Wilshire is a leading name when it comes to mortgage servicing. Due to the downfall in economy and the sub-prime loans they funded, like other majority of lender, Wilshire is helping people modify their loans for better mortgage terms.
Wilshire offers aid to troubled borrowers in the form of a mortgage loan modification or a temporary forbearance. Forbearance typically helps you to get a break from mortgage payments or lower them down for 3-6 months. On the other side, a Wilshire Loan Modification will help you reduce your rate and your mortgage payments for a longer period of time. This is a suitable solution for those who need a long term help. A typical Wilshire Loan Modification Program can get your rate down to a fixed, reduce your payments, extend the mortgage term and help reduce your principle balance if you are underwater. However, they might not be able to or willing to offer you a modification on the first hand, hence it’s advisable to hire a loan modification attorney who can get you help on time and when you need it. By hiring an attorney you will increase your chances to get a better modification.
To qualify for a Wilshire Loan Modification Program one should either be facing financial hardships like reduction in income, loss of job, family crisis, divorce, unemployment of spouse, lesser paying job, upside down on property, medical problems, etc or should be delinquent on the mortgage payments. If your house is under foreclosure, Wilshire Loan Modification Program can help you stop foreclosure and keep your home. |
