Comments on: Vericrest Financial

By: Philip claessens

Philip claessens — Sat, 12 May 2012 15:00:56 +0000

After paying 14months in A loan
Mod with citi got a letter said i dont qualify because i dont make enough for a reduced payment found a co did a ferincic investigAtion found 7 fraud issues sold my loAn to verquest 3 times de nied i just want to pay rears and be reisted think its possible

By: Philip claessens

Philip claessens — Sat, 12 May 2012 05:05:58 +0000

I m in a forclousur 48k in the rears i want to pay the rears is veriquest going to reinstate me

By: Stefanie

Stefanie — Sat, 12 May 2012 01:14:50 +0000

Im also with veriquest and after reading all of these post…I’m in the same boat…. I’m in a chapter13 …made all my payments but veriquest takes my mod back to an arm an gives me 9.5 rate I’m filing a 7 and renting the rest of my life…college loans at 200k, two kids, working husband,drive176 miles round trip everyday for work, and I’m sick of vericrest I’m losing my home…

By: Bridget in Michigan

Bridget in Michigan — Fri, 20 Apr 2012 15:42:05 +0000

I too was a “sale” from Cit to Vericrest in 10/10 after a year of being qualified for a modification it took over a year to finalise it (with help from an attorney) I signed my paper in 10/10 and was told my new payment amount and if it was received after 10/15/10 IF applicable would be forwarded on to my servicer I made my new payment of 1031.00 and sent it (bank money order) made to Citi. During this time frame I went through major back surgery and was recovering. I received no other communication, until Thanksgiving 2010 when I got a certified letter from a company called Vericrest saying I was 60 days late and when was I making a payment. I called immediately and talked to at least 6 different people. Evidently I was transferred to Vericrest (Citi?) as deliquent in my mortgage although I now supposedly had a modification was over 60 days late and in the bankruptcy dept. ( I had filed in 10/05 and had reaffirmed my house) I set up payments and began making them as agreed. However my money order sent to Citi had been cashed but neither Citi nor Vericrest had it (hence being late) now vericrest wanted me to “catch up” by having me make 750.00 payments every 2 weeks. I couldn’t afford the 1200.00 a month note how was I going to do 1500.00 When I talked to Irene ex 1532 she told me that the reason I did not receive a statement was because I had to REQUEST it-since when do I have request a statement from my servicer, especially when I do not know who you are!! Vericrest went ahead and authorised a payment on my bank account for 1500.00 which bounced from here to the moon. Almost IMMEDIATELY I was sent to their attorneys, Orlans,for foreclosure. I called Vericrest to try and resolve the situation. I was told that I could apply for MIchigan’s hardest hit funds (we (my husband and I both had major surgeries, and we suffered a setback with both our cars going down at once) I applied only to have a lettersent to me telling me that Vericrest does not participate in this program, THEY WERE THE ONES WHO GAVE ME THE NUMBER!!!! I tried an attorney who wrote several letters, no answers, I tried neighbourhood housing association, which resulted in a phone meeting with Orlans, Vericrest and housing people who were trying to help me. NOTHING was resolved. Basically pay up 8600.00 and you’ll be okay. At the beginning of this year, NOW they participate with MIchigan’s hardest Hit program I applied and was approved for 10,000 and I got local aid to do 3400.00 I had about 1500.00. Now they say I owe 16,000. and change they won’t accept partial payments. My sale date is April 26, 2012. I have already talked to an attorney, I will be able to save my husband’s family home but at a great expense. These people are IMPOSSIBLE you never talk to the same person twice although IDA @ 858-649-5885 in the foreclosure department just won’t work with you I even tried contacting Martha Ellis (head of complaints) William Faulker-CEO. I have written letters to Attorney General in Michigan which is being looked into, The White House (don’t expect a reply there), BBB in Oklahoma–just like Tim D said above I think they are just in the business of taking people’s homes by foreclosure and selling them off–the banks got bailed out why can’t we collectively as a group force a class action lawsuit?? There seems to be enough of us…even people I know here in MIchigan that have Vericrest as a servicer have had problems…..I’m frustrated….like you are…let’s do something about it!!!

