Wilshire Holding Group, Inc.
We owe more than our house is worth by $120,000-$150,00 and have an ARM that just increased. We can't afford our new payment and can't refinance. We tried everything from working with our lender to the new FHA secure. Our only option at this point is to short sale or foreclose. We have accepted this option and the impact on our credit. We would like to purchase a new house before our credit takes a hit. I found a company called Wilshire Holding Group, Inc that buys your property for what you owe. Their website is WilshireHolding: short sale real estate, short sale antioch, what is a short sale in real estate, tips to avoid foreclosure. What they do is buy your property through assuming your loan subject to its original terms and transfer the deed. They then work with the lender to shortsale/foreclose the property. They provide you with a purchase contract, loan assumption agreement, executed transfer deed and HUD-1 settlement statement. We have found a new house and have been qualified. We were told that all we need to provide to get this new loan is the HUD-1 settlement statement from our current home. One of my questions is if the closing statement that we would get from Wilshire is a valid legal document that would be acceptable to get our new loan. I have been trying to do research on this company and can't find anything info stating it is a scam or not legit. I even tried the BBB and there was no complaints. Through the research I found that in Arizona the lender can't legally come after us for the remaining amount owed after the shortsale/foreclosure and with the new tax law we won't be affected on our taxes either. My second question would be if this is accurate? I read over our deed of trust on our existing house/loan and there is a due on sale clause but in Arizona I found that they can't come after you by law. Does this sound correct? If someone could look into this for me and let me know if this is a legit company and if we can use this to get a fresh start into a new home I would appreciate it. Thank you.