Denied Loan Modification from Wilshire

[Joel Fraser]

My husband and I bought the home we currently live in three years ago. On December of 2007 I lost my job and my husbands business took a plunge. We began having difficulty paying our mortgage. We started to look everywhere we could to get caught up, we got cash advances from credit cards loan from friends etc...All which only brought us more into debt and no money to pay them back. Shortly after, we began receiving foreclosure letters from our lender. We contacted Wilshire and tried to work out a paypent plan where we can catch up with our outstanding balance. What they asked for was not feasable. We also put a request to remove escrow which was 1,000. on our payment that would be a relief for the time being. We were denied that request and told that the loan agrement we signed required our home to have escrow. We started to panic and were running out ideas and options until a friend of ours suggested we call the Hope Line, a government based counseling for struggling home owners facing foreclosure. Once we contacted them and gave them all the informtion they needed they told us we qualified for a loan Modification. Great! I thought there is hope after all! They would then contact our lender (Wilshire) and they would take matters into their hands. I immediately called Wilshire and followed up on our case. They told us to send them a finacial statement , two months of bank statements and two years of taxes along with a hardship letter explaining what caused us to be delinquent. I immediately gathered all the information, faxed and emailed it to Wilshire. I continued to follow up with them and the status of our case. Every week I called I was told that an account manager was working on it and they would contat us. Meanwhile, we continued to send whatever paymets we could but our balance only grew as the months passed where we are 32,000.00 past due. We became worried as we heard no answers from them and we continued to received letters of foreclosure possibility with our statements. On July 29th of 2008, we received a letter from Wilshire denying our request for a loan modification. I was shocked, I really believed that they would rather work something out than take a foreclosure. I called Wilshire and acquired reasons for our denial. I was told that there was not enough income to prove we could make payments. I was speechless! That was the reason that caused us to become delinquent and why we were asking for assistance. I was truly confused and I asked if we could make an appeal. She spoke to her manager and he agreed to look our file over. I would need to resend all the financial information and another hardship letter requesting they re-open the case. Well, the representative suggested I update my financials and show a higher income and that would better my chances. What do you suggest? My husband came across this website. We read your sucess stories and are hopeful that you could provide us with assitance and suggestions on what we should do. We have truly ran out of ideas and we don't want to loose our home. Please help!!!!

[Jim B]

Don't give up the process does work. Your problem was not presented properly to the bank. Please go to www.reviewmyloan.com read the information we specialize in your type of situation and would be glad to help you.

Jim