Veripro Solutions

Pete

LoanSafe Member
May 16, 2016
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0
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I received a letter from Veripro Solutions today. They are offering to have me pay a Lump Sum of $1,500 instead of paying the $18,934.84. I had an 80/20 loan and the $18.934.84 was the 20 part. Is this a scam or legit?

Thank you for your help, Pete
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,808
458
1,000
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Southern California
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Hi Pete,

It may be legit. What else did the letter say? Like the lien will be released once the $1500 is paid etc???
 

mickandvick

LoanSafe Member
Apr 18, 2012
62
4
8
Hi Mo,
Received a letter today from Veripro Solutions for my 2nd mortgage. Originally the loan was with Greentree, then PNC who charged it off after I stopped paying. PNC sold it to SLS. Could not get a settlement with SLS since I would not disclose financials. It now appears that it has now been sold to SLS to Veripro Solutions. My second mortgage is completely underwater. Stopped paying in 2013. Should I continue to follow Tom Eason strategy to settle second? Is there any updated advice from Tom or anyone else regarding the strategy? I held my ground with SLS. What do you think my chances are of getting an offer from Veripro without providing financials? What is the current average settlement percentage that I should be negotiating? I intend to ignore the letter and wait for a call or offer. Thanks Mo for any advice you can give me.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,808
458
1,000
48
Southern California
www.loansafe.org
Hello,

Yes, I think that would be your best bet to continue the strategy and ignore them until they make an offer. In almost every case when a borrower reaches out to a debt collector, it puts the collector in the upper hand position because they know you want to settle. The ignore strategy is based on you do not care if you settle or keep the home. Hence, it is a bluff strategy like you would do in poker ;)
 

Tina McDaniel

LoanSafe Member
Nov 11, 2015
11
0
1
59
Hello,

Yes, I think that would be your best bet to continue the strategy and ignore them until they make an offer. In almost every case when a borrower reaches out to a debt collector, it puts the collector in the upper hand position because they know you want to settle. The ignore strategy is based on you do not care if you settle or keep the home. Hence, it is a bluff strategy like you would do in poker ;)
 

Tina McDaniel

LoanSafe Member
Nov 11, 2015
11
0
1
59
My second mortgage, part of a 80/20 with Countrywide was transferred to Bank of America and then Nationstar. We tried to short sale then do a Deed in lieu and when Nationstar sabotaged that, we were ready to let the place go to foeclosure. Nationstar could not produce the note and ignored QWR/Debt validation letter. We have not paid since 2013. They recently charged it off and now I'm receiving letters from Veripro...

I wrote Veripro after recieving a letter offering to settle with no amount stated... I let them know that I do not care about this 742 Sq ft condo that I will never live in again and have not seen since 2009. I told them that the first mortgage is underwater $40,000 and although it is current at this time we plan on letting it go to foreclosure if we cannot settle second or short sale soon.

The association fees keep going up and are almost $300.00.. The place has dropped and is only worth $70,000 from the $154,000 we payed in 2006. I'm not sure if I should have wrote them. I've been following loan safes strategy for a few yrs but felt the need to let them know that I really do not care about the place and that unless I win the lottery I can only afford 10%...The total loan amount is $33,000...I have not heard a peep from them since.

Should I just keep quiet again until I recieve an amount in writing from them?

The letter I received said they would release the lien and it never said they wanted financial's...My credit report shows the charge off from Nationstar with Balance of $33,000...I read somewhere that a charge off should show a zero balance. Do you know if that's true?

Sorry for so many questions but I do have one more..The condo is in NJ with a 6 yr statute of limitations. Can they file a lawsuit against me to pay even if it hasn't been foreclosed . Have you seen or heard of them doing such things?

Any help would be great!
 
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Nails

LoanSafe Member
Jun 15, 2016
2
2
3
long time follower, 1st time poster. Been on the CountryWide, BOA, GT, Nationstar, and now VS rollercoaster without an offer to settle(or modify), yet?
The charged-off notice is dated 6/6/16. Today, 6/21/16, is the day VS starts "collecting". Haven't paid anything on 27K 2nd since early 13'. Never late or missed on the 1st.

Thanks in advance to all here who have taken the time to post their situation, give experienced advice, links, and moral support. I have learned a lot. Never before in my 65 years have fraud, corruption, deceit, foreclosure, bankruptcy, cramdown, foam for the runway, been part of my vocabulary.

I sure would like to get on with my life, do some repairs/re-modeling which have been back-burnered since the balloon burst(we really want to stay here), and retire in a year with some dignity that i did the right thing.

