J Considers Selling The Deed To His Property

Got Questions?

My wife and I are considering a strategic default. Recently, I came across an article that referenced the Wilshire Holding Group, and a service (Fresh Start Housing Program) that they provide to those
considering the SD option. I am curious if you have ever reviewed this program and if you have, what is your opinion of this service? Your input would be greatly appreciated!

Thanks,

J.

Get Answers…

Dear J.

Before I discuss Wilshire the first question you and your wife need to ask is…What Are You Trying To Achieve?

This is the first I have heard of Wilshire Holding Groups and it’s fresh start housing program. Let me say that my comments are based upon a reading of Wilshire’s website. I have not talked with any person at the company. I have not talked with any of their clients.

Wilshire states in their website “Wilshire purchases your property and assumes the loan(s) subject to your original agreement.” Essentially, this means Wilshire will take title or deed to the property. Since they state they will “assume [your] loan”, it seems to us that they will not immediately pay off your mortgage loan. Despite the fact the mortgage loan will still remain in your name. We do not advocate giving up title or a deed to your property without your mortgage balance being paid in full at the same time.

Why does Willshire need your deed or title to your home to help you? Each strategy discussed on Willshire’s website can be achieved without giving up a deed or title to your property.

My recommendation: Ask Wilshire to put their entire proposal with guarantees in writing. Ask how much you will receive to sell your property? Ask what happens if Wilshire is unable to successfully negotiate with your lender? What will happen if Wilshire is unable to get the lender to forgive any amounts due on your mortgage? Will you be stuck with the liability even though you “sold” the property to Wilshire? Ask Wilshire to send you the details of 3 recently completed deals?

You should then take the information and have it reviewed by an attorney in your jurisdiction before you make any decision.

A deed to a piece of property is the ultimate symbol of wealth ownership. If you sign your deed for nothing, you get nothing.