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Vericrest Financial is a total FRAUD! I submitted a loan modification in March 2009 and they told me it would take 2 weeks to process then 4 weeks to complete. They stated that if you are going to get behind on your mortgage due to hardhsips (which my wife and I have) that you don't have to worry about your payment because the debt will be restructured in your modification.
That was a total lie. It's now June 24, 2009 and they called me today stating they need me to resend everything again because they "need updated information" which is a clever way of saying we lost all your information. Also they are sending me letters that they are going to foreclose on my home.
The communication is very poor on their end and it takes a minimum of an hour to get someone on the phone. Once you get them on the phone they are extremely rude and don't really care about you. One customer service rep even told me that they see us only as a number in their system and don't care about our situation.
If anyone has any information that they can provide to help me get through this process please reply. Thank you in advance.
Thank you for all the comments that everyone has posted and I'm sorry to hear the majority of you all are having the same problems that I'm having.
Update - I've been calling everyday like some of you have suggested and I'm being extremely nice (using the honey not the vinegar), however I've gotten nowhere. I'm in the process of consulting with an attorney that specializes with this.
Once I've received his suggestions I will repost.
The complaint has been investigated and resolved to the customer’s satisfaction.
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My suggestion would be to do some research. Most loans are owned by Freddie Mac(FHLMC) or Fannie Mae(FM). Find out which one of them owns your loan, usually it will be listed on your credit report. Call them to complain about the service or lack there of. These are servicing issues and are NOT tolerated by the investors, FHLMC or FM. They do not want you to default nor do they want to foreclose. You will need to make sure you have a record of all payments and keep a log of when you called the lender(Vericrest), who you spoke with, what the conversation pertained, and the outcome of the call. I deal with these issues on a daily basis and I can tell you there IS light at the end of the tunnel. DO NOT give up! You have to keep calling the lender(Vericrest) to check the status of your modification. Find out who your modification councilor is and get their extension and continue to call the councilor. You do have to have some kind of income though. Student loans will not suffice. Remember, loan modifications are not a requirement; therefore do not get nasty with them. I know it's super frustrating but hang in there! I wish you all the best of luck!
I am so glad I found this page! I was starting to think I was crazy! My husband and family thought I was misunderstanding this company for the past 3 years! I refuse to pay 1cent more to this company, I am selling my home because of the stress and the payments that never seem to be the same.When I do call to make a payment they tell me I have a credit! How the H#ll can I have credit when you say I'm behind! But today I spent over an hour on the phone trying to get them to pay my taxes for 08 and 09, 08 is so default my house is on the sheriffs sale block! I paid escrow for 08 and 09 why are the taxes not paid! Anyone have any idea on what I should do to get something done? I am thinking filing a complaint to the attorney generals office but someone said that is useless! This financial company has made my life so stressful, I actually am depressed to the point that I am having a hard time functioning in day to day things!
If you wan to apply for a loan modification then do fax over your paperwork...they have many requests for loan mods...make sure to write your account number on all documents and follow up within 5-7 days to confirm that it has been received and it is going under review. Depending on the account staus it can take 8-12 weeks but you need to be proactive in calling and making sure that they have everything. And in your harship letter if you say it is due to the economy and you don't show a true harship then it's not going to be approved. The harship shown depends on how long the loan mod is approved for. You're DTI (debt to income) is depentent on how low they can adjust the rate. If you have a good credit score and you have equity in your home GO REFI...A loan mod is normally a temp fix..And on the Refi partners, they really do take less than what the home is for a majoity of the time. If you have a harship TRY TO MAKE YOU'RE PAYMENTS. If you do a loan mod then yes they will defer that amount but you have to pay it back at the end of the loan. They honestly don't want more homes, look at the economy think about how many people need help. Vericrest is not a large company. If they ask you to submit newer documents, it is because they want to insure they have the proper budget information...Say you sent in your loan mod packet and the fax only sent over the first sheet...it won't even be opened for review until they have all the required documents. If you follow up you can't go wrong...honestly...Remember you signed the note to pay the payment amount...and Vericrest Financial Inc is not goverment funded so this is all them helping you out...you just have to follow up...there is such a high demand for loan modifications...be proactive...it's YOUR LOAN!
