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Vericrest Financial

Vericrest Financial has not accepted federal TARP money nor signed onto the Obama Making Home Affordable Plan. Therefore, Veriquest is not required to cooperate with the Obama Plan and has chosen not to do so.

The primary leverage available against Vericrest is the threat of letting a property go into foreclosure. Vericrest appears to be unimpressed by accusations of predatory lending.

We settled a Vericrest modification in September of 2009. This was a rental property which was around $50,000 underwater. The Borrowers were both on disability and had not made payments for nine months. The balance increased over this period from $404,000 to $433,000. This was a 3/1 ARM loan with a fixed rate for three years at 8.6% per year. Thereafter the interest rate was to be based on the one-year LIBOR plus 5.1 points. Although the one-year LIBOR is currently under 1.5, it has been as high as 5.4 as recently as 2007.

The Borrowers bought this property on an owner occupied basis. They might have gotten a better modification if they had not rented the house and moved into an apartment, or if their lender had been subject to the Obama Plan.

The property was days away from foreclosure when we settled the modification. Fortunately, one of the Borrowers had gone back to work and income was sufficient to convince Vericrest that the Borrower could make payments.

Vericrest agreed to call off the foreclosure, add unpaid interest over the nine-month period to the balance, and give the Borrowers a 5.0% rate for two years. Thereafter, the loan will return to previous terms and will be subject to further negotiation.

Because of the fact that this was a loan with a lender which had neither accepted the TARP money nor signed onto the Obama Plan and the fact that the property was a rental, this was a not unreasonable resolution. Lowering the Borrower’s rate by 3.6 points saved him $31,000 over the coming two years.

74 Comments

  1. Yeah cit/veriquest duped me and my wife 10 yrs ago when I lost my job. I had a nice 8% fixed rate through my hometown lender and when I got behind refinanced with cit. My rate has never been below 10% and my payment went from $550 up to $900 on a 80k loan that they appraised the house value up to 130k for their own interest while my home was valued at 72k. My payments are current but they have financially handicapped my family and if I find the right lawyer i’m gonna sue the pants off someone!

  2. I cannot make any guarantee that I or anyone can help you modify this loan. Veriquest did not accept the TARP money and therefore is a law unto itself — unless there are specific violations of RESPA or TILA. Further, there is a three-year statute of limitations on most violations. I would suggest you get your loan professionally audited. That alone might not help unless you are willing to hire a lawyer to sue. The big banks are in the power position. Feel free to call.

  3. I am behind a payment and a half to Veriquest I cant get them to defer my payment. I would like to do a loan modification. If anyone has anything to help I would really appreciate it. Thank you very much.

    • Tim, please describe your situation in greater detail. What state are you in? I have had success modifying Veriquest loans.

  4. Tim, my situation is similar to yours. As a matter of fact, I am not even behind but for some reason, I owe then more than $1,500 which I can’t seem to understand how that happened. My interest rate is about 10%. I am on an interest only 2 ARM that adjust (this I didn’t know either) every 6 months. Somehow recently, I noticed that they started applying some of it to my principle. I am unable to follow their documents and can’t seem to get anyone who is courteous enough to help. They call me up to 11:00 at night including Sundays and now I just hang up on them. Don’t know what to do.

  5. I think what everyone who has Vericrest FKA CIT Group and still the same employees and addresses, people should do some research as I am fighting foreclosure with them now. They became Vericrest in March of 2009 as Cit group sold there home loans to Lone Star I think thats the name and they changed the name to Vericrest. BUT before they sold and I can tell you I started this process to get help in December of 2008 as I was informed I would lose a Job that paid 86,000 dollars a year and all I could find because no one in my field was hiring was a job for 35,000 a year all my bills and mortgage was based on 86,000 a year when I originally applied for the mortgage they MIS-STATED My income to show I made over 10,000 a month when I only made roughly 6000. I found all this out just recently as I have been digging for info. Back to the research CIT Group in DECEMBER of 2008 took a 2.35 billion dollar bailout from the government. So they changed there name to say they never did. A name change only everything else is the same. I am trying now to get help from NACA because the government will not do anything to stop fraud because that is what it is they take from govn. a bail out then change name fraud. Yes you need to get someone in the legal system to get them and push this to congress to get them to come in and sit in front of the panel I will start that myself and I am trying here in connecticut to push it. There is a Law Firm that may help which I will go to if Naca can’t this will cost 3700 for the fee but they seem very good I did alot of research and they have a A+ rating by the BBB. I have talked to them and they want my case and I will give it to them if Naca can’t get anywere they will sue them. I am also getting a Forensic audit done to show fraud on earnings and other items. So there are ways if the forensic audit show fraud they can be sued taken to court and if the judge sees fit may award a judgement for you. I am willing to do this as they have been non responsive to the needs of people and the economy. Foreclosure helps no one including the Mortgage Company or investor. I am also filing Bankrupsty as the value of my home has dropped over 110,000 compared to 2006 appraisal I am upside down. Congress needs to get in there and get dirty with these people because they are part of the problem as well they are there to serve the people not corporation.

