[jpoulson]

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.

[excon]

Hello j:

I don't know about that company, but before you DO anything, just yesterday, our wonderful congress passed some legislation that is supposed to bail out PEOPLE like YOU, instead of the big banks.

I'm sorry that I don't know more about it than that, but check it out BEFORE you do something.

excon

[jpoulson]

Thank you. I appreciate your help.

[Fr_Chuck]

There are 1000's of people that claim to do things like that, and if your bank will take a short sale why have you not done that, And why would they assume the mortgage if at the short sale they don't get any money, that is what happens in a short sale, the bank takes the money from the sale but says you don't owe anything, the owner does not get any money from it.

So how is this company going to do it, do they change you a fee for this? Also what happens if the bank refuses a short sale, I have had 10 refused last year.

And let me see you want to walk away from this home to buy another home? Not try and keep the home you have by working with the lender??

[froggy7]

I'm curious how someone can afford to get a mortgage for a second house while they already have one that they can't afford on the first house. Didn't the bank look at debt to earnings, current liabilities, etc. before deciding to lend the money?

[rockinmommy]

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.

The thing that jumped out at me when I read this is your statement that they'll "assume your loan subject to its original terms." I HIGHLY doubt that they're assuming your loan. Most loans are not assumable - especially not if you're in default.

What they'll do is purchase your home subject to the mortgage. That means that YOUR name will still be on the mortgage. But you'll be signing the house over to them. And before everyone jumps down my throat and says "you can't do that"... No, technically you shouldn't be able to do it, but it happens every single day! If the mortgage company suddenly gets a payment or two, or this Wilshire group brings the mortgage current, which they'll need to do to buy some time to work out a short sale, they'll (the mort. co.) will hang tight and not enforce the due on sale clause.

This is a tried and true property investment technique. I've sat through seminars all about how to buy houses this way. There are honest investors out there who do it successfully and help the home owners out a lot in the process. Then, on the other hand, it could go terribly wrong for you. And there are a lot of investors out there who aren't so honest.

If you can't bring yourself to let the idea go just yet why not ask this Wilshire Group (gosh, that sounds very high class - doesn't it?? ) for references of 10 people in your area who they've helped by this method? If they're on the up and up they should be able to provide you with references.

The whole thing just doesn't sound good. If you owed what the house was worth, or closer to it, maybe. But come on, they're doing this to make a profit. With the nubmers you gave us I just don't see how they're going to pull that off without some kind of funny business.

THEY'LL have control of your property... YOUR name will still be on the mortgage. NOT a position I'd want to be in!

[caligrl]

We are in the same position and have considered Wilshire as well. Did you go through with the process?

[pottsat]

Just wanted an update if you went with Wilshire? I agree with other writers regarding the assumption part. But I too am interested and have spoke with them on a number of occasions. Still am worried to do something like this.

[lusardix]

Hey we are about to use Wilshire holdings, but of course have some concerns that this may all be too good to be true.

[pottsat]

I can't find any negative remarks about them other than attorneys saying watch out. I have been trig to research the whole process but am not too bright when it comes to real estate law. Let me know how it goes and I'll keep you posted here how it is going for us.

[lusardix]

WE have all the paperwork here ready to sign, I just need a real estate lawyer to take a look at it, I think that we just need to be aware of any worst case scenario/s

[excon]

Hello Wilshire customers:

I took a look at the website. I don't like what I see. They assume your mortgage, but that will trigger the due on sale clause. That's going to get you into worse trouble.

I don't know how they work their magic. That's probably because there IS no magic. One of you just said that you thought it was too good to be true.

When it's too good to be true, it usually is.

excon

[pottsat]

Wilshire has an article on their website regarding the "due on sale clause". Check it out. I have emailed the author with some questions. Who knows if he will respond? lusardix let me know what the attorney says. I am going to wait and if your attorney says it looks good them we will order the paper work too. BTW her is another link I found that has been helpful… Stop Foreclosure | Free Foreclosure Help | Free Evaluation

[pacific nw]

If it's the same Wilshire, they owe me big money! They gave me a bad payoff amount on my loan and said they paid my property taxes at closing but never sent the check. This WIlshire is out of Portland Oregon.

[mikeross]

I just started talking to wilshire holding... just wanted to know if anyone decided to go through with it... my current mortgage position is that I can make my payments... barely, but I can make them, but I am upside down in my mortgage by at least 80-100k... it makes me sick to pay it... I want to do something just to get out of it and buy something in a year or two

[CentralCoastCal]

I have also spoken to them but I'm very hesitant. It does indeed see too good to be true. I even asked for some references, but of course they weren't "able" to do that.

Anyone out there actually give it a shot?

[lusardix]

Hi

Lawyer has suggested that this is not a good idea. However, much Google searching has still not produced one negative comment about this Company. The fact that they have been in business for 14years , should produce at least some negative comments. There is also nothing on the Better business bureau on them either. They are not registered with the BBB but there are no complaints against them.

I wish that I had a crystal ball to help us to decide what to do.:confused:

[JudyKayTee]

Hi

Lawyer has suggested that this is not a good idea. However, much google searching has still not produced one negative comment about this Company. The fact that they have been in business for 14years , should produce at least some negative comments. There is also nothing on the Better business bureau on them either. They are not registered with the BBB but there are no complaints against them.

I wish that I had a crystal ball to help us to decide what to do.:confused:

You paid an Attorney for a legal opinion. I would follow that opinion.

[lusardix]

If it's the same Wilshire, they owe me big money! They gave me a bad payoff amount on my loan and said they paid my property taxes at closing but never sent the check. This WIlshire is out of Portland Oregon.

I don't believe that this is the same company, these guys work from Nevada I believe, I have spoken to Stuart Vener who owns the company, and I have to say in doing so he presents a very good argument for doing this.:)

[man36]

I'm in the same situation and I was wondering if anyone here went through the process with this particular company? How did it go?