We found a company called Wilshire Holding Group, Inc that buys your property for what you owe. They provide you with a purchase contract, loan assumption agreement (original terms), executed transfer deed and HUD-1 settlement statement They work with the lender to shortsale or foreclose the property. To mitigate credit damage, we were told to provide the HUD-1 settlement statement to the credit agencies.
We are told the lender will pursue the owner of record vs the original owner. How is the obligation to the lender relieved, if at all? Does anyone have any real experience with them? If so, what was the outcome?

The major issue is the "loan assumption" agreement. Most loans are not assumable. The lender has to agree to allow the loan to be assumed. If the lender does not agree to this company assuming the loan the you remain responsible for paying back the full amount. If there is a foreclosure or short sale the lender can (and will) still hold you responsible for the balance that was unpaid. Providing a copy of the HUD-1 to the credit agencies will do absolutely nothing to help your credit.

The lender will NOT pursue the owner of record. The lender will pursue the person who signed the note and mortgage. The obligation to the lender is not relieved if the lender does not agree to allow the loan to be assumed.

DON'T USE THIS COMPANY! YOU NEED TO GO TO THESE GOVERNMENT WEBSITES WHO HAVE RECENTLY PUBLIUSHED PUBLIC WARNINGS ABOUT THESE PEOPLE!! AND READ MY STORY!!

FEDERAL RESERVE BOARD-
www.federalreserve.gov/pubs/foreclosurescamtips/default.htm

US DEPARTMENT OF JUSTICE-
www.usdoj.gov/ust/eo/public_affairs/factsheet/docs/fs06.htm

FEDERAL TRADE COMMISSION-
www.ftc.gov/opa/2009/02/nfr.shtm
www.ftc.gov/bcp/edu/pubs/consumer/credit/cre42.shtm
www.ftc.gov/bcp/edu/pubs/consumer/homes/rea16.shtm
www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm

FDIC-
www.fdic.gov/consumers/loans/prevention/rescue/beware.html
www.fdic.gov/consumers/loans/prevention/rescue/watch.html
www.fdic.gov/consumers/loans/prevention/rescue/protect.html
www.fdic.gov/consumers/loans/prevention/rescue/signs.html
www.fdic.gov/consumers/loans/prevention/rescue/caught.html

US TREASURY DEPT-
www.occ.treas.gov/ftp/ADVISORY/2009-1.html

THESE ARE ALL RECENTLY RELEASED PUBLIC AWARENESS STATEMENTS BY THE U.S. GOVERNMENT AND ALL THE PROOF YOU'LL NEED TO NEVER DEAL WITH WILSHIRE OR ANY OTHER BUSINESS LIKE THIS!

I am a tenant in property that "Wilshire Holding Group, Inc" has acquired the Deed to, in fact they acquired Deeds to 3 properties on my street, which have 2 rentals at each property, so 6 rentals. I have lived here for 8 years, and many of my neighbors have lived here for 5 years or more, with no problems. In February 2009, "Wilshire" sent a letter notifying 2 of us that they were the new property owners, and to mail rent to them. Now I wouldn't have been so sceptical but:

1- The letter didn't have a postmark anywhere on the envelope
2- The return address was in Santa Clarita, California
3- Inside were self addressed stamped envelopes to mail our rent to a P.O.Box in Land O Lakes Florida
4- The letter stated to contact "Lisa" on her direct line, which was a Las Vegas number, and when each of us tenants called, we could never get an answer or any kind of voice mail of machine to leave a message, no matter what time of day or night we called.

After not beign able to contact anyone we looked "Wilshire" up online and were all in shock about the "claims" and the pictures of his staff, looked so generic, and thought some might possibly be hookers. At this time, the website had a Las Vegas Address listed as their business address and "Lisas" direct line as the business number.

Within a few days from the first time I looked at their website, it all changed, it looked more "professional" the address changed to 18803 Soledad Canyon Rd. Canyon Country, Ca 91351 and now had 877 and 800 numbers.

On May 17, 2009 I printed out some pages from their site and everything was the same.