  6. i am with veriquest by way of cit and been having problem with my payment going up and down 1242 one month 1360 the next and i have my own insurance i am behind 2 payment because i have become disable (kidney failure) i have ask for a copy of my loan application because i know that there is disability insurance in the loan that i pay within the payment but i dont have a copy handy ,can someone please advise in this matter,need a attorney for this.

  7. Vericrest Financial is a privatley held company as best I can figure after all the name changes and various games it is very hard to figure out who the “real” owner of the Company may be. They did do a Loan Modification on me but it was CIT and it was because I was scamed by the Mortgage Broker and other in the first place and threatned to bring in the FBI on the happenings. Now they keep adding on charges just because they can and refuse to listen when I tell them anything so I have had it personally and am going to file a Federal Claim against them for the violation of the Fair Debt Collection Act and Preditory Lending Practices. I would like this to become a Class Action so anyone who want to join in the class please feel free to contact me @ timdivers100@comcast.net.

    Thanks

  8. I just recently obtained a loan modification through Vericrest. They lowered my rate from 6 3/8 to 3.0, resulting in savings of a little over 800.00 monthly. No complaints here with Vericrest. You just need to go through the process of loan modification and be patient.

  9. @Timothy A
    Tim. You do not need an attorney. Ask to speak to the loan modification dept. at Vericrest and they will forward a list of items Vericrest needs to make a decision on your loan request. Do your homework on the internet and submit the paperwork. Don’t sit on it. Follow up with them. Hope it works out for you.

    • Many people get modifications on their own. Many others run up against a brick wall. They are turned down and do not understand why. The processors who handle modifications enter the information into a program and get a yes or no answer. It is a “black box.” You ask them why the answer was no, and they do not know. It takes experience to figure out what is wrong with the application. Virtually all of my clients have tried to get modifications on their own and have given up. Others just do not have time to play the game when they don’t know the rules. I would say that self-employed people need help the most because their income has to be shown. Give it a try on your own, but if you get stuck, find a lawyer licensed in your state who has modification experience and let him or her help you. Good luck! JR Deal

  10. About a year ago. A friend tried to obtain a loan modification through Vericrest. Due to being out of work for medical issues. She was denied back then. Fast forward to today. Receives a bill for the monthly mortgage payment. Which has always been made electronically from her bank account. The account has never been in arrears. However, they added a $95. fee under the heading of unpaide advances/fees. Which after making a call to Vericrest. They explained it was an assessment fee. No rep from Vericrest has been to the home to make any type of assessment. They claim someone just drives by the home. Is this fee legal and how can it be proven that someone actually visited the home?

  11. @george
    George,

    We just started the loan mod process with Vericrest ourselves. I was wondering how long it took you to get yours done from start to finish? All I seem to see is the horror stories of them losing paperwork, delays, foreclosures etc. It’s nice to see someone actually got it done with out paying $3K to an attorney.

    • All of the lenders are sloppy – to varying extents. If they can’t find the papers, you have to fax them again. Write your loan number on each page. Go to Office Depot and buy a fax-printer-copier-scanner. You are going to need it. Call them weekly and ask them what is taking so long.

