Fred Claridge's Story - MY LEAP OF FAITH

It was my birthday March 1, 1995. I survived the Northridge earthquake; but, ‘lo and behold’ my employer was downsizing and there went my job! The term “Perfect Storm” was not common then, though, I felt it was invented for me realizing my savings only covered four more $1,551 per month mortgage and HOA payments.

Ryland Mortgage answered my calls for help with a letter dated April 7, 1995: “We are in receipt of your request for Ryland Mortgage Company to take a short payoff, deed-in-lieu or modification on the property related to RMC loan #7690727. I regret to inform you we cannot assist you with your request.” Signed: Mark Compton, Sr. Workout Specialist, Default Management.

I “KEPT THE FAITH” and two minor miracles happened. I met the most productive (the second largest provider of brokered loans to Bank of America), competent and knowledgeable mortgage person in California, Stuart Vener.

He was starting a “program” to assist people in my situation as well as those whose lenders and HOAs were using every legal and illegal method to scam monies from those that had nothing left or made a strategic decision to WALK from their problem loan/property!

Stuart hired me and we have worked together on several projects ever since those days. The company was Pacific Properties, Inc. Together, with a staff of outstanding professionals in escrow, property management and to provide post sale assistance, we operated this company until the need for our services ended.

During the financial crisis of 2007 there was a need for our proven and successful service again for those who found themselves in the unfortunate situation of owing more on a property than for what it could be sold. Pacific Properties was reborn under the name Wilshire Holding Group. Wilshire Holding Group still has an A+ Rating with the Better Business Bureau.

I, Fred Claridge, successfully participated in the program. EVERYTHING PROMISED was delivered. The Bill of Sale between Pacific and myself was signed on July 1, 1996. The Recorded/Filed Grant Deed was recorded 2:21 PM on July 22, 1996 (#96-1172973). The loan Assumption Agreement was likewise recorded at 2:21 PM on July 22, 1996 (96-1172974). The proper documentation was provided to the county demonstrating the transaction. A legal settlement statement known as a HUD-1 was provided dated July 3, 1996, Escrow #96-0104. Finally, I had an independent Title Insurance Company, Old Republic Title, pull a property profile sourced from public information showing PACIFIC PROPERTY as the owner a few months after the closing.

Upon receiving a 1099-C which would require that amount of DEBT RELIEF be added to my Ordinary Income, I followed the simple instructions on the Pacific website and transferred the income liability to Pacific. My tax preparer was fine with the transaction and I WAS NEVER AUDITD nor should I have been.

The Credit Repositories required a few letters, all found on the Pacific Website, demanding removal or late payments and eventually foreclosure, should it show up on one’s credit. I was able to purchase another condo and then a single family house after removing myself from my ‘nightmare’ Ryland loan! I never made a misstatement on a loan application and answered every question honestly and to the best of my ability, which Pacific always instructs.

This program SAVED my financial life! I pray we can do the same for you and others provoked by their lender to “walk away” from their upside down or severely damaged properties.

All documents are on file.

Stuart Vener's Story

For about 20 years, I owned one of the largest Mortgage Companies in Los Angeles County. The Savings and Loan industry collapsed followed shortly thereafter by the Northridge Earthquake.

I found myself in the horrible position of telling my clients, on a daily basis that they are not able to get a mortgage. It was the most depressing time of my life.

I then started Pacific Properties to help people like these get a Second Chance, a Fresh Start and it worked even better than I had originally imagined. I knew Fred Claridge as he was calling on my Company as a Title Insurance Company representative. We also have a close mutual friend.

Fred joined me and we helped a lot of people in crisis. Fred's story is just one of hundreds if not thousands of people we have successfully assisted over a 20 year period.