Wilshire Loan Modification

Wilshire is a leading loan servicing company specializing in sub-prime residential mortgages. The real estate bubble in recent months has prompted the company to extend its services to loss mitigation and mortgage assistance, allowing troubled borrowers to avoid foreclosure and get their mortgages back on track.

The company offers two main options for home retention: a forbearance agreement and loan modification. The latter is usually preferred by borrowers, as it stops the foreclosure process and automatically brings the account current. A Wilshire loan modification allows borrowers to work out more reasonable terms with the bank, so that they can afford future payments and avoid default.

To start the Wilshire loan modification process, a borrower must submit a hardship letter stating the reason they fell behind. Valid financial hardships include job loss, death of a family member, and unexpected medical expenses. As a secondary requirement, the bank also requires proof of income (e.g. pay stubs and W2 forms) to prove that the borrower can stay current after getting the loan modification.

Working with a loan modification attorney can improve one’s chances of getting a Wilshire loan modification. A lawyer can use current lending regulations to negotiate better deals with the bank, and ensure faster response from loan modification agents. He or she can also discuss alternatives in case a mortgage modification isn’t possible, such as a forbearance plan wherein past-due payments are spread out over a given period.