  12. I got a modification from veriquest in 2008 for 2 years, now they are billing me for the pre-modification amount. I agreed that it be for 2 years, but now they are billing me for 2,300.00 more and no one can tell me what its for. I have tried on several occasions to get answers to the charge, but to no avail. Before the modification, they had started forclosure proceedings against me, but I paid the amount which was 2,300.00. I have received 2 statements with this figure on it, but they cant tell me what its for. I can’t pay another $2300.00 I had to borrow it the first time & havent paid it back yet. Any sugguestions?

  13. I’ve made 2 payments on the loan modification,how can I get Veriquest to send us a payment coupon and also receipt of the first 2 payments,all we got is conf. #’s . thank you

  14. @george

    George, please guide me, in your experience to obtain loan modification with Vericres, I applied one year ago, they denied, and presently waiting again for my second application.

  15. My Mortgage was with citimortgage i was going with the loan modification program after a year i still didn’t have it done. I sent all the paper work they ask for ( I started jan 2010 ) Jan 2011 they sold my mortgage to Vericrest they told me they had the loan modification program they sent me the paperwork to fill out then i got a letter from them wanting to get all the money now i am still frighting with them. I also got a letter from them saying Vericrest is the SERVICER for this loan The New Owner is ( LFS7 Bermuda NPL IV Trust ) So who is Vericrest really

    • You cannot wait for the lender to ask you for documents. Each month you must send your updated bank statements and pay stubs. You must call the lender weekly and ask what they need. Pester them. The squeaky wheel gets the grease.

  16. @Les
    It is important to send updated bank statements and pay stubs each month. It is also important to call your lender weekly. Ask them what they need. Ask them when they are going to finalize your modification. You must keep pestering them. What state are you in? I only take Washington cases.

  17. Veriquest referred us to HAMP Obama? But I just read that they are not signed up with the Obama Plan? Is this true?

  18. my loan got sold from citimortage to vericrest in march 2011. I started the loan modification with citi in 2009 and i found out i was denied after the loan was sold to vericrest. No letter or call was received from citi on the denial. I ended up with a balance of 83,755.00 with citi and now with vericrest. I have decided to do a short sale because i can’t come up with 75% of the banance to bring it current. I spoke to a real estate attorney for advise because i am self employeed and have other properties and i don’t know if doing a short sale will work for me. The attorney said that vericrest is a collection agency, and I don’t know where he came up with that. Now i am confussed and more worried. Help!

  19. i am confussed, i am affraid that by doing a short sale i will have to pay the remaining balance of what the house sells on what i bought it for. Who will i have to pay the balance to if i do and how much$$$

    • In a short sale you will not have to pay the balance unless you sign an agreement to pay the amount short. A person with significant assets and income might have to agree to pay something. If you have little in the way of assets and income, you will not have to agree to pay anything. The art of short sale negotiation is reducing eliminating the balance owing. The great thing about HAFA short sales is that if the lender has signed onto HAMP and HAFA – which is most lenders – the balances on your first mortgage and even your second mortgage will be forgiven.

  20. @Les
    We also were sold to Vericrest from Citi. We had start our Mod. in November 2010, I received the new loan documents 2 weeks later and will make the final trial payment today. I haven’t found anything wrong with thier service yet. I called all the time when I found out the loan was sold, and didn’t quiet have the right paper from Citi and Vericrest still approved the new loan.

  21. great for you. However, I am like so many out there. Vericrest keeps losing my paperwork, tells us one minute we can afford our home then the next minute we cannot yet we have been making a payment and a half each month to catch up over the past 8 months. Consider yourself blessed that the process worked for you! Everytime we get the call center, we get a different explanation. We have faxed, overnited and emailed our paperwork over 6 times. Account number is ALWAYs on every page yet the documents mysteriously disappear and as for pestering them. We have left countless voicemails to account rep. If you go to another rep they begin the process all over, providing contrary information to the last representative. And once you get out of one stage of collections and go to the next……no one has the arrangements you agreed to from the previous rep. It is a mess!

  22. From James Robert Deal:
    There have been numerous questions about Veriquest and whether Veriquest does Making Home Affordable modifications. I have only done one Veriquest modification, and it was on a rental property. I called Veriquest”s Loss Mitigation department at (866) 650-0968 and was told that starting two months ago Veriquest started doing Making Home Affordable modifications. This is a new development. Veriquest is not on the list of cooperating servicers which can be found at http://www.makinghomeaffordable.gov/get-assistance/contact-mortgage/Pages/default.aspx. I hope this helps.

