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

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!

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.

Our problem is the equity in our home. Went from 350k appraisal to 200k appraisal in a matter of a few years. Interest rate is over 7% and all we wanted to do was a refinance, and we all know thats not possible since we still owe 308k on our current loan. Loan was originated through CIT like most others.

So I tried a loan mod but what a I waste of my time, plus its really not what we need. Then just this week I read that Obama’s plan under HAMP is also designed for just our circumstance. If the value of your home goes down substantially than there are some possibilities where the principal owed could be reduced. So what do I do when I find out that Vericrest participates, I make the call. Bottom line is I was told firstly that Vericrest only services the loan and doesnt own it, could this be true since they can do a loan mod. Guess so cause they informed me that Citimortgage owns my loan and they are unwilling participants in HAMP for my loan. What a shock for me, but I should have expected it. Course they told me to try a loan mod, and I simply do not have the time to waste only to be denied again, plus like I said we dont need a temp solution.

Basically we are at the point of just stopping payments all together. We can pay off every bill we have except Veriscrew and when they come and take the house in year the only thing we will have done is hurt our credit a bit. Kids are grown and out so nothing wrong in going back into an apartment or condo, and renting or buying on contract. Plus some nice vacations too boot.