Thanks to thread starter, i couldn't find another VS post. I'd be all over that offer!

I'll be here to see how long they can drag their feet with my situation.

Regards,
David
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,808
458
1,000
48
Southern California
www.loansafe.org
My second mortgage, part of a 80/20 with Countrywide was transferred to Bank of America and then Nationstar. We tried to short sale then do a Deed in lieu and when Nationstar sabotaged that, we were ready to let the place go to foeclosure. Nationstar could not produce the note and ignored QWR/Debt validation letter. We have not paid since 2013. They recently charged it off and now I'm receiving letters from Veripro...

I wrote Veripro after recieving a letter offering to settle with no amount stated... I let them know that I do not care about this 742 Sq ft condo that I will never live in again and have not seen since 2009. I told them that the first mortgage is underwater $40,000 and although it is current at this time we plan on letting it go to foreclosure if we cannot settle second or short sale soon.

The association fees keep going up and are almost $300.00.. The place has dropped and is only worth $70,000 from the $154,000 we payed in 2006. I'm not sure if I should have wrote them. I've been following loan safes strategy for a few yrs but felt the need to let them know that I really do not care about the place and that unless I win the lottery I can only afford 10%...The total loan amount is $33,000...I have not heard a peep from them since.

Should I just keep quiet again until I recieve an amount in writing from them?

The letter I received said they would release the lien and it never said they wanted financial's...My credit report shows the charge off from Nationstar with Balance of $33,000...I read somewhere that a charge off should show a zero balance. Do you know if that's true?

Sorry for so many questions but I do have one more..The condo is in NJ with a 6 yr statute of limitations. Can they file a lawsuit against me to pay even if it hasn't been foreclosed . Have you seen or heard of them doing such things?

Any help would be great!
Hello Tina,

A charge off does not mean the debt is forgiven and this is why it does not show a zero balance. They do this for tax purposes and then sell the debt in order to try and collect something. If it was completely forgiven, they would not have sold it to a collection agency like Veripro and would have notified you.

Yes, they can file a lawsuit against you because the mortgage as charged off and is now attached to you as a personal debt that is just like a credit card or auto loan debt.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,808
458
1,000
48
Southern California
www.loansafe.org
long time follower, 1st time poster. Been on the CountryWide, BOA, GT, Nationstar, and now VS rollercoaster without an offer to settle(or modify), yet?
The charged-off notice is dated 6/6/16. Today, 6/21/16, is the day VS starts "collecting". Haven't paid anything on 27K 2nd since early 13'. Never late or missed on the 1st.

Thanks in advance to all here who have taken the time to post their situation, give experienced advice, links, and moral support. I have learned a lot. Never before in my 65 years have fraud, corruption, deceit, foreclosure, bankruptcy, cramdown, foam for the runway, been part of my vocabulary.

I sure would like to get on with my life, do some repairs/re-modeling which have been back-burnered since the balloon burst(we really want to stay here), and retire in a year with some dignity that i did the right thing.

Thanks to thread starter, i couldn't find another VS post. I'd be all over that offer!

I'll be here to see how long they can drag their feet with my situation.

Regards,
David
Thanks to people like you who share their stories. Every story and the words of encouragement will help many people just like you.

The best thing you can do is save for a lump sum cash settlement and wait for them to contact you. Even though you want to stay and move on, you need to act like you do not care and could leave the home if needed be. This is how you bluff them and stay in a strong negotiating position.

Here are some other Veripro forum postings that may help you and others.

Should I Just Take This Offer From Veripro And Be ...
8 posts
Aug 31, 2015
Veripro Phone Calls
8 posts
Feb 4, 2015
Need Help Understanding Veripro And Nationstar
5 posts
Oct 17, 2014
Help settling with Veripro/Nationstar
13 posts
Dec 11, 2013

More results from www.loansafe.org
 
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mickandvick

LoanSafe Member
Apr 18, 2012
62
4
8
Hi Mo,
Received a letter today from Veripro Solutions for my 2nd mortgage. Originally the loan was with Greentree, then PNC who charged it off after I stopped paying. PNC sold it to SLS. Could not get a settlement with SLS since I would not disclose financials. It now appears that it has now been sold to SLS to Veripro Solutions. My second mortgage is completely underwater. Stopped paying in 2013. Should I continue to follow Tom Eason strategy to settle second? Is there any updated advice from Tom or anyone else regarding the strategy? I held my ground with SLS. What do you think my chances are of getting an offer from Veripro without providing financials? What is the current average settlement percentage that I should be negotiating? I intend to ignore the letter and wait for a call or offer. Thanks Mo for any advice you can give me.