On May 22, 2009, I was showing a neighbor their page and I couldn't believe it, they added a staff member "Nicole" and the address had changed AGAIN, its now 27013 Langside Ave, Ste C, Canyon Country, Ca 91355 AND has P.O. Box 1067, Land O Lakes, Fl 34639 listed.

I too, looked on the BBB right away. In February 2009 "Wilshire Holding Group" had a D- for their grade. The BBB stated this grade was given because they couldn't verify that the business was doing business with valid and required licenses. They were listed as a Las Vegas business then. To my surprise, when I logged onto BBB May 17 2009, the BBB had NR or No Rating for "Wilshire Holding Group" but amazingly had another business "Wilshire Holding Group INC" listed as one of their "Accredited Businesses" with an A- as the grade and a "business license" # listed in Florida. After researching the BBB, I found that you can't go back and look at past "gradings" and that to be an "Accredited Business" with them, the business listed pays $500 a year to be an "Accredited BBB Business" which is where the money to pay the BBB's employees and expenses comes from, those very businesses that pay to be "Accredited" Now how does that work out? If the BBB was giving "bad" grades to these businesses then that business probably won't pay for their "Accredidation" next year. The BBB has been under scrutney for their business practices for years now. I DON'T TRUST THE BBB after my own experience. Search "Wilshire Holding Group" (no INC) and see what comes back.

After reseaching "Stuart Vener" (who also goes by Vener Stuart) and finding his numerous "real estate" businesses that have been listed at his home address and P.O. Box 1067 in Florida, and ones in Las Vegas Nevada, and the numerous times he's changed his business names, and the numerous times he's been sued, had leins against his properties, and not to mention that he has had "Lingere, Escort and Dating" businesses in He and his son Chris Vener's names in Clark County, Las Vegas (which supports my "hooker" comment from before) he seems to be a CON ARTIST!

He also claims to have real estate license in California and Nevada but if you search

CA Dept of Real Estate-
http://www.dre.ca.gov/

1-click on the "Consumers" tab
2-click on "License Status Check"
3-type in "Vener"
4-click find

Click on Vener, Stuart David to see his status;

You see his "Broker" license (#00875431) was in Las Vegas and expired in 2000 and there is NO RECORD of any other type of Real Estate License in CA for him.

In Nevada-
http://red.prod.lookup.nv.gov/
1-click Continue
2-scroll down and in the Last Name box type Vener
3-click search- this takes a few minutes but it really is searching
When its done there will be a list under the search box area
click on "Vener, Stuart"

You can see the only thing under his name is a BROKER license (#B.0022237.INDV) that expired 4/30/1999

You can click back to the search page and search "Wilshire Holding Group Inc" and you'll see that- "No Results Found for Specified input" is what the search result is, which means they're not doing business legally in Nevada.

I also researched public records on the internet FOR FREE, 2 counties in California where I knew for a fact "Wilshire" had acquired Deeds from and found the results to be very upsetting. In ALL cases, the people who hired "Wilshire" end up having the forecloser process started OR being foreclosed on and losing their property in the end, within just a few months of Deeding their property over to "Wilshire." Here are the links to those counties, take a look yourself-

Tehama County-
http://tehamapublic.countyrecords.com/

1-Click "Search Now" then "Official Records thru 00/00/2009"
2-In the "Grantor or Grantee" box type Wilshire Holding Group Inc
3-you can press enter or click search

THEN go back to the search page but this time,
In the "Grantor or Grantee" box type the last name of one of the people "Wilshire" got the Deed from, here are the names of the people from Tehama County-

Palmer, Eugene
Palmer, Jeanie

Valdovines, Jamie
Valdovines, Alysa

Monterey County has a strange web address but it is Monterey Countys Official Website
Monterey County-
http://65.249.61.8

1-on the left side of the page click on Official Records
2-click on Granor/Grantee
3-In the "Grantor or Grantee" box type Wilshire Holding Group Inc
4-click search

THEN go back to the search page but this time,
In the "Grantor or Grantee" box type the last name of one of the people "Wilshire" got the Deed from, here are the names of the people from Monterey County-

Palmer, Jeanie
Torres, Ofelia
Espinoza, Juventino

Notice the order or the dates when different things happen (deed transfers, notice of default, notice of sale) and notice that "Wilshire" has the Deed, but the Notice of Default and Notice of Trustees Sale are ONLY given to the persons who DEEDED their property over to "Wilshire," with "Wilshire" having no financial or legal liabilty to anything! Notice that the Valdovines lose their prorerties, and they are sold at a courthouse auction. I've seen the records and what the highest bid was and "Wilshire" does not buy the property, nor do they owe anything on the property.