By: Cathey in Maryland

Cathey in Maryland — Thu, 29 Mar 2012 15:50:07 +0000

I also was screwed by Vericrest.My husband had stopped making payments to them yet said he did make them.Then he left my children and I behind(adulterer)when I found out what was happening with my house payments,in Vericrest’ opinon it was already too late for me.They told me they would work with me if i “could prove income that would cover the existing house payment,not a modified one”.So i found 2 friends to help pay and live with.That day I called them they told me”oh,we’re sorry we can’t/won’y help you now”I was the only name(owner) listed on the account.My house was sold for $160,000.00 less than what i owed,that is ‘My’ deficicet,ex-husband got off scott free! Thanks Vericrest!
Now to me it seems like this company has stuck it in so many people why cant ‘We’ collectively do something back to them?As 1voice none of us are heard,As many voices saying the say thing, seems somebody might be able to hear and respond and HELP!

By: James Robert Deal

James Robert Deal — Tue, 24 Jan 2012 23:23:29 +0000

From James: I cannot answer questions like these because I do not know all the relevant facts and because I am not practice law in your state.

However, all of you are welcome to use this as a place where you can post questions.

I try to answer some of your questions, but doing so does not create an attorney – client relationship.

My general advice is to find an attorney in your own state who understands workouts, modification, bankruptcy, and real estate law. It may take some looking.

James

By: Arturo

Arturo — Tue, 24 Jan 2012 16:27:42 +0000

Please give me ideas. I was with Citi and in a trial period for a modification. Trial period payments made automatically for Sept, Oct and Nov. 2011. During end of trial period Vericrest bought loan. Citi took Nov payment and I was to start paying Vericrest in Dec. Spoke to Vericrest in November and they would not honor any of Citi’s commitments and told me to apply for a mod. (i was behind with Citi). Started paperwork, and on Dec 22, they started foreclosure process. Jan 24 i was told the mod was denied. Trying to go up their corporate ladder. Home in Utah. What are my options?

By: Lyann

Lyann — Mon, 16 Jan 2012 22:35:49 +0000

I don’t know what if anything we can do to help. But I am so angry at Vericrest and so sad for any struggling homeowner that gets jerked around by these people. They are operating in bad faith. After going around and around forever (first we don’t make enough money and then we make too much) applying for loan mod after loan mod, we were rejected for making too much. They wouldn’t accept anything less than payment in full of all attorney fees, late payments and so forth. We were with Citi and then it was transferred to Vericrest. I think we were in a pool that was with CIT and made it’s way to a Lonestar portfolio. Some noodling around the net reveals that Lonestar is run/owned by the Bass Brothers of Fort Worth TX. They like to operate behind the scenes. Their claim to fame to investors is that they can liquidate these portfolios they buy for 20 cents on the dollar at the lowest possible cost. They are using illegal and immoral tactics and treating struggling homeowners like crap. In the end, we are avoiding foreclosure thanks to generous family members. Those families that have to stand up to this crowd on their own are in a terrible place. I tried for 2 years.

I want them held accountable. I want people to know who the Bass Brothers really are. I want people put in jail. We have four sons and are self employed. I got cervical cancer and we struggled for a short time. I won’t go through the whole saga but we did everything humanly possible to work with them to get back on track and at every turn were jerked around. They finally admitted that as we weren’t underwater, they wouldn’t work with us for anything short of a full pay out.

Let me know what if anything we can do to help the cause. Good luck!

