses
Ok where do we file a complaint?! We have wilshire credit corp that we work with. We have done everything they have asked of us over and over and over again! We have been told we were approved under this new program. Told to not make payments until we receive the new paperwork. Then told that ain’t right – you MUST make the old agreed to payments. Told we were approved but wilshire sent it back due to figuring errors. We can call wilshire 6 times IN ONE DAY and get a different answer each and every time! This has been going on for a year now! Run around after run around. We are current on everything they have asked us to do yet they continue to hand out the run arounds!!!! We are ready to just pack up and leave the home behind simple because of wilshire and their shady biz practices…..
WHERE DO WE BEGIN TO START FILING COMPLAINTS???!!!
Posted on November 5th, 2009 at 1:06 pm
COMPLAINT!!! I started a loan mod in September! I have called at least once a week, sometimes twice a week to check the status of the mod. I never got any other answer than,” It’s in review, and we will let you know one way or another if it is approved or not.” So, as of March 1st, they have sold my loan to Bank of America and have also turned me over to forclosure. I feel so stuck and I feel like I was taken for a ride by Wilshire. They told me that the review process was taking anywhere from 30-60 business days…. What was the wait? Why did they keep me hanging for nearly 6 months?
Posted on March 2nd, 2010 at 11:55 pm
SOUNDS like I have to say amen, amen, amen, AND again amen – to what everyone has said. Just an exact copy of what has happened to you also!
Who initiated this blog? How can we unite and make a legal complaint? How can we go against WCC and ALL save our properties?
Hi, We are in the same boat as you two – previous to my complaint!
How can we get in contact with each other?
We had the same run around, and now we also were presented with foreclosure/auction notice on Mach 1, 2010! We don’t know what to do in order to save our home. Please HELP!!! We don’t even know what bank they are now – either Bank of America as their website suggests or Wells Fargo the name of the bank on the only notice we have received thus far.
We are really confused, we do not want to loose our property. We have done everything they have asked us to do. THE ONLY thing they have ever said to us is to wait while we review your documents in 30-60days that was in SEPTEMBER OF 2009 – in FEB of 2010 we got the same run around!!
How can we fix this? We will be without a home on April 1 if we can’t resolve this fast.
How are any of you working to fix the same issues?
PLEASE email me back with any advice: inbokh86@gmail.com
Posted on March 18th, 2010 at 7:13 pm
Hi I am in the same boat as all of you I had been working with wilshire since last april on a loan mod. They also told me not to make anypayments until the loan mod went thru. After losing my paperwork several times changing mod plans several times………..all the while assuring me everything was fine. Now they sold my loan to BOA on March 1 I am now in foreclosure with a sale date of April 28th………..What the hell do I do now I am so pissed and I am ready for a fight.
How can we make these companies pay for this…….its not fair. With wilshire my mortgage payments went up 700.00 in three years. Please get back to me if you have any info drapesbydiane@aol.com
Posted on April 8th, 2010 at 7:49 am
You need to call Bank of America immediately and tell them you want to apply for the HAMP option-make sure that they postpone your sale date while your application is being reviewed for the loan modification.
A Bank of America loan modification may be easier to get than when you were with Wilshire-but be sure to get into their system immediately and send in your correct paperwork right away. You may need to make a few calls-one to the Foreclosure Department to stop the sale date and others to Loss Mitigation to make sure you are considered for HAMP.
The FED says that the foreclosure process cannot proceed to sale while a homeowner is in review for HAMP-so it is critical that you get all of your application forms, income documentation into Bank of America for loan modification review asap.
Posted on April 8th, 2010 at 11:00 am
HELLO EVERYONE. I’M IN THE SAME SITUATION AS ALL OF YOU!!! GOT NOWHERE WITH WILSHIRE AND NOT GETTING TOO FAR WITH BANK OF AMERICA EITHER. NOBODY KNOWS WHAT IS GOING ON. EVERY REPRESENTATIVE TELLS YOU A DIFFERENT STORY AND I HAVE HAD IT!!! I AM SEEKING LEGAL COUNCIL AND BRINGING ALL OF YOUR POSTS WITH ME. I WILL LET YOU KNOW HOW IT GOES!! BEST OF LUCK TO ALL OF YOU.
P.S.-TO THOSE OF YOU FACING FORCLOSURE, I WAS TOLD BY BANK OF AMERICA THAT THEY HAVE 90 DAYS TO RECEIVE ALL YOUR INFO FROM WILSHIRE. WE ARE COVERED UNDER SOMETHING CALLED RESPA AND NOTHING IS SUPPOSED TO BE DONE UNTIL 90 DAYS AFTER THE TRANSFER OF SERVICERS SO LOOK INTO THAT!!!!
Posted on April 22nd, 2010 at 11:01 pm
Same boat with these crooks. Started modification, the money I was paying went into escrow account instead of my monthly installment. They sold mortgage to another company, and after two months with them, I was notified I was in foreclosure for non payment of previous months. New company working with me on a new modification, escrow account is being straightened out. Now I am waiting on my 1098 from them on interest payments in 2010. fingers crossed I can get it.
Posted on January 19th, 2011 at 9:38 am
I had done everything that was asked by Frank at Wilshire Credit the hardhsip letter, proof of income check stubs, etc. got a licensed agent to do the short sale paperwork, termite inspection bond and everything was approved for the buyer. But when we got to the attorney’s office along with the agent and buyer Wilshire refused the sale at the closing and my three children and myself was put out of my home because the house went into foreclosure two days later. I called them and never did get a response why they refused the closing along with the agent as well called and got no return call.
Posted on February 10th, 2012 at 11:29 pm
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