And in Clark County Nevada, you'll find that "Wilshire Holding Group Inc" has 2 Lein's and 2 Notice of Default's against them all occurring in 2009 most recent was 3/18/2009. Does this sound like actions that would be taken against a good business to you?

Clark County Recorder-
http://recorder.co.clark.nv.us/extReal/Navigate.asp?SimpleSearch.x=57&SimpleSearch.y=14

1-type in "Wilshire Holding Group"
2-hit enter
3-click in the box next to "Wilshire Holding Group Inc" name
4-click detail data

The Requestor is the person taking action, the 1st 2nd 3rd ext... Party, is the person action is being taken against. Document type is pretty obvious what it means. You can see "Wilshire" has a few things going on...

Needless to say, "Wilshire" acquired the properties in Jan 2009 the properties in my neighborhood got Notice of Defaults, AFTER "Wilshire" acquired the Deed, and they are now being sold at the courthouse, the first one, on June 4, 2009, second one on June 10, 2009, and mine will prob be July 10, 2009 because for some reason, the Notice Of Default on my house wasn't filed until 30 days after the one being sold on June 10th so I'm just guessing July 10th will be my houses sale date.

I have much much much more INFO and RESEARCH on Stuart Vener and his past businesses and his partner Fred Claridge. I think I've said A LOT here, but if you want more info, let me know.

Hope you weren't one of the people who got "CONNED" into this "SCAM"

Regarding the first post.. that is exactly my findings as well. Wilshire staff go strangely silent when this point is brought up.

DO NOT use these people! It is a scam, and unfortunately I was scammed by them. They took our money, changed the deed to their name and did nothing. When we finally got a hold of someone, they transferred us to the President of the company. He said that since nothing had been done, they would probobly let the house go into foreclosure. We are signing a release form from them to get our deed back, and losing the $2000 we spent on this so called program. If you are looking to get rid of your home, go to a large realty firm and tell them you want to do a short sale. You pay nothing and in a lot of cases they can get the mortgage company to not make you pay any difference owed. Don't make the same mistake we did.

Wilshire Holding Company is a SCAM!! They told me to pay them money and they would assume my loans and do a short sale --- come to find out 3 years later that they never did a short sale - they let my house go into foreclosure!! I have a child that became disabled 4 years ago and was unable to make my payments and they sounded like they would help - what a joke - never trust anyone EVER!!

Wilshire Holding Company is a SCAM!! They told me to pay them money and they would assume my loans and do a short sale --- come to find out 3 years later that they never did a short sale - they let my house go into foreclosure!! I have a child that became disabled 4 years ago and was unable to make my payments and they sounded like they would help - what a joke - never trust anyone EVER!!

OMG!! They own the house my husband and I live in!! I'm in shock~ They are wanting $$$$ 1575 out of us and trying to illegally evict us!

