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VeriCrest Financial, Inc. / Short Sale

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VeriCrest Financial, Inc. is holding people's homes hostage.

VeriCrest Financial, Inc. is refusing to proceed with bank short sales unless they receive a 20% payoff to release their lien in 2nd position. The lender in 2nd lien position stands to gain NOTHING at sheriff's sale. $0.

This act alone is forcing homes into foreclosure rather than allowing the home to be sold as a short sale.

Why would VeriCrest Financial, Inc. expect to be paid more money than all of the other lenders who accept a 10% payoff?

Is VeriCrest Financial, Inc. discriminating against protected classes by approving some short sales and not others?

I would enjoy hearing about any insights or experiences that people may have with this company.

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Comments

  • Vq
      14th of Jun, 2010

    CIT changed its name to VeriCRest Financial and is at the SAME address in Oklahoma City (although the zip code and phone number seemed to have changed).

    VeriCRest Financial, Inc. https://www.vericrestfinancial.com/NoAuth/Default.aspx
    715 S. Metropolitan Avenue
    Oklahoma City, Oklahoma 73108-2090
    800-401-6587

    0 Votes
  • Di
      19th of Jul, 2010

    I have tried desperately to work with Veriquest for a loan modification. My husband's job cut back to three days a week, and I was layed off in Dec. We sent numberous faxes that they claimed to have never received after each follow up. We then sent registered letters that were signed. Upon yet more followups, the company could not locate the documents. Being a Pennsylvania licensed realtor I know by law that they can not issue an Act 91 unless you were 90 days late, in which I was carefull to avoid. After being 45 days late I was sent on 3 seperate occasions Act 91's. Finally they receive my paper work after 7 months and claim because I have equity they can't help me. Not only that, but they DEMANDED 4k and sent my payment back so that I would be 3 months behind. I asked where they get 4K from? Late fees, costs ect... I am retaining an Attorney and will sue them. I also advise fellow REALTORS to not recommend this preditor lender formerly known as CIT

    0 Votes
  • Ha
      19th of Jan, 2011

    At the end of November 2010 I called Veriquest to bring my loan back up to date. I paid $310 and the representative told me that if I paid $36.76 in December 2010 I would be brought up to date and my next regular payment would not be due until Jan 24th 2011. I paid $50 in December so I would be a little more than caught up. I received my Jan 2011 statement and it stated that I was still behind and received another late fee. I called the company to see what might have happened and the lady was extremely rude and basicly told me it was my fault and I was responsible and should have read my statement. I explained to her that I was trying very hard to get my loan caught up and that is why I called to get a balance that was due and I paid what I was told. She said that i have an extremely large amount of late fees and it is my fault and that I should not take what the representative have to say for face value and I should always pay what my statement says no matter what any of the representatives tell me. I truely got no where with this rep. and am very dissappointed. How are you suppose to get back on track if the representatives they hire are not knowledgeable? She also let me know that the rep that gave me the information in the first place no longer works there. Interesting. I will never refer or do business with this company again.

    0 Votes
  • Ss
      2nd of Jul, 2011

    I have a similiar problem with Veriquest. I have a loan that was taken over by Veriquest, purchased by them. Two years ago I called an asked what the pay off price was on my motor home, and they gave me a number, 2 years later, the total loan has only gone down $4000.00. I called them and they indicated that I am paying daily interest. I asked them how that happened and they said I agreed to it.
    I called for a short sale amount. The first person hung up on me. The second person said they would pass it on to the short sale department and call back in a week. I did, and the woman I talked to said the VP who signed those had been on a vacation in Italy and had not had time to review it to call back in a week.

    Does anyone know if there is a class action law suit against them? Thanks

    0 Votes
  • Si
      30th of Aug, 2011

    Vericrest is the worst company I've ever dealt with! Lies, lies, put you on hold, never call you back, games, games, refuse to help, bait and switch, truth in lending?? LOL...this company needs to be put out of business and their agenda seems to me to be clear. They bought the mortgages at a fraction of the cost and make money with the federal govt by a short sale or foreclosure! Bombard them and contact the FTC...www.ftc.com...to stop them from hurting more people and destroying more lives! these people are in my opinion evil at best!

    0 Votes
  • Bc
      12th of Oct, 2012

    Our mortgage was with CIT and we never missed a payment. They supposedly sold our mortgage to Vericrest, but as we found out, Vericrest is owned and operated by CIT. Eight months ago they took out an escrow, which we never had and had opted out of on our original mortgage. They changed our payment by doubling it to the point that I can not pay it. They then refused my payments. They will not even try to work with our lawyer.. The Lord needs to punish them...

    0 Votes

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