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However, many of the mortgage companies themselves are subject to scrutiny. One particular company is the Wilshire Credit Corporation. Located in Beaverton, Oregon, it is a subsidiary of Merrill Lynch. A consumer website lists several pages of complaints regarding Wilshire.

http://www.debtconsolidationcare.com/forums/about430-2.html

The complaints vary from lost documents to unreturned phone calls. There is also an issue with Wilshire's slow processing of the "Short Sale". A short sale is used when an owner is near foreclosure. The owner seeks a buyer. With an agreed price, a contract is signed with the buyer and it is presented to the agency which holds the owner's mortgage. The sale of the house represents a partial, yet settled payment for the property. The owner avoids bankruptcy and the bank recoups part of the money owed. In the case of Wilshire, buyers have walked away from deals with owners due to the slow process of the Wilshire machine. As a result, since many of these properties are an "all cash" buy, they resort to foreclosure. The houses remain vacant and the neighborhoods deteriorate. Approvals of short sales extend beyond 90 days.

Wilshire is a member of HOPE NOW. This is a newly formed agency which promises to help homeowners in trouble. But Wilshire falls short of it's promise according to the guidelines:

"The new HOPE NOW guidelines state that loan servicers should inform homeowners within 45 days whether their application for a workout -- such as a repayment plan, loan modification or short sale -- has been accepted or denied."

Area residents who are experiencing difficulty with Wilshire should contact the New York State Attorney Generals office and/or their local government representative.