  23. My bank won’t deal no matter what I do. Brought 5 buyers already, and a number are qualified. Won’t give me the Hamp reduction either. I’m sick.

    Citimortgage Loan Modification

  24. @Les
    Dito to that! EXACT same problem. Difference is, my house is scheduled for auctioning on Thursday. I am trying to work through NACA. Vericrest promised me a modification, then I was told I didn’t qualify. Then I was told that I needed to talk to the lady who promised the modification. Called her for a month and there was no call back. The day before I received my foreclosure letter, I talked to a representative who told me that someone would call me back. They played me til the end! HORRIBLE!

    • What state are you in? You need to see a bankruptcy attorney immediately if you really want to keep your home.

  25. @george
    George,
    You might want to look at your paperwork. I just contacted Veriquest two days ago. They ONLY DO IN-HOUSE MODS which will lower your rate ONLY FOR THREE YEARS and then they revert back to the original.

  26. @george
    George,
    Veriquest has you when they get you. We went from Citi applied for mods and never were approved but should have been. Veriquest can do anything they want they have not signed up to any plans but their own.

    They will get you after the three years.

    • Be sure to check to see if the Veriquest loan is owned by Fannie or Freddie. In such a case you can count on getting your HAMP mod if the numbers are right. If the loan is not owned by Fannie or Freddie, then the issue is strictly NPV. Will the investor lose more money by foreclosing than by modifying? If you are not underwater, don’t expect much help. File for Chapter 13 BK if you have to.

  27. We were in the modification program with citimortgage since 09 but never received our paper work show it was finial. But whenever you called them they said it was finial. So when they sold our mortgage to Vericrest we called them and they said it doesn’t show that we are in the program. They also said that we were not makeing correct mortgage payments so we are behind and they were charging us later charges. They said that we owe $22,000.00 to bring our acct current. So we we filed the modifacton papers with vericrest in Janauary. I called every two week to check on the status. On June 10th I called and they said we were not eligible . Now they looking foe another way to help. Do you think we should get a lawyer? We don’t want to lose our house/

  28. I’m also a former CIT customer and was sold to Vericrest. I did receive a loan mod 2 years ago that took my intrest from 8.8 to 4% which took a bout $1000 off my payment… Now my two years is up and the fight begins again… I was told they only do 2-yr loan mods.. Why I dont know. Then I was told that I didnt qualify for a refi because I was late making my payment one month. I just want to give them this house but its difficult because my business is here and my family. I dont know whether to miss or make payments and try to save my money to move. This is so crazy it’s stressing me out.. Vericrest plays a lot of games. I’ve seen several of my friends get perminant mods and I dont get why I cant..

  29. Vericrest is a joke. We dealt with them for a year and half trying to get a remod. My husband lost his business due to the economny and the melt down of the Mortgage industry. They lie, they loose your papers, they call and yell and scream at you for payment. I sent them origianal docs, four times for remod. They were going to auction our home last august, we asked for short sell they gave us 30 days to sell. Our home sold in 6 days, then they wanted to wait 2 months to try and get a higher bidder. We didn’t and at the last minute the made a deall to lower our mortg. 1200.00 a month at 1% for two years. Fine with all that, which I see as a temp noose around our neck. I have not seen one bill come to my house from them. I have been requesting a bill since last oct. Now they are threatening to up our mortg due to property tax not being paid. Which they could have paid since they made a mess of our house situation by lagging on remodication. I still send payment because I need somewhere to live and it will cost the same to rent. I’m sure we will get a big increase in payment with escrow account. These people are really crazy. If you are trying to modify,just keeping sending in paper work. When they tell you they are going to auction, just reaply for modification. It’s just persistance with these people. They don’t care and they are selfish and uncaring when it comes to really helping people. God was on our side that is the only reason why we are still in our house for the next two years. Good luck and don’t give up on what you believe.

