What is The Cost, and How Do I Start? Wilshire Holding Group, Inc. charges a fee of one percent (1%) of the original loan amounts with a $1,000 minimum and a $4,000 maximum. To start, complete the Property Information Form with your check or charge for $100 payable to Wilshire Holding Group, Inc. All documents will be sent to you within 48 hours. Your balance will reflect a credit for the $100 initial charge. If necessary, payment terms can be arranged for the balance. Call us at (877) 255-1074 to arrange terms.
Is This Legal? Both Federal and all State laws allow the owner of real property to sell (or grant) his property to whoever he desires.
Isn't the Owner Still Responsible for the Loan? That depends on where the property is located. In some States the loan remains with the property by which it is secured (single action). The sale of your property to Wilshire is specifically designed to get the Trustor's (Borrower) name off of the loan, either by the lender discounting his loan (short pay) or by a Trust Deed Sale (Trustee's Deed). Certain liens carry deficiency rights and, as in any real estate transaction, we recommend you contact your attorney or professional advisor. Lenders often do not sue the original note holder after the foreclosure, even if laws allow it. Unless the homeowner is wealthy and owns numerous liquid assets, the bank will simply move on and allow the foreclosure victims to move on with their lives as well. This is often the best resolution to the foreclosure for all parties involved. What can happen in theory rarely happens in practice in the case of deficiencies.
For more detailed information:
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.
I'm living in the property. How long may I stay? If you are living in the property, you may continue to live there at no monthly rent. It typically takes about 6 months after the Wilshire acquisition to ultimately divest ourselves of your property.
What About the Borrower's Credit? Any derogatory items that appear on your credit report can be protested through a supplement at the factual data company, and may also be protested through the credit bureaus. Wilshire Holding Group, Inc provides you with various Guides to enable you to legally and successfully repair and keep your credit in good order.
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.
How Long Does This Take to do? We can have you deeded out of the ownership of your property in two or three days.
May my Broker, Accountant, or Attorney Contact You? We appreciate your concerns and are pleased to discuss and explain our Second Chance Program with your professional advisor.
Tel: (877) 255-1074 - Fax: (800) 291-4555
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