When Wilshire Holding Group, Inc. is the property owner, you Do
Not have to prove a hardship. Wilshire will not supply hardship
letters, and as a real estate holding corporation negotiates from a position
of strength.
You will Never be asked, nor will Wilshire allow you to sign any personal obligation for the Lender's loss.
Simply stated, you no longer own the property!
In cases where the seller is an individual, short sales happen when a he
can't afford to make their payments and is nearing foreclosure or bankruptcy.
The lender's ability to scare you is much greater in that case. In this case,
a short sale is only slightly better than the alternatives. You will still
lose your house, and your credit is still destroyed just because you've made
4-5 late payments on your mortgage.
By selling your property to Wilshire, you should under no circumstances
whatsoever supply any financial information to the lender.
Below is a documented short sale that Wilshire closed
as the Seller.
Original Loan - $400,000.00 - Lender Accepted $300,000.00 GROSS