  30. I too am having issues with Vericrest. My loan was sold to them by Citi about a month ago. Because Citi seemed to change “their rules” for the HAM program or service reps did not know the rules of it, I was kicked out for not making the trial payments on time. I was told by reps at Citi, that as long as the payments were made within the month that they were due, the payments would be considered on time. I actually received the trial package 1 or 2 days before the first due date. Well, either the rules changed or I was given bad information. After making 6+ payments within the month in which they were due, I was kicked out of the HAM program on Jan 3 2011. So Citi, after 11 months in limbo and constant communications/contact entered me into an “in house” modification program. I was approved and trial payments were set to begin. The sale of my mortgage and the modification happened concurrently and now Vericrest will not honor Citi’s agreement. My rate is at 6% and Vericrest does not enter into mods lower than 6%. The rep said she would “look into” a dispute for the HAM because she located documents within my file that stated something like “payments are due within the month”. Otherwise, I was told that I have ZERO options to modify my mortgage with them. Vericrest wants almost 19K up front to bring it current or half and then distribute the remaining 9.5k over 5 months. That doubles my payment for 5months! This is the most confusing and stressful process ever. Then I was told that any money paid into any trial period with Citi was not applied right away and I racked up excess interest, fees and actually put me further in the delinquency. I think the program actually hurt me and sent me further into delinquency. I have about 7 weeks before it goes to a foreclosure review panel and then I’m in the foreclosure process. What do I do? Hire an attorney, call HUD?? What? I can’t come up with 19K and the option to privately borrow is slim to none. I want to stay in the house and we are back on our feet for the most part. I could pay the regular payment, it’s the delinquent balance that is haunting me! It seems as though I’ve been had and all I’ve tried to do is play by the rules. Citi has done nothing but make it worse over almost 2 years.

    From James Robert Deal:

    Given that you are in Colorado, I cannot represent you as an attorney – unless you have a sponsoring attorney in Colorado.

    Chapter 13 bankruptcy is always an option. You can spread your arrearage over 60 months.

    Vericrest is probably the worst lender to deal with.

    James

  31. Les, Where do you stand with the Vericrest situation. We have a similar situation where Citi sold our loan after verbally agreeing to a mod. Vericrest then came back a month or two later saying they wanted us to reapply for the mod. We re-applied 3x and were denied and they’ve opened foreclosure. Crazy. Would love to hear any progress you’ve made with them. @Les

    From James Robert Deal:
    Aaron,

    Have you checked to see if your mortgage is a MERS mortgage? Look for MERS on the first or second page of the deed of trust. For the benefit of the rest of us, please review your situation. How far underwater are you? Is it a fixed or option ARM loan? Does Veriquest own it or service it? Who is the servicer? You should get answers to all these questions and see a lawyer in California with bankruptcy and mortgage experience.

    James

  32. James,
    Vericrest offered me a 2 yr modification, I told them am 59 dont forsee my income increasing, and caring for a parent, should I take it and 2 yrs later deal with them again?

    @jamesrobertdeal

  33. Having the same issues with Vericrest. We live in CA. We have been trying to modify and they keep telling us they lost our paperwork. We are now working with NACA…waiting for them to respond.

  34. @james
    I have been trying to get a modification for 32 months and I have not paid them for 32 months. Everytime they come upn with a modification they tell me it is half of my present rate. But if my present rate is 10% and my payment is $3500 and they cut my rate to 5% shouldnt my payment be half of $3500 which with my calculations should be $1750. I pay my own taxes and insurance. Everytime I call them they want another document. I wait another week call them again and they need another document but it is s whole different document that are asking me to send then what they asked the prior week. Now they are scaring me I just want to get on with this and ot having this over my head every night. The person I spoke to asked me how much money did I save since I am not paying my mortgage. I told them what are you kidding I had to pay my taxes condo fees that I fell behind. How can I get them to move their butts.

  35. Lies, lies, and more lies Veriquest never has complied, This is the fourth time I get denied for a loan modifiction. Do to sugery I fell behind in my payments the intrest rate is 9.2% and I pay insurance and taxs. I have unexplained fees. I can never find no one inchaged. They are the worst lenders. Im looking in to bankruptcy.

  36. well, I have fees accessed to my mortgage with Vericrest because of a past foreclosure process. Once I paid the delinquent amount that took my house out of foreclosure, it seem as though I was accessed a number of fees, which I was not aware of. They are over $3,000 because of the interest that is being charged on them every month. My question is, can some of these fees be disputed, if so which ones.

