Legal Question in Real Estate Law in Arizona

Wilshire Holding Group, Inc.

We owe more than our house is worth by $120,000-$150,00 and have an ARM that just increased. We can't afford our new payment and can't refinance. We tried everything from working with our lender to the new FHA secure. Our only option at this point is to short sale or foreclose. We have accepted this option and the impact on our credit. We would like to purchase a new house before our credit takes a hit. I found a company called Wilshire Holding Group, Inc that buys your property for what you owe. Their website is WilshireHolding: short sale real estate, short sale antioch, what is a short sale in real estate, tips to avoid foreclosure. What they do is buy your property through assuming your loan subject to its original terms and transfer the deed. They then work with the lender to shortsale/foreclose the property. They provide you with a purchase contract, loan assumption agreement, executed transfer deed and HUD-1 settlement statement. We have found a new house and have been qualified. We were told that all we need to provide to get this new loan is the HUD-1 settlement statement from our current home. One of my questions is if the closing statement that we would get from Wilshire is a valid legal document that would be acceptabl


Asked on 7/27/08, 1:54 pm

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Wilshire Holding Group, Inc.

Keep in mind that you won't be released of liability from your old loan if you turn over your house to the Wilshire Group. The closing statement will be perfectly legal, however, it is what is ON the statement that might be a problem. You need to ask your new lender if your transaction with Wilshire is acceptable.

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Answered on 7/27/08, 2:38 pm


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