Wilshire Credit Corp Transferring Files to B of A starting March 1, 2010

My short sale property is being transferred to bank of America on March 1, 2010. The short sale is approved with Wilshire, we have a cash buyer and can close any time! However, my client and I are / were trying to get a letter saying they, Wilshire,  are releasing my client of any furture deficiencey judgements, or a letter of debt foregiveness.

 

All requests have been denied until Bank of America takes over in March. Lovely I say, just lovely.

 

Bank of America is suppose to honor all accounts that have been approved by Wilshire but I will now have to negotiate with Bank of America.

 

So, what have you heard? Is there anyone who is working with Wilshire right now? What should I do? keeping pushing with Wilshire and try to get this closed?

 

I seem to be hitting the wall with Bank of America when it comes to getting the letter of debt forgiveness. Any suggestions?

 

Thank you!

 

Terrie

 

 

Tags: Sale, Short, Wilshire

Views: 636

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Replies to This Discussion

Terrie,
I am in the same boat till March 1 (Monday).

It is my understanding and experience that Wilshire never releases the deficiency, btw...perhaps BOA will, so this may be a good thing.
Hello,

I thought I was the only one in this situation. I was hoping to short Wilshire before going to BOA but it was too late in the game. I am hoping this is a blessing in disguise. My thought is that BOA purchased the note from Wilshire for pennies on the dollar and that BOA would be more willing to negotiate. Just a thought. Have any of you already submitted the short sale package into the BOA equator system or are you waiting until after March 1st.
I have gotten 2 full releases from Wilshire. Let me know if I can be of assistance, I just got one extended until the end of the month with a full release! Feel free to join my Wilshire group.
Hi. I also received a full release from Wilshire. It was a big one. 2nd lien (Wilshire) was $108,000 and the 1st paid them $10,800...(I love Wachovia!) I have closed a lot of B of A short sales, and have never gotten a release. Even with a non-judicial foreclosure purchase money loan, they still "reserved their right to seek a deficency...if allowed by law".
My file got transferred from Wilshire to B of A as well. B of A says that they do not have my file in their system yet, and therefore cannot confirm they are honoring it. Has anyone else dealt with this? How did you get around it?
Did Bank of America honor the approvals from Wilshire? Who did you talk to at Bank of America to confirm?

Kynse L. Agles said:
I have gotten 2 full releases from Wilshire. Let me know if I can be of assistance, I just got one extended until the end of the month with a full release! Feel free to join my Wilshire group.
Thank you Dawn! I am still waiting on BofA to get all updated information, yet again on this. We will see if it is a good thing. Lucky for us the buyer is not in a big hurry and is waiting patiently.

Dawn Maloney said:
Terrie,
I am in the same boat till March 1 (Monday).

It is my understanding and experience that Wilshire never releases the deficiency, btw...perhaps BOA will, so this may be a good thing.
Just waiting on BofA to reply, no new news from them yet.

Ruben Ortega, CDRS, SFR, HRC said:
Hello,

I thought I was the only one in this situation. I was hoping to short Wilshire before going to BOA but it was too late in the game. I am hoping this is a blessing in disguise. My thought is that BOA purchased the note from Wilshire for pennies on the dollar and that BOA would be more willing to negotiate. Just a thought. Have any of you already submitted the short sale package into the BOA equator system or are you waiting until after March 1st.
Wow! That is terrific and I think we were headed in the right direction with a full release until Whilshire sold file to BofA. I will join your group however and try to stay informed!!

Kynse L. Agles said:
I have gotten 2 full releases from Wilshire. Let me know if I can be of assistance, I just got one extended until the end of the month with a full release! Feel free to join my Wilshire group.
Thank you so much for the input and good news.

Laura Marshall said:
Hi. I also received a full release from Wilshire. It was a big one. 2nd lien (Wilshire) was $108,000 and the 1st paid them $10,800...(I love Wachovia!) I have closed a lot of B of A short sales, and have never gotten a release. Even with a non-judicial foreclosure purchase money loan, they still "reserved their right to seek a deficency...if allowed by law".
I am still working on this one so once I have anything I will let you know.

Joel Fajardo said:
My file got transferred from Wilshire to B of A as well. B of A says that they do not have my file in their system yet, and therefore cannot confirm they are honoring it. Has anyone else dealt with this? How did you get around it?
Thanks. Did they still say they are honoring the approval?

Terrie Leighton said:
I am still working on this one so once I have anything I will let you know.

Joel Fajardo said:
My file got transferred from Wilshire to B of A as well. B of A says that they do not have my file in their system yet, and therefore cannot confirm they are honoring it. Has anyone else dealt with this? How did you get around it?

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