Wilshire SUCESS!!!

[STRIPER1970]

Good Evening everyone, Hope everyone is getting ready for another weekend!

Here's my story. I'm in NY and I have 2 loans, Wilshire(primary) for 299,000 at 8.99% ADJ which expires in December-monthly payments of $2,284.00 and 2nd loan with Teacher's Federal Credit union for 46,000 at 11.25% for 12 years-payment of 634.This does not include my property taxes of 5,051 and my home insurance of 1350.00. The house was just appraised by last month Century21 between 229- 239,000.

Last year I started falling behind on my first. I hired a private company which was able to negotiate a forberance for 6 months paying 2,021 which I paid on time and expired in february 09. I tried doing a loan modification with Wilshire and never got anywhere for 3 months and that's why I ended going to NACA in April.

After calling over and over again, sending emails after emails NACA's customer service, response and advice really was horrible especially when they never responded to any of my complaint emails. After 5 LONG months, NOT one single update I received from NACA SO I decided to start calling Wilshire every week. After three weeks I received the BEST news EVER !!

Yesterday 10/1/09, I received the final offer from Wilshire. NACA's original submission was for 2,035 including everything. I received Wishire's doc today and the payments will be 2,259 for 30 years and 4.41% fixed rate

I faxed the paperwork to NACA and also called them to advice them on the offer and to get me in contact with a negotiator. I also told them, they have 5 days to call me or else I'm signing the docs. I refused to start this process all over again.

Bottom line... when i add my original payment of 2,285 plus taxes and insurance my payments would have been around 2,800 and they're now 2,259.

I am now planning to file chapter 13 cramdown to remove my 2nd mortgage. I sent my 2nd Lender a letter to see if they rather get 10% of the balance or nothing if I file.. Let's see what happens.

Anyway,

My recommendations to everyone this whole process is LONGGGGGG and you need to be patient at the end you can do this whole thing yourself.

Do not pay anyone, I did because I was lazy. At the end I fought and Wilshire came through for me!!!

There were LOTS of negative issues against Wilshire but now finally there's a positive end.

[givemeabreak]

WOO HOO !! for YOU !! I also live in the Empire State and have wilshire on my first. I have a 6.5 fixed. This is great news and I hope I will get good news down the road.

[givemeabreak]

Striper Your post made my day.. Is thre any advise you can give me? Your situatiom seem very similiarto mine except I have a fixed 6.5% on first but an 11.0% on second. I have NACA but people who post here have mixed experiences with NACA. I am hoping the same results as you did.

[STRIPER1970]

If NACA already sent Wilshire the docs, I suggest keep calling Wilshire once a week so they understand you are insterested. Soon enough you should have an update. I really thought NACA will do something for me but I was wrong.

Unfor. For the 2nd mortgage we are all on the same boat. My 2nd Lender has a meeting with the court on Monday Oct 5th that I don't have to attend. I'll let you know the outcome.


Thanks

[GonnaMakeIt]

This is GREAT news for you! I also have Wilshire and I have been struggling to get a mod for over a year with them! They last received pmt in Jan and I continue to get denied for any mod! Can I ask you what your DTI is? They had denied me for the Home Affordable Loan, saying we didn't make enough...they said they ran our credit report and it shows loans, etc. that we did not list on our app, but they are figuring that into our debt! If I didn't include it in my paperwork, it is because we stopped paying on certain loans/cc in order to survive! I don't know what to do now? They did say they are resubmitting my app for the HA loan and need me to send in chk stubs, bank statements and tax returns with this. This is so difficult! Any advice?

[deeezldoc]

The servicer wouldn"t tell me who the investor is for my first mortgage-but my insurance company has wilshire on the policy for homeowners. Do any of you have good contact info (e-mail, fax, phone...) for wilshire. I hired an attorney to deal with the servicer and we are making zero progress after being at this for almost 9 months. Time to show some love to the investor Any contact info that you have would be greatly appreciated.

Thanks