Foreclosuresurvivor's Blog

Surviving Foreclosure

Shady Wilshire Credit Corporation

Fremont Investment & Loan was the originator for my loan in January 2006 in Maryland.  Wilshire Credit Corp. rather quickly became our mortgage servicer – just months after our closing.  Fremont was determined by the FDIC to be a predatory lender that engaged in fraudulent practices.  The FDIC imposed a “cease & desist” on its business just 3 months after we signed the papers.  A part of the “cease & desist” was a requirement to restructure the loans that intentionally set up homeowners to foreclose on their homes.  Wilshire Credit Corporation and Fremont Investment & Loan failed to do so for our loan. 

I was not informed of this “cease & desist” order and Wilshire foreclosed on our home in January 2009.  As soon as Wilshire began “servicing” our loan, our monthly payments increased by nearly $400 (not related to the ARM increase) claiming our escrow accoount was not properly calculated initially and increased taxes.  We could not afford the increase and I lost my job. Wilshire was unwilling to restructure our loan.

Attorney General Martha Coakley filed a lawsuit against Fremont on behalf of the citizens of Massachusetts and won a $10 million settlement with Fremont that included consumer compensation on June 9, 2009

Wilshire should be held liable for “servicing” a loan on behalf of a fraudulent banks like Fremont Investment & Loan.  Predatory lending banks hide behind servicers like Wilshire to rob U.S. citizens of their homes. Originators hire mortgage servicers like Wilshire to engage in its illegal predatory lending practices.  The servicing companies have to create ways to generate fees so it can make money off the homeowner. Research the practice of your originator to understand why you were transferred to Wilshire.

Since Wilshire stole our home, I requested the note on our home and they don’t seem to have it. Many of these servicing companies don’t even really own your home and yet they foreclose on your home.

It appears suing on the state level is more advantegous than the federal level.  Please file an online complaint against Wilshire with your state Attorney General.  If you’re in Maryland, please let me know.

Was Fremont Investment & Loan your originator?  This bank has already been proven to be an illegal predatory lender by the FDIC.  I’m filing complaints in Maryland against Fremont and Wilshire.

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December 10, 2009 - Posted by | Forclosure Lawsuits, Wilshire Credit Corporation

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