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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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I agree Varicrest is a scam! My wife and I tried to get a loan modification with them it took them 6 months for it to go through only to hear we should try to refinace with a company Prime Lending of whome Vericrest has a "Marketing agreement" with. Well Prime Lending offered us a loan with out the prepayment penelties but a higher interest rate than what is currently on the market and a higher closing fees than if we waited till the peice of **$! loan we currently have should cost. I thought the gov. was trying to help us with the bad loans they gave out when I bought my home but instead it is still a scam for the big companies to make money off the little people. I am sick in tired of hearing people are trying to help when all they try to do is make the most money they can. I currently can not get the pre payment penelty off my loan unless I use a mortage company that they work with? Something is not right and I do not even know much about mortages but this to me is wrong!
Yes, I fully agree with everyone that says they have been getting screwed by this company as it is happening to me right now. I have been in the loan modification process for 6 months now and have resubmitted my info 3 times now. Everytime I call to make a good faith payment they tell me not to and to let the modification process go through and add the past due to the end of the loan. This is pure B.S. and today I find out that they have filed for foreclosure on my house. No letter or phone calls from them, just a letter from a bankruptcy attorney advertising his services as he found my name in the court records. As for payments made in the past, I just checked my account and the last 3 never posted to it. I cannot get through to the guy that was handling my case and voicemail messages are NEVER returned. I am hiring an attorney tomorrow morning!
I AM SO ANGRY AT THIS COMPANY...I BELIEVE I WILL HIRE AN ATTORNEY! None of you have been working on this as long as I have been - since November. They wouldn't work with me because I was somehow paying on time - sacrificing on other things, but paying my mortgage on time. So, they told me my credit score was too good - but my circumstances had changed and I was trying to fix the situation before it got too bad! So, I tried to refinance with WCS Lending, but they won't help me because my income is too low. So, talk about being caught in a catch 22. My house appraises about $15, 000 less than what I owe...maybe the answer is just to go into default. I have always paid my bills, was a single parent and raised 5 kids on my own. I'm used to getting no help, but this is ridiculous. Laura
You would think that this company would want to work with people if it means that they could remain in their homes with an affordable mortgage. My husband and I also tried the loan modification process and were told that it would take two weeks. Of course we never heard back from them. We attempted several months later and the same thing- NOTHING. Not sure what this company is thinking, but it seems that they would want to work with the homeowners, after all I can't see how forclosure would be more beneficial for them. Good Luck to all of those dealing with this crap.
WELL, Welll, well. It's actually a good thing that we are ALL stuck in this well that VERICREST f.k.a. CIT GROUP has put US in. The called me shortly after the name change saying I was behind. They said they took my partial payments and DID NOT apply them to my loan. They took fees from it instead. Same thing here - A$$holes! I requested my payment history from them, and when I went over it - My payments were there! When I called I spoke with a customer non-service person named GARY who told me, get this- " my payment history shows that I am current, but I am BEHIND as far as my account is concerned." He put me on hold, and I was disconnected. Had to go over the whole deal again, but the next lady said - I was in default! I went to a local communtiy action center for help and the supervisor she spoke with said she had found the error when they change nams to VERICREST and would have it fixed. She never faxed or sent a letter stating that, as she had promised. Instead, we recieved 5 default letters on the same day! They even held one for 17 days befor mailing it! CONTACT YOUR BANKING COMMISSIONER !1
I so agree with everyone that is getting screwed with this company. We have been dealing with the supoosedly loan modification for awhile now and we have had to resubmit everything over and over and they still haven't came up with a decision and everytime you talk to the so-called customer rep. They have no clue what you are talking about. I have had insurance on my home from the beginning and all of a sudden they put insurance on my home and charging me 1700 for it and when I had my insurance fax them and verify that they screwed up they just act like its no big deal and they haven't refunded the money back towards my loan. If someone knows who to contact to complain or get a class action lawsuit on them please let me know.
Thank you
Good luck. My wife and i signed a loan mod earlier this year only to have our monthly payments magically move back up to where they were. What a waste of time.
My husband and I went through the same situation with Vericrest and your best bet is to hire an attorney to do the work for you. We hired an attorney for $1500 and within a week our mortgage payment was reduced by $300! They kept telling us to resend information and that it could take up to 3 months before we get an answer back, they were very rude to us too!
I would recommend that you hire an attorney to work with Vericrest. Good Luck!
*Also, I talked to John at ext. 4718 and he was very nice when I spoke with him, but after I sent him the documents he would no longer communicate with me. Hmm... interesting!
In about 6 weeks after sending them the 2008 taxes and my husbands paystubs along with a hardship letter and a list of bills...we received a loan modification. It lowered our payment from $736 to $598 by changing our interest rate from a fixed 7.0% to a fixed 4.0%
Sorry everyone is having such a bad time...
My husband and I are going through the same thing with this $#%# company! We were dealing with a woman named Storm who is totally rude and disrespectful, and we still haven't gotten anywhere. We originally called to request a loan modification also...7 weeks ago! To top it off we have paid them 7 payments that they have NO record of! We paid them by money orders and kept the receipts, but it takes time & there is a fee to get a copy of the front & back of the money orders from the US post office...rediculous! I WOULD NEVER RECOMMEND THIS COMPANY FOR ANYTHING! Cathy & Chris in NY. Does anyone know where we may be able to get a loan modification due to hardship through the government or another bank? Thx
Forget the attorney, by the time you pay an attorney, you could have caught up with your mortgage payments. Besides, the attorney can not force a mortgage company to give you a loan modification. They base this decision on a debt to income ratio. You can not be too far in the negative or no matter how much they lower your payment, you won't be able to afford the house. Resend the information that they requested, let the forclosure department know that you want to keep your house but just can not simply afford the payments. You may be getting behind on payments, but all in all, you signed the original loan agreement. Do not stop making payments, if you have watched CNBC or CNN any financial advisor will tell you that.
I am pretty much waiting to hear on the same thing. I got lucky though and am dealing with a gentleman named John at extension 4718. He is very considerate and polite towards me. He doesn't speak down to me at all. Treats me like a human being. He has been so nice, that I even left a message on his supervisor's phone just to let her know how much I appreciated his attitude.
You need to seek an attorney because while you are waiting for the process to go thru you are steady getting behind in your payments and the way it sounds you might not get the loan and if you can I would pay as much as I can to not to get in the foreclosure stage good luck and may God bless