  37. I was just foreclosed on by Vericrest. My loan was sold to them by Flagstar bank in December, as we were awaiting review/approval of the short sale (we had a buyer who was pre-qualified and ready). When Vericrest took over the loan, they finally started talking to my agent handling the short sale in mid January, then aggressively picked up the foreclosure proceedings and sent a notice of sale in early Feb. The first auction was when I filed a Chapter 7 bankruptcy. During the bankruptcy, I called Vericrest on multiple occasions to find out if I would qualify for a modification, since my debt to income ratio would now be “healthy” enough for a modification consideration. My chapter 7 discharged in late June and I filed the modification request two days after my chapter 7 was discharged.

    I am going to fight this foreclosure with everything I can.

    After I re-submitted my modification request, which 9 days prior to denying they finally admitted to having all the paperwork (after claiming to have not received documents for 4-1/2 weeks), and said it would take 6-8 weeks to finalize the modification — they called me on a Sunday afternoon to inform me that modification request had been denied and the house was set for auction on the first of the month, the following day. I had no time to block the auction and file an injunction because they called me with the modification denial on a Sunday afternoon. This violates the HAMP guidelines and it is my other Vericrest is participating in this program. And even if they’re not, they have violated several other proceedings.

    I’m not going to go down without a fight! This is going to cost me thousands to hire an attorney, but I am not going to be one of the fallen victim to this predatory lending and unlawful practices.

    How do these employees sleep at night???

    Susan

  38. I refid w a mortgage co in 2006 which sold my loan 2x, finally to cit financial, also a name change.
    an adjustable 3 or 5 yr. I applied for a mod from Cit and received it in 2009, 4.75% fixed. that became difficult as my husband passed away. I reapplied in Oct 2010 w Vericrest, finally received a 1%, 2yr modification. It took many, many phone calls. The people knew my voice and it was very tedious and trying, but I kept at it. they denied me once, but then finally approved June 2011. Received some mysteriously benign paperwork, I hope and returned it w a certified check. The check was cashed by J P Morgan Chase. The paperwork was signed by Vericrest financial. loan servicer, Cit Financial, Bank of NY and JP Morgan Chase!!!!!! I called to see where my check had been applied, since it is not on my account, no one knows yet. Should be interesting as I will not be able to afford payments eventually as my escrows now are higher, so the payment is a bit higher! I am not sure what will happen yet, but I know no one wants houses, there are so many on the market, selling for nothing. But as someone said you have to live somewhere and pay rent or such. I agree, Vericrest is ridiculously mysterious, even the people don’t really know what is going on. They basically represent all these banks that ripped the system and have earned interest on these loans. But what will they do with these loans and empty houses, and no one they want to give loans to? They better work with someone. Our local economy is in the tank and the local judicial courts do not want to see all these foreclosures, which are 2 yrs behing.

  39. Does anyone know what foreclosure fees can be disputed?

  40. @Timothy A
    Vericrest was very cooperative in remodifing my loan it took about 13 months but they did it no problem

  41. @Linda
    Linda, it took two attempts. The first was unsuccessful because, since I am self-employed, I did not show enough income to make a reasonable amount of a payment. I did not know this, but eventually I spoke with the right person who told me this. The second time I tried I was successful, and I think it took about 2 to 3 months. Alot of paperwork was submitted, but it was sure worth the effort. Hope this helps.

  42. We have a Vericrest mtg via CIT via…? In April we received an offer on the property and we notified Vericrest. We have been unable to pay the mortgage since May, and now Vericrest indicates it is in foreclosure. They have not provided the payoff to our escrow officer per his and our request. They now say there is a flat lawyer fee. During the years we had their loan they assessed various fees thatwe could not figure out. Since the sale is about to close, the flat lawyer fee is not justified. Is there any way we can dispute this fee (and win?)If the escrow officer pays off what they request, what are the chances of getting any results later?

  43. Lets not be too hard on Vericrest, after they are in the business of plain and simple making money in whatever fashion they see fit. As I recently found out they are just a servicing center that collects payments, has a very terrible outbound dialer, and in my opinion some of the worst call center technology I have seen. And only a handful of decent call center agents.

    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.

  44. 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.

