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posted on: 5/3/2006
revised: 3/10/2010
Early this year I
started investigating an illegal action taken by Wilshire Credit
Corporation on my personal mortgage account. I took out a
mortgage loan with a reputable firm about a year ago and then they
sold the loan to Wilshire Credit Corporation, a firm that I had not
heard of until then. Almost immediately I noticed suspicious
problems and began (thankfully) sending all of my loan payments and
correspondence by signature delivery - FedEx or certified mail.
Then about two weeks ago one of my accounting clients complained
about the same type of problem with this same customer. The company continued to be unreasonable in several contacts I had
with them so I looked deeper.
When I began to
investigate further I found that this company has a rap sheet that
would put most hardened felons to shame. Accusations of
wrongdoing go back for years and implicate high levels of
management. Current consumer complaints far exceed the norm
for average finance companies. The term "bad to the bone"
seems appropriate for this firm. There are apparently a ton of
customers with similar complaints. What is not clear is
whether anyone or any regulatory authority has been able to stop
them.
These comments
were posted on one Web site by someone claiming to be an inside
whistle blower:
"The fax
number is 503-952-7476 for the main office in Oregon or direct to
the main office in New York is 212-670-4690. The toll free number to
Oregon is 888-917-1050--some extensions are 7197, 7597, 7881,7733,
7661, 7701, 7560--or direct dial to 503-525-7257. There is a dispute
department and Wilshire is required by law to respond to any dispute
you put in writing and send to them--or the attorney general for the
state of Oregon or the better business bureau. The address for
Wilshire is 14523 SW Millikan Way Suite 200, Beaverton, Oregon
97005. There is also a local News Station who will look into
allegations and you can e mail them at KATU.com and go to KATU on
your side. I hope this will be helpful to you, and good luck in the
pursuit of justice!
A number also for the main office of Merrill Lynch in New York is
866-654-7411. They are now the parent company for Wilshire. You may
want to make your concerns known to them as well".
This leaves me
wondering: what protection does a borrower have to ensure that their
loan is not sold to a disreputable mortgage servicing firm?
Apparently none.
keywords: Wilshire Credit fraud
related topics:
http://www.ripoffreport.com/results.asp?q1=ALL&q5=Wilshire+Credit&submit2=Search%21&q4=&q6=&q3=&q2=&q7=&searchtype=0
http://www.debtconsolidationcare.com/forums/about430.html
http://www.laborers.org/Oregon_Pension_11-14-00.html
Copyright 2010 by Tony Novak. Originally produced and published for the "AskTony" column syndication prior to 2007. Edited and independently republished by the author in March 2010. All rights reserved. |