LisaB is absolutely correct. The loan obligation remains with the original signer unless the Lender releases the Note, the Note is paid in full, the lender accepts a short sale without recourse, or foreclosure. The Borrower has the right and obligation to continue making payments, as they originally agreed, and are encouraged to honor their commitment.
The following is quoted directly from the Wilshire Holding Site.
1. "Isn't This Too Easy?
The person who sells property to Wilshire Holding Group, Inc. is someone who has made the decision to walk away from a property. Once the decision is made, you owe it to yourself and your family to put “the best possible spin” on an unfortunate situation."
This presupposes the person who has made the decision to "walk" from the property has unsuccessfully negotiated with the lender and followed all reasonable steps before making the difficult decision to "walk away" (let the property go to foreclosure).
2. "What is the Wilshire procedure to work with the Lender?
Wilshire notifies the lender(s) immediately after acquiring title that Wilshire will actively market the property (to mitigate the lender's loss) and, in the interim, WILL NOT be making any payments. This, together with notice of the Loan Assumption without prior lender approval, forces the lender to initiate the Trust Deed Foreclosure procedure while Wilshire and the Realtor attempt to negotiate a short pay. You will receive a copy of the lender notification as part of your package."
Wilshire makes it clear that NO payments will be made on the note. A copy of the letter sent the lender is provided to the Seller. Remember, the Seller (Borrower) had made the decision to Walk Away from the note regardless or what happens. The advantage of the Short Sale is really the Lenders. Wilshire makes it clear should you wish to attempt a short sale at no cost to you, you should do so. Wilshire has often referred Borrowers to various Federal and State agencies and strongly recommended negotiations prior to using their program. The people who participate with Wilshire have been denied the short sale!
3."Protecting Your Assets
In purchase money states, lenders usually foreclose by Trustee's sale, thereby giving up their right to collect a personal liability judgment. If a lender forecloses through the court, it must first get a judgment before it can go after any of your assets. How does the Wilshire Holding Group do it?
Wilshire purchases your property and assumes the loan(s) subject to your original agreement. IT'S REALLY THAT SIMPLE! How can Wilshire Holding help protect my credit? Late Payment, Notice of Default, Foreclosure, Deed in Lieu of Foreclosure and/or a Short Sale...all of these items will seriously affect your credit and hamper your ability to secure a loan on a new property.
When you sell your property to Wilshire, these negative items that will appear on your credit history may be protested under the FAIR CREDIT REPORTING ACT from the date Wilshire acquired your property."
"There is No "Due-on-Sale Jail". Many people are under the mistaken impression that transferring title to a property secured by a "due-on-sale" mortgage is illegal. This is because most lay people confuse civil liability with criminal liability. To be "illegal," you must be in violation of a criminal law, code or statute. There is no federal or state law which makes it a crime to violate a due-on-sale clause. If the lender discovers the transfer, it may at its option, call the loan due and payable. If it cannot be paid, the lender has the option of commencing foreclosure proceedings."
This is exactly what the Borrower who chooses Wilshire's program has decided. That's why Wilshire notifies the Lender of the unapproved Sale which triggers the Due on Sale clause and initiates the foreclosure procedure. It is designed to encourage the Lender to accept a short sale. Should the lender continue to avoid Wilshire, as they did the Borrower, the property goes through foreclosure. Subject To is a common real estate term meaning the assumption is a WRAP around loan where the buyer assumes the loan from the person obligated to the loan without the lenders permission, thereby providing the original borrower the right to take the property back from Wilshire at any time, as Wilshire has not (and has clearly stated so) and will not make payments on the Note. This is spelled our clearly in the documents signed by the Seller.
Finally, Wilshire's web site encourages in several places the User of Wilshire's services discuss the transaction with their Attorney and their financial advisor to avoid the mistake they made when taking the original loan.
.
It strains crediblity to see complaints from renters of houses whose owners sold to Wilshire. It's quite unusual for an owner of a property with a viable renter to want to Walk Away from their investment and let the property go to foreclosure. Possibly the tenure of the post demonstrates why the owner wanted out!

Factfree - fact number 2 is not done as stated in the website. They do NOT contact the lender. Or pay taxes, insurance or maintenance. They abandon the property if you have moved out.
ALSO, they do NOT tell you on the website that after your credit is trashed as though you WERE foreclosed upon, you will need to PAY THEM MORE money to have the credit repaired "in an unknown period, and fee paid until the error is corrected. Feels like extortion. You pay a monthly fee to credit agency that will not even know how long you will pay that and if you stop, the trashed record remains.
HAD the paperwork or website stated the facts, most would not have done this. When the bank forecloses, guess who comes out of the woodwork with a deed in hand? Bogus tactics.
This is not a solution to prevent foreclosure - it hastens it.

