Grand Opening Reserve at Orchard Hills Irvine New Homes

Be careful when doing a "short sale" with this company. They offer lien release only which if you are in a state in which  a foreclosure does not automatically equal a deficiency judgment your client (or you as a seller) may obligate yourself to be liable for the deficiency by doing the "short sale". I had an offer for my clients for 3 months on a property without one call from the work out officer. Then called and told me they would agree to short sale. When the paper work arrived - oops - lucky I read it. The property will go to foreclosure and owe nothing.  If sellers would have gone through with a sale it would have meant many tens of thousands in obligations.

I am a realtor in California and I am working with Wilshre on a short sale. They are working with me and I have not had a problem submitting my info to close this deal. You have to be persistent and just deal with the supervisors or if you have a negotiator to work with. I faxed my paper work and it was received the next day. I called to make sure it was received and then proceeded to ask for Loss Mitigation. I was transferred and spoke to someone in that department and I told them I needed to be assigned a.s.a.p and did not get off the phone til I got a negotiator. I have doing this for a long time and you just have to call and keep on them otherwise they just disregard your file. Customer service is just that. Customer service. They do what they need to do and pick up their paychecks and move on.They could care less who you are. You have to have alot of patience to do this. I will post the outcome of my short sale in the next few weeks !!! Good luck !!!!

ann you mentioned you have done 6 with wilshire.  did they hit them with a 1099 or a balance owing after???  i am dealing with a client with one now.  thanks!!!!

I have a 94% close rate at this time. I am closing between 3 to 10 monthly here in CA. You have to a have a lot of patience to deal with short sales.

YES I have but only once out of 6 times with Wilshire. The banks keep changing their short sale process and Chase, Wilshire and B of A do not like to give full settlements.

Hi, i had a shoe=rt sale with wilshire 2 years ago, and since then my credit report has stated settlement accepted and legally paid in full for less.  Now just as I have signed a P&S and put money down on a home, it is popping up as open with a balance and late payments.  is there anything I can do, no matter which reporting is correct, they have made an error that has put me in a bad position. is there anything I can do?

Thanks

Stefanie

Ann,

I received a lien release only and we are fighting for full debt forgiveness which they will not give in OR.  If we let it go to foreclosure, the homeowner is saved by our anti-deficiency statute.  Why would a client sign the lien release and face more debt when a foreclosure wipes all the debt out?  Are all of your clients happy with dodging the bullet for a few years and facing a possible suit on the underlying note?