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

Posted by Terrie Leighton on February 22, 2010 at 9:37am in Short Sale Discussions

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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Replies

  • Jarrod Coburn June 5, 2010 at 5:31am
    Kynse,

    We have a home in NE Cape that was with Wilshire and now BAC. The home is under contract for short sale but the short sale was declined by BAC because they said the loan was paid in full and closed. We obviously didn't pay it in full. In fact, we haven't made a payment in 2 years and are now living in NJ. Any ideas where we go from here? Have you seen anything like this? We do have a 2nd mortg on the house through Ocwen but as far as we can see right now, we should be free and clear from the first mortg through BAC miraculously. Seems way too good to be true however. I'd love to hear what you have to say about this.

    Thanks,
    Jarrod

    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.
    • Christine Laws > Jarrod Coburn August 2, 2013 at 6:37am

      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

      • Jennifer Silletto > Christine Laws September 30, 2015 at 8:09am

        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

  • Joel Fajardo March 17, 2010 at 5:45am
    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?
  • Terrie Leighton March 17, 2010 at 4:21am
    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?
  • Terrie Leighton March 17, 2010 at 4:21am
    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".
  • Terrie Leighton March 17, 2010 at 4:20am
    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.
  • Terrie Leighton March 17, 2010 at 4:19am
    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.
  • Terrie Leighton March 17, 2010 at 4:18am
    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.
  • Joel Fajardo March 15, 2010 at 12:20pm
    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.
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