  45. 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?

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

  47. 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.

  48. @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.

  49. 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

  50. 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.

  51. 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.

    • 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.

  52. @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.

  53. 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.

  54. 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!

  55. 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?

    • 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

  56. 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!

  57. 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!!!

  58. 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…

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

  60. 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

  61. Ive just completed another modification w vericrest after not being able to pay the last one. They took a very long time n during the process I did not make any payments which now increased my escrows. So this mod is for 1 yr only, n then ” we will apply for another.” I was told. I inquired abt the upside down value of the home n again a we shall see. I figure they r waiting out the market until they can get a fair price but in this are of pa homes r worthless …sadly. Someone has made money on my home n someone will again in the future but it won’t be my nest egg. They have actually been working with me all along but I owe 16000 plus arrears escrow n given our local situation it would take about two hrs to process a foreclosure and I am wondering since I hv no concrete future w my loan and a very bad market, what is the point of even payi g this modification?

  62. @Les

    I haver the exact same situation and beleive they have no legal standing or finiancial interest to continue any attempt to collect. Do not sign anything do not communicate with them. You should have gotten a letter saying your mortgage is under an Independent review by the Bank Regulators.

  63. I’ve read these stories about Citi/Vericrest and I too have been duped by these same companies! Seems as though many ppl have the same story I have. I was paying my Mortgage then Citi contacts me about doing a Modification and said they could save me $400 per month. I fill out the paperwork and they put me on a trial mortgage that was suppose to last 3 months which turned into 6 months then on month 8, then resend the documents for me to fill out over again claiming they lost the paperwork and now they were doing in-house modifications! After waiting 8 months, I get and answer in 2 weeks which was “No, you don’t qualify” then they say I owe them $14k in fees & interest! Well, 8 months at half my payment is roughly $6k so I started asking how they come up with 14k and nobody has an answer. 3 months later, they sold the loan to Vericrest without correcting my issues then Vericrest adds more money onto the pile and immediately starts foreclosure procedures! Least to say I filed bankrupsy to stop the foreclosure thus screwing up my credit! After the discharge, I spoke with some of the same PHONIES/CRONIES as others stated: Mrs Watson, WCS Lending, Etc and each time was nothing but riff-raff & b/s! Vericrest then tried to foreclose again and again I went to file bankrupsy to stop it because I refuse to give them my house when I didn’t do anything wrong but accept a Modification from them that they called and offered then screwed up the process. I am really starting to believe that this was all a hoax to get me suckered into them stealing my house. Next thing that happened is that they started foreclosure proceedings again and at this point I had given up because I figured there was nothing else to do, Attorney’s in GA are only concerned with you filing Bankrupsy and that’s it, nobody is really trying to fight these A-holes on behalf of consumers. I agreed to take the cash for keys deal and vacate, funny thing is that the house foreclosed in May but the Broker never called me back to make arrangements for the cash for keys payment and then Vericrest started calling me back in July saying the house never foreclosed in May because the paperwork was screwed up and did I want to pay the 40k in arrears? I’m like what the “F” is going on here!!!! The lady then proceeds to tell me the house will foreclose again in August (2 weeks) and I tell the lady to go screw herself and tell Citi & Vericrest to do the same. Anyway the house forecloses again in August, I settle for the cash for keys money again and move my family out. Still frustrated at how my house was stolen, I have a Housing Counselor pull my deeds and come to find out it was an ILLEGAL FORECLOSURE! I rescinded the offer within 3 business days, moved back into my house and HIRED a Housing Counselor Firm & Attorney for file a LAWSUIT against these Shiesty Mortgage Companies! US Bank, Vericrest & Citi…You want my advice, screw trying to suck-up to these snakes like some of these clowns suggested, get a FORENSIC AUDIT done on your loan and have your DEEDS VERIFIED & RESEARCHED because most likely, your foreclosure was ILLEGAL! Pay an Attorney or find a Housing Counselor to help you but do not lay down and let them steal your Property! I hope somebody has started a CLASS ACTION LAWSUIT against Vericrest, Citi & US Bank because I’m all in on that. I’m gonna fight them til the end, until we get in front of a Judge or I get my house situated correctly! You can email me at madpoet429@yahoo.com

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