Wilshire Loan Mod

[hannahrae99]

Yaseling - thanks for sharing your story. I'm currently going through the same thing.

All - I have a few questions for the group and would greatly appreciate your input:

1. My initial interest rate is 8.325%. Wilshire gave me notice it would increase up to 9.625%. During my initial conversations, we've gotten it lowered to 7.625%. My question is can I get a lower rate? In Yaseling's case, it looked like he/she was able to lower it by over 1.5%.

2. My current loan is interest only. Can I expect to be able to convert it to a principal AND interest loan?

Thanks in advance for everyone's input.

[Moe Bedard]

Hi hannahrae99,

Welcome to the forum and thank you for joining................

The modifications given are up to the investors on the loans..........she may have a different investor on her loan than you do. You would need to ask Wilshire if this is the best that the investor can do and if they can propose a lower fixed rate to your investor...........they will let you know if that is it from the investor.

Good Luck


Wilshire
Loss Mitigation
1-888-952-7339

[hannahrae99]

*** - thanks for weighing in. One last question - at least for now - Wilshire is asking for a "down payment" that essentially equals a payment. Is this normal?

[Moe Bedard]

They will usually ask that you send a good faith payment with a modification that is one month or two of the new modified payment amount.

[yaseling]

hannahrae99,

Good luck on your attempts with Wilshire. One thing I did learn is that what they claim is all they can do is not the truth. At first, with me, they claimed they could only lower my interest rate no more than 1% from the teaser rate and I had to argue and fight for something lower than that and they gave it to me. Also, when speaking with one of the persons that answers the loan mod line for Wilshire I was advised that they do all types of work outs and even principal reductions. So do not believe everything they tell you and fight for what you think is fair. My modification is only for 3 years. Now, I wish I would have fought for a longer and/or permenant modification. Try to have your modification be a long term one and do not let them set you up for yet another unaffordable payment. Again, good luck.

yaseling

[hannahrae99]

Some quick questions. I just finished my 3-month loan mod period. My initial rate was 8.625% and then it got increased to 9.625%. Now thamy my mod period is over, they're willing to decrease it back to 8.625%. My point to them has been that's the rate that got me into trouble in the first place. My questions are:

1. can I expect a rate lower than 8.625%?

2. I have an interest only loan - any chance they'll agree to modify it to a standard P&I type loan?

Thanks.