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What is The Cost, and How Do I Start?

Wilshire Holding Group, Inc. charges a fee of one percent (1%) of the current loan amounts with a $1,000 minimum and a $4,000 maximum. To start, complete the Property Information Form with your check or charge for $100 payable to Wilshire Holding Group, Inc. All documents will be sent to you within 48 hours. Your balance will reflect a credit for the $100 initial charge. If necessary, payment terms can be arranged for the balance. Call us at (877) 255-1074 to arrange terms.

Is This Legal?

Both Federal and all State laws allow the owner of real property to sell (or grant) his property to whoever he desires.

Is the Owner's name still on the Loan?

The loan is secured by the property. In selling the property to Wilshire, Wilshire takes full responsibility for the property and any liens attached to it.

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Isn't This Too Easy?

The person who sells property to Wilshire Holding Group, Inc. is someone who has made the decision to "walk away" from a property. Once the decision is made, you owe it to yourself and your family to put “the best possible spin” on an unfortunate situation.

I'm living in the property. How long may I stay?

If you are living in the property, you may continue to live there at no monthly rent. It typically takes between 6 months and as long as 2 years after the Wilshire acquisition to ultimately divest ourselves of your property.

What is Cash for Keys?

“Cash for Keys” refers to the concept of paying somebody to leave a property that they don’t own, for the purpose of getting them to leave. In other words, you have to pay squatters to vacate.

The mortgage lender will pay the occupants for not trashing the property. As noted below, there are realtors who advise people to ask for “cash for keys” and there are brokers that specialize in setting up the deals.

Also, it gets people who are renting (or squatting) on the property (likely foreclosed properties) to leave. This is easier and cheaper than going through eviction proceedings through the courts.

Cash For Keys is a program offered to occupants by lenders under the cause of hardship and assistance, it is called good will but the real story behind it is two fold. One, get the occupant out of the house much quicker; and two, keep the occupant from ruining the property. The amount offered to the occupant varies, but a ball park estimate is anywhere from $1,000 to $5,000 dollars.

Cash For Keys is often offered to real estate agents as a way to earn commission. The real estate agent will offer a lower amount say $500 to $1500 dollars and keep the difference for themselves. If you hold strong, the Realtor typically will pay you $2,500 to move and keep the other $2,500 the lender paid them to negotiate your exit.

What About the Borrower's Credit?

Any derogatory items that appear on your credit report can be protested through a supplement at the factual data company, and may also be protested through the credit bureaus. Wilshire Holding Group, Inc provides you with various Guides to enable you to legally and successfully repair and keep your credit in good order.

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What is the Wilshire procedure to work with the Lender?

Wilshire notifies the lender(s) immediately after acquiring title that Wilshire will actively market the property (to mitigate the lender's loss) and, in the interim, WILL NOT be making any payments. This, together with notice of the Loan Assumption without prior lender approval, forces the lender to initiate the Trust Deed Foreclosure procedure while Wilshire and the Realtor attempt to negotiate a short pay. You will receive a copy of the lender notification as part of your package.

How Long Does This Take to do?

We can have you deeded out of the ownership of your property in two or three days.

May my Broker, Accountant, or Attorney Contact You?

We appreciate your concerns and are pleased to discuss and explain our Second Chance Program with your professional advisor.

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