DO NOT USE VERICREST FINANCIAL! No matter how desperate you are, it has taken away everything we had and wanted. emotional, mentally and physically it has made me sick. It's sad when your kids come to you to talk to you and you say" I'm on the phone with the bank and they reply... we'll see you in a few hours then" we just got a pay off price almost $5, 000 more then June's payoff...now, I have requested proof of all activity on my account! We'll see what happens next!
My husband and I have faxed/mailed loan modification papers to Vericrest SIX times since 2008. Every single time, when we initially called to check the status, we were told that the modification was still being processed. Then, without fail, after a few phone calls (being repeatedly told the same thing), we were eventually told that they didn't have the papers and that we'd have to send them again. No explanation has ever been offered as to what happened to the papers. Of course, all the paperwork has to be updated before re-sending, which consumes time and resources. People (employer, bank, creditors, etc.) are irritated at having to provide us with the same documents/information over and over again.
As for hiring an attorney: If we had thousands of dollars to spend, we wouldn't use it on an attorney, we'd use it to pay our mortgage payments.
Posters have commented here that, if we all just do what Vericrest asks us to do, we'll be treated fairly. It is arrogant and condescending to assume that -- just because you were able to get help -- the rest of us are doing something wrong. If we just try harder, we'll get the help we need? No. We won't. My husband and I are both intelligent individuals and we have jumped through hoops to meet Vericrest's every demand. It has solved nothing. This company is despicable and there is no way to reason with the unreasonable.
Maybe things were different two years ago when I applied for a loan modification with Vericrest. I spoke to a lady and told her over the phone about the bills I was paying. There was no faxing, no mailing proof of bills or anything for them to lose. She typed in my information during our telephone conversation. It took about six weeks and I had to call once but I did get approved for the loan mod for a period of two years with no problems. Could it be because I was never late on my mortgage? I thought that would be the reason I would be turned down. I wish everyone luck!
Yes, My husband and I had the same problem. We sent them so many copies of checks, tax info. over and over. They would not answer. They would claim they never received items we sent. The time frame would keep changing. After a while they stopped accepting our checks. We finally had to get a loan through our city. Vericrest is very rude and not at all helpful.
We went thru a similar situation. Our modification took MONTHS and it's only for 2 years which will be up shortly. I'm sure we'll have to go thru the whole thing again. Right after we accepted the modification, they raised the monthly amount due because of the property taxes and home owners insurance. Not looking forward to starting this process over after reading all your comments. I hope it all works out for everyone!
Good idea about contacting the credit union, will have to remember that for the future!
All I can say is stay away from this company ! The goverment should step in, something is terrible wrong..
My husband and I have been in this process since APRIL 2010! We were with Citi Mortgage, went round and round with them ("lost paperwork", didn't "qualify", then tried again per there suggestion...we were told we were in underwriting and that our mod would come through within a week, and then we were sold to Vericrest).
I have said all along this is a long and unending process and there is NO ONE out there to help us. An attorney won't do any good and no supervisor in these shady companies will help either, this is just how they operate and can get away with it. The only bit of good would be a direct line to the President, and no one has that either!
So sad and frustrated. All we want is to make our monthly mortgage payments less. We pay our bills, keep up our house, are raising our toddler son and just need a little help. THAT IS ALL!
I'm glad to see I'm not the only one that has issues with this stupid company! I applied for a loan mod, and stated in my required hardship letter that I had been layed off from job and that my unemployment had run out. I was denied because I didn't submit a pay stub? Well DUH! Apparently they don't bother reading the hardship letters they require us to send in with the modification request! There are also other issues I have with this company regarding their communication, or should I say LACK of communication!
Hope everything turned out good for you guys. God bless.
Well once again sounds like we are all in the same boat with this company called Vericrest.. We have never mised a single payment, , BUT they are showing us being late for the last 28 months I do not have to tell you what that has done to my Credit Rateing..28 months 30 days late.. This all started when Citi, , Bundled the morgages to this rip off company.28 months of late charges plus the payment they lost Plus my good name restored through the Credit score agencys.We have filed a complaint with the BBB, Better Business Burea..We noticed 79 complaints after fileing with the BBB 52 complaints have been resolved by Vericrest.. Ready to jump on the BBB ship.. I highly recomend fileing a complaint..
i have also been dealing with this **** company. i get behind a little bit and they start with the threats. i have sent two payments to cover what i missed and they send it back. saying it is not enough to cover default. what kind of company sends money back? i too have been treated very rudely. made all my good faith payments and still not good enough. people hear are very very rude. dont deal with them if you dont have to.