wiser555; fact # 2 is done exactly as stated in the web site: I received a copy of the letter sent the lender and if you are honest you must admit you did also.!. Who was the “enemy” ? The Lender or Wilshire? If you were getting along so well with the lender and they were treating you fairly, why would you have ever used something like Wilshire? You should have resolved your problem directly with the lender. The program presupposes that you tried everything else prior to deciding to walk and use Wilshre to protect yourself according to the program guidelines. It is also important to note that Wilshire is NOT a foreclosure prevention program. If anything, they do everything to get the lender to initiate the foreclosure to show the lender that they have to accept a short sale or they will get the property back via the foreclosure. Ever heard of bluffing and negotiating? The following is copied directly from their website: "What is the Wilshire procedure to work with the Lender?
Wilshire notifies the lender(s) immediately after acquiring title that Wilshire will actively market the property (to mitigate the lender's loss) and, in the interim, WILL NOT be making any payments. This, together with notice of the Loan Assumption without prior lender approval, forces the lender to initiate the Trust Deed Foreclosure procedure while Wilshire and the Realtor attempt to negotiate a short pay. You will receive a copy of the lender notification as part of your package."
This fact was also included in CAPITAL LETTERS in the Bill Of Sale-real estate transaction which was a simple one page agreement rather than the 15 page typical real estate purchase/sale agreement. They state they WILL NOT BE MAKING PAYMENTS OF ANY KIND INCLUDING…… What's not to understand?
I had my credit report changed and cleared of the foreclosure by following the in depth information they provide. It wasn't easy and took several letters over a few months; but, the negative information was eventually removed.
Finally; According to Stuart Vener, they do not have a credit repair business nor do they provide credit repair. I believe they have a link to a law firm that works with those who so choose and are too lazy to write letters themselves. The website provides you with information on how to repair your credit yourself by an author (I don't remember who) with expertise in that area. The same information is provided on line were you Google it.
It's fair for those who read the web site and evaluate it, and discuss it with an attorney and even the company, to decide not to participate. The program is for a person who “wants to put the best face on a bad situation” – nothing more, nothing less. We got ourselves in the mess and we are trying to get out with the least possible harm financially and credit wise. It appears that detractors of this program have not READ the website entirely, do not understand real estate and lending, do not understand simple English, or are scamsters themselves. Those who use Wilshire, like me, are looking for ways to ease the pain of reneging on a written contract and taking advantage of laws designed to protect the consumer. The program clearly states that it is for those, such as me and you, who have made the decision to walk and leave the lender (and taxpayer) holding the bag by not honoring our original commitment to pay off the loan. Nothing in the original loan documents states you have the right to stop making payments because the value of the home has decreased or you lose your job and don't want to continue making payments you promised to make. You should have followed the site's recommendation to have your financial representative or attorney review the program and legal forms and discuss them with the company. In reality, who is really the scamster, or the one calling the "kettle black".
As far as I'm concerned, many of the statements on this board represent uninformed individuals who simply had to READ the web site and the papers they signed before committing to the program.
Other comments should be on Dr. Phil as renters should complain to their original landlord (and possibly have made rent payments) and direct their wrath to them and not to Wilshire. Had the landlord not used Wilshire these same renters would now be complaining about the banks that repossessed the properties for it is certain once the landlord determined to let the properties go…foreclosure would occur! Shame on them for not knowing who to be mad at!!

READ above:1) you get a copy of the letter sent the lender 2) they state they will NOT make payments on web site and Bill of Sale 3) The site states negative items WILL apear and how to remove 4) Wilshire is NOT a foreclosure prevention firm! Sorry.

FACTFREE,

In order for them to avoid prosecution, what benefit comes to the consumer to have paid them instead of walking away from the house?

Scam. As noted, Wilshire falsely suggests the lender will "go after" only Wilshire to foreclose. In fact, the lender will always sue the original borrower, *as well as* the "new" owner. Wilshire's "credit repair" suggestions are bogus and will not work. So, the result will be that a distressed borrower will have paid Wilshire for a "service" that amounts to nothing. Equally disgusting is Wilshire's suggestion that the (former) owner hold out for "cash for keys" when facing eviction. That's basically extortion, as the foreclosed owner has no rights in the property. It also likely won't work, as local law enforcement will evict a foreclosed owner or a tenant for free.

This is an ugly, nasty scheme. If you want to try a short sale, consult a lawyer. Leave Wilshire in the trash heap of Internet scams where it belongs.

Shameful.