By: chad

chad — Thu, 12 Jan 2012 15:33:23 +0000

I had a loan with Citi for six years and then it was sold to Vericrest financial. Here is the rub of it all. I am going back to school full time and just about done and got behind by a month and a half. Talked to Citi and they were going to let me pay those two months over twelve months and start in December. I get a certified letter on Dec. 23rd from Vericrest saying I was two months behind and that I needed to get it resolved by January 11th. I called them and said if I don’t have anything in writing from Citi tough, bite wood. I called Citi to resolve and they basically said they dropped the ball and there was nothing they could do about it. I made the payment and then tried to set up payment to get thing current but after the date of Jan. 11th and was told that the new date was Jan. 14th and if I don’t make payment by then, they don’t know what will happen. What? I have the funds to get current and remain current and only two months behind. The rep. from Vericrest told me to call back after the 14th to see what is next. Couldn’t really tell me. What? I am a customer trying to make good and they act like they can’t take my money. I will admit I am at fault for getting behind but I AM not trying to be a deadbeat. I have been in this house for close to 11 years and live in a economically depressed area, so home value is dropping. My house is now valued by the county for tax purposes at the same amount as when I purchased the home. I know my house is not valued at the appraisal on my refinance. I have a great interest rate of 4%. Anyone have any ideas or suggestions. I just can’t believe they won’t or can’t take my money.

By: Tammy

Tammy — Wed, 04 Jan 2012 21:30:18 +0000

@Les My loan was just sold by Citi to LSF7 Bermuda NPL Trust VII and serviced by Vericrest. There is a connection b/t Vericrest and CitGroup. Also, I researched the SEC site and found that the Trust shown here is owned by Lone Star Funds VII with linkage to another Lone Star entity. I'm just trying to locate my PSA.... no luck.

By: James Robert Deal

James Robert Deal — Tue, 29 Nov 2011 23:38:50 +0000

From James: If you have equity in the property lenders are generally not interested in helping you with a modification. They will probably give you a forbearance, which increases your payment. You can file a Chapter 13 bankruptcy, which also increases your payment because you pay your regular payment plus your arrearage. You have 36 to 60 months to get caught up on your arrearage. Even under Making Home Affordable, if you have significant equity, you get no help. If you are over 62, consider a reverse mortgage.

By: Becky McCadden

Becky McCadden — Tue, 29 Nov 2011 22:57:10 +0000

We have been denied a loan mod. with Vericrest for the 3rd time and the reason given was that we have too much equity. Our loan to value is only 47%. They told us on more than one occasion that if we owed more than the house was valued they would offer us other options but they suggested that we just sell the house. They only wanted full reinstatement. They are by far the worst lender that we have ever had to deal with. They are not bound by any of the HOME SAVE programs that are made available by other lenders. This has been the worst financial matter we have ever been involved in in or entire lives. Their motivation is greed and there is something wrong with that.

By: Gary

Gary — Wed, 16 Nov 2011 17:07:23 +0000

We need to Sign a Petion to get these smart ass US Attorney Generls and State Attorney generals off their asses and Protect Us.We are being Screwed over Like we can stop a Big Mack truck Rolling down a hill.There is racketeering Going on here.Wake up people call your Us District attorney in your State where you live File a Morgage Fraud Complaint against these Crooks.Other Option might be Shoot them if all fails.I have filed Complaints and See Where this leads.These guys Failed to give me a notice but told courts they served me and Got a summary for Judgement on me! Crooks own the Courts! Lets Get these guy’s.like I said Last option here might be War.No one seems to care or Listen anymore. 30 years ago these guys would be locked up 10 years for morgage Fraud.

By: DORIS HINES /CO- ROBERT C. HINES

DORIS HINES /CO- ROBERT C. HINES — Mon, 07 Nov 2011 19:29:20 +0000

I HAVE A LOAN MOD,. ALREADY WITH VERICREST,BUTI GOT 2 MONTHS BEHIND, BECAUSE MY MONEY GOT GONE. FOR 2 MONTHS I PUT MY HOME PAYMENT IN THE BANK,THOUGHT IT WAS BEING PAIED, THEN GOT A LETTER FROM VERICREST SAYING I WAS 2 MONTHS BEHIND. IM ON A FIXED INCOME,I IT TAKES ALL I HAVE TO GET WHAT I NEED EVERY MONTH. I JUST DONT HAVE THE MONEY TO CATCH IT UP. PLEASE HELP ME, I DONT KNOW WHAT TO DO. I DONT EVEN HAVE THE MONEY TO MOVE IF I HAVE TO. MY HUSBAND HAS PASSED AWAY FOR 4 YEARS, I HAVE BEEN PAYING ON THIS LOAN. I ALSO HAVE A 13 YEAR OLD SON. SENCIRLY, DORIS HINES,/CO/ ROBERT C. HINES

By: James Robert Deal

James Robert Deal — Tue, 25 Oct 2011 04:15:15 +0000

Never give up. Keep applying.