Dear Moe, Could you tell me if you have heard of Veripro doing this and if you think it is LEGIT? Does this mean that my 2nd is fully extiquished and I will not have a loan with the government. Should I receive a full reconveyance within 90 days on this loan? I am so happy if this is true! I followed your guidelines to settle second. It appears that it really payed off to be patient! Thanks for all your help.

UPDATE!!! Received a letter today from Veripro Solutions UPS Express Mail. The letter reads as follows:

"We are extremely pleased to advise you that you 2nd mortgage loan (referenced above) that recently transferred to Veripro is now COMPLETELY SATISFIED! Our mission at Veripro is to find ways mutually beneficial to eliminate your delinquent mortgage. As part of that research all available local, state, and government programs which might assist our customers in eliminating this debt.

Your loan qualified for the government Making Homes Affordable 2nd mortgage program.

Your original creditor agreed to this program to satisfy this entire debt. This letter is our confirmation that we have closed your account, and you no longer owe anything on this debt. Veripro Solutions, Inc has intiated the process to officially release this mortgage which could take up to 90 days.

This letter was special delivered to make certain you were provided with this great news. Please note that there may be federal and State tax Implications associated with this extinguished debt; you should consult a tax advisor if you have any questions."
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,808
458
1,000
48
Southern California
www.loansafe.org
Hello!

Yes, I have heard of this happening and looks to be 100% legit.

Congratulations on a job well done. This is awesome news and I'm sure a huge relief for you and your family!
 
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Nails

LoanSafe Member
Jun 15, 2016
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Yeah really fantastic mickandvick, congrats!!!

All is still quiet on mine, i haven't made even the slightest peep to them or anyone else throughout this whole affair. I did receive a letter telling me to go to ultimatenegotiator to see what great deal is waiting for me("take advantage of the balance reduction authorized for your account"). Blah! not gonna do it.

mickandvick, can you verify that you had absolutely no contact until that Express Mail? Thanks for posting and giving me hope that i too am on the right track! Asking this question because i have read some financials experts mention, "nothing ventured, nothing gained" in dealing with these situations, and it goes without saying that every situation is unique. I can & will wait forever, the question is should i tell them they'll never see anything from me except more contempt !?!

I'm back silent,
David
 
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mickandvick

LoanSafe Member
Apr 18, 2012
62
4
8
Hello!

Yes, I have heard of this happening and looks to be 100% legit.

Congratulations on a job well done. This is awesome news and I'm sure a huge relief for you and your family![/QUOTE

So HAPPY! All legit! Received Reconveyance for 2nd mortgage today!!! Followed Tom Eason strategy and did not deviate a bit! Guess someone actually checked the value of my home and how underwater it is that they knew it would be a very long time to be in a position to foreclose. Thank you to everyone for your help and advice, especially to you Mo and Tom. Your knowledge and advice have been so valuable and spot on! Thank you again and good luck to all of you who are trying to settle your 2nd. Follow Toms advice!
 

mickandvick

LoanSafe Member
Apr 18, 2012
62
4
8
Yeah really fantastic mickandvick, congrats!!!

All is still quiet on mine, i haven't made even the slightest peep to them or anyone else throughout this whole affair. I did receive a letter telling me to go to ultimatenegotiator to see what great deal is waiting for me("take advantage of the balance reduction authorized for your account"). Blah! not gonna do it.

mickandvick, can you verify that you had absolutely no contact until that Express Mail? Thanks for posting and giving me hope that i too am on the right track! Asking this question because i have read some financials experts mention, "nothing ventured, nothing gained" in dealing with these situations, and it goes without saying that every situation is unique. I can & will wait forever, the question is should i tell them they'll never see anything from me except more contempt !?!

I'm back silent,
David
Hi David, Sorry I dint get back to you. Some reason I didn't receive your request. I had absolutely no contact before the Express Mail. Hope everything works out for you.
 

mickandvick

LoanSafe Member
Apr 18, 2012
62
4
8
Hi Mo. Thank You, Thank You, Thank You!!!! The letter was legit and I received my reconveyance. 2nd mortgage completely extinguished! Thanks to Tom whose strategy for settling 2nd I followed diligently. Your advice Mr. Bedard, was great! Loan Safe members were also very informative and I greatly appreciate all your posts. Good luck to all of you who are still working on settlements. Don't lose heart and follow Tom Eason strategy.
 

