I have only modified one Vericrest loan, and that one was non-owner occupied and way underwater and with a sky high minimum variable rate. And so Vericrest agreed to a reasonable modification.
Vericrest has changed its name to Calibur, perhaps to escape its bad reputation for being difficult to work with. Vericrest – Caliber is the worst servicer I know of to work with.
Since then I have had the good or ill fortune to work on two more Caliber loans. One failed to go through because the borrower failed to tell me that he had already had three modifications from Caliber. Another Caliber modification is still pending.
I continue to receive emails about people who say they have been screwed over by Vericrest/Caliber.
To read more click on this link, and make your comments over there: http://www.mortgage-modification-attorney.com/lenders/vericrest-financial/
This is what one borrower had to say about Vericrest:
I’ve read these stories about 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.
Three 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 bankruptcy to stop the foreclosure, thus screwing up my credit! After my discharge, I spoke with some of the same PHONIES/CRONIES as others stated: Vericrest then tried to foreclose again and again I went to file bankrupcy 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. Attorneys in Georgia are only concerned with you filing bankrupcy 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. The 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. 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 $40,000 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 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 the se 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, 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!