By: ellie

ellie — Tue, 25 Oct 2011 04:07:34 +0000

@george We spent over 2 years working on a modification with Citi ...which failed, same month they sold it to Vericrest. We then started the modification process once again with them, and were declined. We give up.

By: Wende

Wende — Mon, 24 Oct 2011 15:51:40 +0000

I too have a mortgage with Veriquest. I was five payments (not consecutive) mortgage payments behind. I did the hardship papers and was denied don’t know why? Then in July I sent in my monthly payment and it was returned. I now have all the money to catch up my mortgage, but have been served with a notice of intent to foreclose. I have tried to talk to Veriquest and they told me to fill out the hardship paperwork and they will review it. They told me they were sending it that very day but 4 weeks later I have not received it. I have however been receiving harrassing phone calls from Veriquest and Paperwork from a lawyer that is hundreds of miles away from my home. I am going to have to hire an attorney at this point, I think. I am afraid to send the payment to catch up what is owed because they might take it and still take my home.

By: DAVE

DAVE — Tue, 18 Oct 2011 20:58:31 +0000

Oh…By the way….That 1 late payment was first in the 7 years I have lived there.

By: DAVE

DAVE — Tue, 18 Oct 2011 20:57:24 +0000

I have a mortgage thru Veriquest.
I have a rate of 6.25%
I want to get a lower rate.
I have 1 late payment in last 12 months. (it was 4 days past 30 days.)
It was in July 2011.
I work and have a good income. I just want a lower rate.
I owe more than what house is worth..Thanks to the Government.
How can I get a lower rate?

By: njcaller

njcaller — Fri, 16 Sep 2011 03:34:04 +0000

OK, I am going to clear a few things for everyone. Vericrest does not actually own any loans. Vericrest is the servicer of loans for many lenders and is owned by Fund VII. Most of the serviced loans are owned by Fund VII. Vericrest can only do loan mods, not refi’s. Vericrest does not have an originator license, so they can only offer temp solutions. If you happen to have purchased a house that you could not afford in the first place and want to place the blame on the broker, fine, but if you cannot adequately show that you can afford the house, you cannot qualify for a loan mod.

Vericrest only bacame HUD and FHA certified this year. They could not do the HAMP programs until they had systems in place and the government allowed them to do so. It wasnt a matter of they didnt want to, they couldn’t.

Let me assure you that governments have as much responsibilty here as the mortgage companies. Mortgage companies don’t want to foreclose. It is expensive, borrowers trash the house, and is time consuming. They prefer a loan mod or refinance to someone else. I will tell you they do not like short sales or deeds in lieu, but if all else fails, they will do it.

As for lost documents, remember, Vericrest did not originate the loans. Most of the loans owned by Lone Star and serviced by Vericrest were bought by some bank or lender who did bad business and need to clean their balance sheets. Look close, some of the lenders even financed the sale of these portfolios so that Lone Star could buy them…..These original banks may have sent bad information to Vericrest and have lost the original mortgage docs. They had multiple charges on accounts and had no related documents on file. When Vericrest buys a portfolio, they buy all of it. There may be charges they can’t explain to you, that is because your original mortgage company did not have the documents. There may have been charges placed on the account to increase the value of the portfolio when it was sold. Dispute the charges in writing. Ask for documentation, if they cannot provide documentation, they have to remove the charges. But they prefer to load the data and see how many people will pay instead of dispute. They are trying to make money like everyone else, and unfortunately, you have to play the game to win.

This whole mess is bad, very bad. Try working for a mortgage company and knowing exactly how bad it is. and the government allowed it, they were making money off of the subprime market as well. I am not saying Vericrest is perfect, or even honest, but in some cases, check your facts, make certain that you have a right to complain, and that it was Vericrest who screwed up, not your bank or the fact that you do not understand mortgages and finance.