Tina McDaniel

LoanSafe Member
Nov 11, 2015
11
0
1
59
Hi Mo. Thank You, Thank You, Thank You!!!! The letter was legit and I received my reconveyance. 2nd mortgage completely extinguished! Thanks to Tom whose strategy for settling 2nd I followed diligently. Your advice Mr. Bedard, was great! Loan Safe members were also very informative and I greatly appreciate all your posts. Good luck to all of you who are still working on settlements. Don't lose heart and follow Tom Eason strategy.
Did you receive any settlements offers before this occurred? If you did! Did you ignore them? I just received a settlement offer for $5055.00 for a $30.700.00 second mortgage. I haven't answered and am torn between answering and offering a lower amount or sending a QWR/Debt validation letter to make sure they have the right to even collect a dime. Or, just ignoring to wait and see if maybe they will do what you had done and forgive the loan. I already Emailed them once and never heard back from them until I received the settlement offer yesterday. It says that I have 15 days to respond but 7 of them have already passed in the mail system that takes forever. They don't give you enough time. If I take the settlement offer, What can I do to protect myself in the regards of making sure the lien is released and that they won't sell the balance to another collection company.. Any help from anyone would be great! Thanks!
 

mickandvick

LoanSafe Member
Apr 18, 2012
62
4
8
Did you receive any settlements offers before this occurred? If you did! Did you ignore them? I just received a settlement offer for $5055.00 for a $30.700.00 second mortgage. I haven't answered and am torn between answering and offering a lower amount or sending a QWR/Debt validation letter to make sure they have the right to even collect a dime. Or, just ignoring to wait and see if maybe they will do what you had done and forgive the loan. I already Emailed them once and never heard back from them until I received the settlement offer yesterday. It says that I have 15 days to respond but 7 of them have already passed in the mail system that takes forever. They don't give you enough time. If I take the settlement offer, What can I do to protect myself in the regards of making sure the lien is released and that they won't sell the balance to another collection company.. Any help from anyone would be great! Thanks!
Hi Tina, My 2nd was sold twice. First to SLS who we had made an offer of 3% for settlement but they requested financials. My home was way underwater and I did as Tom stated and refused to send financials. They would call and I would not answer for several months. The statute of limitations for them to contact me was ending the end of this year. They started calling everyday and I finally answered. They still requested financials. I stood my ground and refused. I then received a letter in the mail from Veripro in May stating that they had taken over the account from SLS. I never received a call from them. Again, I just waited. Then in July, I received the loan extinguishment letter. I thought this was some sort of scam and not legit. On Monday I checked the county recorders office and sure enough the loan was reconveyed. Zero balance due! My loan was $155,000. A huge load of stress removed from my shoulders! They may be wanting to settle with you if your not that much underwater. The offer isn't great. Is this the first offer or is this their counter offer? Depending on your situation, I would not want to pay more than 10%. It may be worth paying the $5055.00 just to be rid of it. I wouldn't send them a dollar unless the settlement letter states that this satisfies the entire loan is paid in full with the $25,000 being extinguished. Good luck and I hope you get the same letter!
 

Tina McDaniel

LoanSafe Member
Nov 11, 2015
11
0
1
59
Hi Tina, My 2nd was sold twice. First to SLS who we had made an offer of 3% for settlement but they requested financials. My home was way underwater and I did as Tom stated and refused to send financials. They would call and I would not answer for several months. The statute of limitations for them to contact me was ending the end of this year. They started calling everyday and I finally answered. They still requested financials. I stood my ground and refused. I then received a letter in the mail from Veripro in May stating that they had taken over the account from SLS. I never received a call from them. Again, I just waited. Then in July, I received the loan extinguishment letter. I thought this was some sort of scam and not legit. On Monday I checked the county recorders office and sure enough the loan was reconveyed. Zero balance due! My loan was $155,000. A huge load of stress removed from my shoulders! They may be wanting to settle with you if your not that much underwater. The offer isn't great. Is this the first offer or is this their counter offer? Depending on your situation, I would not want to pay more than 10%. It may be worth paying the $5055.00 just to be rid of it. I wouldn't send them a dollar unless the settlement letter states that this satisfies the entire loan is paid in full with the $25,000 being extinguished. Good luck and I hope you get the same letter!
Thank you so much for responding. The letter states that they will settle for 5,o55.49 but that I need to contact them to evaluate my financial situation of which I refuse just like you to give anything.. I played that game with Nationstar and they blew me off even though I qualified for assistance back in 2013/2014 time frame. Then they charged it off.. I did go ahead and offer Veripro less as I will have to borrow money to settle even at a lower amount. The condo is way underwater with just the first mortgage and second is 100% underwater.. It will take years to go up to what we owe as we were part of the Countrywide/Mers 80/20 bullshit. I am contemplating BK, but was trying to avoid it as long as I can. If I can't get them to settle so I can possibly do a short sale or DIL of foreclosure with the first mortgage to rid myself of this place once and for all. (I have not seen or lived in since 2009) then BK is my only option. It would be nice to be done with it as it has nickel and dimed is to death over the last 7yrs. So sick of these servicers playing games. I refuse to talk to veripro on the phone and wrote and told them that I prefer everything in writing. Thanks again for being there.. It's nice to know that we are not alone in this mess..
 

