IF YOU'VE DECIDED TO DISPOSE OF THAT PROPERTY, DON'T JUST "WALK AWAY"
WILSHIRE HOLDING GROUP HAS AN ANSWER!
Welcome TO WILSHIRE HOLDING GROUP, INC.
How can Wilshire Holding help?
If you owe more than your property is worth, Wilshire Holding Group, Inc. (Wilshire) has a system of disposing of the property while partially insulating you from the disasters of DEBT RELIEF, FUTURE LIABILITY and NEGATIVE CREDIT.
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!
The Seller (you) will receive a PURCHASE CONTRACT, an EXECUTED OWNERSHIP TRANSFER DEED between you and Wilshire, a LOAN ASSUMPTION AGREEMENT and the HUD-1 CLOSING STATEMENT reflecting the sale of your property to Wilshire.If you are living in the property, you may continue to live there as a house-sitter at no monthly rent.
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.
You are supplied with the names and addresses of all three credit repositories plus self-help instructions including successful strategies for credit repair. If negative statements should appear on your credit history, follow the instructions and write the bureaus demanding removal. You are also permitted to place an explanation on your credit report.
How does Wilshire help protect me from potential future liability ?
When you sell your property to Wilshire, our Mitigation Department actively negotiates with the Lender(s) to discount the note, and in many cases write off the liability completely. Part of our negotiations include the Lender's release of any present or future liability related to the subject property. We have a staff of professionals that have the expertise necessary to negotiate with these mortgage holders.
What is debt relief and how can it affect you?
The INTERNAL REVENUE SERVICE requires every lender that cancels, forgives, or discharges any obligation over $600.00 file a 1099-C with the previous borrower as well as with the IRS. The amount of debt cancelled or discharged is generally considered ordinary income. A new law may protect you from Debt Relief under certain circumstances. For more information
When your property is foreclosed or sold for less than the amount owe, you are receiving DEBT RELIEF. This may be considered taxable income and if the lender should lose $50,000 you will receive a 1099 for $50,000. If your tax bracket is 32%, you will owe the Government $16,000.00 above your existing tax obligation for the year. This is not applicable if you are subject to the Debt Relief Forgiveness Act of 2007. For more information
When you sell your property to WILSHIRE, it is sold for the amount owing. The DEBT RELIEF is also assumed by WILSHIRE.
CURRENT FEEDBACK
Email received August 21, 2008 (original document on file)
Thank you for all that you have done to help us. We appreciate you making this an easy process for us. You have relieved so much stress off of our shoulders. T&J P.
"Real Estate agents with knowledge of how lenders negotiate short sales use Wilshire Holding Group, Inc. to not only save the commission, but enable their clients to preserve assets and protect their credit history."
-F.C., California R.E. Broker
Email received May 18, 2008 (original document on file)
Hi Stuart, I just wanted you to know that there was no way that both A....... and I could have been headed in the directions we are... which I know for me is forward and although I can't speak for her, I believe she is moving forward too. A's is getting alimony nearly as much as the mortgage which allows her the opportunity to be in school and not work. That allows me to have the alimony paid off by February next year. (As you and B... said to pay off all debts while I can !) It allows me to rebuild the pension plan from A's.........share by next year at this time.
More importantly - we were able to mentally, emotionally and spiritually move on, which is priceless. That being said, We wouldn't have been able to do it without your help ! (That house across the street sold for 235K at auction ! - it had 2 mortgages 500k)
A big THANK YOU.
Tel: (877) 255-1074 - Fax: (800) 291-4555
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