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
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Hi Jarrod,
Did you ever get resolution to this? I am in the same predicament. We had an 80/20 mortgage. 80 with Ocwen and 20 with Wilshire. Wilshire sold to BAC, however BAC informed me in 2010 that they considered the loan a small balance write off and never assumed the loan. Like you, I think this is too good to be true, howevever it has been 3 years now and they have never followed up. Wilshire never updated my credit report so it looks like I am in default on a mortgage that I no longer have. I am looking for help as to what to do from here. Thanks
Christine
Hi Christine,
Did you resolve this issue? I am negotiating a short sale now and the 2nd lien was with Wilshire. I have a letter dated 2/3/10 saying the foreclosure sale date is on 2/19/10. Then the 1st lien went to BofA and I have called and they do not see a 2nd lien at all. It then got serviced released to SPS and now is with NationStar. However, the 2nd lien disappeared. On title it is still showing Wilshire as the 2nd lien holder. This will kill my short sale if I can't find who the 2nd lien is to get a release. I'd appreciate if you can give me a call. 858-232-3209.
Jennifer
No it's not with them. I just called and they don't have anything under SS# or name. Back to the drawing board.
I did see that when I did my search. That IBM took over. You had an incomplete sentence but what is the full name for PHH?
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