custombuilder

LoanSafe Member
Jul 25, 2013
47
6
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Northern CA
Thank you so much for responding. The letter states that they will settle for 5,o55.49 but that I need to contact them to evaluate my financial situation of which I refuse just like you to give anything.. I played that game with Nationstar and they blew me off even though I qualified for assistance back in 2013/2014 time frame. Then they charged it off.. I did go ahead and offer Veripro less as I will have to borrow money to settle even at a lower amount. The condo is way underwater with just the first mortgage and second is 100% underwater.. It will take years to go up to what we owe as we were part of the Countrywide/Mers 80/20 bullshit. I am contemplating BK, but was trying to avoid it as long as I can. If I can't get them to settle so I can possibly do a short sale or DIL of foreclosure with the first mortgage to rid myself of this place once and for all. (I have not seen or lived in since 2009) then BK is my only option. It would be nice to be done with it as it has nickel and dimed is to death over the last 7yrs. So sick of these servicers playing games. I refuse to talk to veripro on the phone and wrote and told them that I prefer everything in writing. Thanks again for being there.. It's nice to know that we are not alone in this mess..
Following this with great interest. I just informed SLS that I am letting the house go to foreclosure as I am $300K underwater per their analysis. 2nd principal amount is $186K but interest and fees bring total to $246K. I'm current on the 1st but will let it go if SLS won't settle - just tired of trying to make everything work and for what. Both 1st and 2nd reset in December - 1st starts amortizing and 2nd comes due.
MickandVIck - Curious about a timeline - how long did it take for SLS to sell to Veripro and then the release? This would be my wildest dream come true. One of the reasons I let SLS know about letting the house go in hopes that they will sell the debt and something like this can happen to me! I'm nearly 60 and self employed so I don't know where they think I'm going to magically come up with $250K.
Tina - I may be wrong but I don't think you can do a DIL with two loans but I'm not an expert.
 

Tina McDaniel

LoanSafe Member
Nov 11, 2015
11
0
1
59
Following this with great interest. I just informed SLS that I am letting the house go to foreclosure as I am $300K underwater per their analysis. 2nd principal amount is $186K but interest and fees bring total to $246K. I'm current on the 1st but will let it go if SLS won't settle - just tired of trying to make everything work and for what. Both 1st and 2nd reset in December - 1st starts amortizing and 2nd comes due.
MickandVIck - Curious about a timeline - how long did it take for SLS to sell to Veripro and then the release? This would be my wildest dream come true. One of the reasons I let SLS know about letting the house go in hopes that they will sell the debt and something like this can happen to me! I'm nearly 60 and self employed so I don't know where they think I'm going to magically come up with $250K.
Tina - I may be wrong but I don't think you can do a DIL with two loans but I'm not an expert.
I hadn't paid my second mortgage since Sept 2013 after they told me not to because they said that they Could not get an approval from owners (meaning fannie mae and Bony) for DIL unless we are 90 days delinquent. I didn't know at the time that they told people to be late so that insurance would pay our loans off in full on the 91st day. You can do a DIL if the second will settle with the first mortgage but like in my case they are in co-hoots together and played games with us. In the end, we were 5 months behind on both mortgages and never received the DIL as promised by first mortgage with Greentree.. Both loans were previously Countrywide and Bank of America. Nationstar charged off my second mortgage in May 2016 and Veripro took over. I received a letter to settle my $30,700 loan for $5,055. I wrote and told them I could borrow no more than $4500.00 to settle (which is the truth) I do not have a pot to piss in right now. And the letter I received yesterday said they could get approval for that amount if I could send the money by August 31st. I wrote back and told them that I wanted in writing that the lien will be released upon receipt of funds and that my credit will show, Paid in full for less than owed and a promise that they will not sale the remainder of the debt to another agency before I send the funds. Now I'm waiting to see what happens. I will keep everyone up to date.