Ask Me Help Desk - Wilshire Holding Group

Hello... we too stumbled on to this website and are considering doing this. Wilshire representatives indicate that they don't provide references of happy people as a matter of policy. You can get anyone to say anything... it would run them ragged. They have been in business for 14 years with no better business bureau complaints or not much in the way of complaint if anything at all (other than skeptics voicing opinions).

They take your application for a small fee and provide you with all the statements referenced above in this thread. They then tell you to take it to your lawyer and have it examined for legality. How can you go wrong with this. If you decide not to close, you loose $100. Sounds like a good thing to me.

Interested if anyone has done this and had a bad experience or if those posting actually did it. Thanks cgod777

Find out what state they are incorporated in. Then check with the state's Secretary of State to see if they are incorporated in that state and are in good standing and get the name and address of the Registered Agent for the incorporation.

Check for any lawsuits against that corporation in that state and see what you come up with. If there are unhappy customers then there will be lots of lawsuits against this company.

Have you asked Wilshire about any lawsuits against them? See what they say about that topic.

Twinkiedooter
Wilshire is a Florida corporation in good standing and I search Pasco County records where they are located and all of Florida for there lawsuits against the company and the president. Couldn't find anything. Didn't call them yet.

The owner Stuart Vener did have one complaint on ripoff.com for another business related to time shares... they (timeshare group) made a mistake, refunded the guy his money, but it left them with a lot of repairs to straighten out on their credit.

Thanks... still looks good to me. Still checking, surely someone out there has used these folks. They advertise thousands of transatcions in 14 years. Thanks cgod777

Pasco County is not a very populated Florida County. Now, if this were a Boca Raton, Florida company I would tell you definitely a NO on them as most scam companies are out of Boca Raton.

Hope they are a for real company and you get what you pay for. Good luck!!

It really scares me that there are no complaints, any company should have some unhappy people over 14 years,

And the story they tell on there web site scared me to death,
They claim to do two different things.
one they assume your mortgage at full value, but then they claim to do a short sale, They may come in and buy it on a short sale but if they assume the mortgage, the lender has no obligation to accept a short sale, esp if it is sold to a company with money.

I am a real estate agent and to tell you the truth, their claims just don't jive with what really happens in a short sale.

and if they won't give references this is real estate sales, and all of that should be public records, they should show dozens of houses bought and then resold at a short sale if it is true

I can look up every home sale in my area though the MLS service and tax records

Fr_Chuch

I hear you. Actually, the property is quit claim deeded over to their holding group. You get all the approprate documentation as outlined in this thread such as HUD statements etc. When they take the property they take all liability. They then allow the property to foreclose. The bank takes the property and sells it for what they can get and the holding group takes the liability as a loss. If it is a legal transaction and they say let your attorney review it and you are absolved of liability it may be something that can help a lot of people who are facing bankruptcy and foreclosure. Desperate times require desperate measures. Thanks cgod777

There is absolutely no way that you should do this unless they hand you a fully executed Assumption of Note and Mortgage that is also signed by the lender. It doesn't matter if you give them a quit claim deed. That won't remove your liability for the loan. The only thing that removes your liability for the loan is an Assumption of Note and Mortgage that is also signed by the lender.

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"

I have done a significant amount of digging... reading their website and comparing to local and state law.

They promise, and deliver, to take ownership of your home (they do this). They promise and deliver to crated a document that assumes responsibility for your loans. Unfortunately, I don't think that document is legal, putting you in the position of not owning the home, and having a worthless document which leaves you still owning the debt.

There *might* be a very small advantage in protesting the credit hits, by pointing to the change in ownership, but it is very iffy.

They were very fast to return phone calls but actual answers were never given. I wrote them in email, asking them to help explain the advantage I wasn't seeing, and to do so in writing. No response.

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.

I came across this website as well. As I can see here, most of you posted in 2009, so I hope I can still get some insight.

Momostoli, can you please provide more information? If the Deed was transferred into their name, I would think that should have let you off the hook.

Also, they state on their website that they will take over your loan and then you can still live in the house, rent free. I suppose that is where there forclosures come in.

It looks to me that the company charges a fee from the home owner and then lets the home go into foreclosure... Making their money from the small fee.

Is there more to it than that?

Quote:

Originally Posted by NotADude

I came across this website as well. As I can see here, most of you posted in 2009, so I hope I can still get some insight.

Hello Not:

I know you're in trouble, and I know you're desperate, but I want you to read ALL the posts, and not just the ones that you WANT to believe.

No, I don't have anything encouraging to offer. I just don't want to see you lose MORE than you may be about to.

excon

Quote:

Originally Posted by NotADude

I came across this website as well. As I can see here, most of you posted in 2009, so I hope I can still get some insight.

Momostoli, can you please provide more information? If the Deed was transferred into their name, I would think that should have let you off the hook.

Also, they state on their website that they will take over your loan and then you can still live in the house, rent free. I suppose that is where there forclosures come in.

It looks to me that the company charges a fee from the home owner and then lets the home go into forclosure... Making their money from the small fee.

Is there more to it than that?

Having the deed in their name does nothing with your mortgage. The mortgage is still in your name unless the buy the property from you, they promise to "assume" your loan, but that never happens. I also just found out from Our real estate company that Wilshire has been around for a while, but under several names. That should tell you something right there.

Also when they have you sign the power of attorney over to them for your property, they can do as they wish. Not a good position to be in.

Ouch! Thank you, Excon and Momostoli. I'm glad I did my homework first.

It really is an awful situation. My home is worth almost half what I paid for it. I do not qualify for refinancing, of course. I can't even rent it out for the cost of the mortgage.

Not looking for pity... Just suggestions. Anyone have any ideas?

- Terri

Do what I did and go to a good real estate firm. They can negotiate a short sale for you, and in most cases get the balance owed dropped from the mortgage company. Also you will not have to pay taxes on the balance that the mortgage company forgave, Pres Bush did this for us when he was in office. Unless you can sell it for the full price, this is the best way to go in my opinion. Hope that helps :)

They do not take all liability. And don't forget, the person who paid them ruins their credit until they PAY MORE money for credit report repair. NONE of that is on the website - very thinly disguised.
Attorney general will eventually chew on this

Correct. You ruin your credit and the house crumbles to the ground in disrepair while abandoned and then you still have ruined credit. Straight up repo is kinder.

Sure wish I would have seen this when I researched it before, thousands before. Lisa will never answer the phone and the addresses and emails change constantly.

Correct - their claims don't add up. They will not speak to the lender - ever. So it's not a short sale. They pay no taxes, insurance, maintenance, nor do they rent. They will wait , then nail the unsuspecting new owner with a deed.

Who did you use as a "good real estate firm"?