CUSTOMER JOURNEY:
First – some information about mortgage debt that many customers may not be aware of and why the account was transferred to Veripro Solutions:
Loans are transferred to Veripro Solutions for collections of the unpaid balance.
The loans are in default due to delinquency and since the original terms of the repayment agreement (MORTGAGE NOTE) have not been met – the loan has been accelerated – meaning the balance is due in full.
When Mortgage loans are originated the security, the bank has for giving the loan is the collateral/property, meaning a lien is placed on the property.
The lien on the property ensures that if the loan is not paid back in full, the bank/owner/servicer of the mortgage holds the lien so that the property cannot be sold nor refinanced without the lien being satisfied.
What do we do to notify you that your loan is with our office?
We send a Welcome letter within days of receiving your account
We send other monthly correspondence advising of payment solutions we have available to remove this mortgage debt obligation at a discount
If you have provided an email address, you may have received an email from us with detail around our solutions we offer
We attempt to speak with you with telephone calls and leave messages where applicable at phone numbers we have available to us for you.
Some customers are unaware they still owe the balance on their second mortgage – Why?
Many have completed modifications on their First Mortgage and may have received incorrect information that the second mortgage was "rolled-in" to the first, or that since there is no equity, you don't have to pay your second mortgage – others filed bankruptcy and received a discharge of debt through bankruptcy; however, the discharge did NOT include a release of lien.
Therefore, the lien still must be satisfied.
Cases where customers are unaware of the second mortgage debt, or have chosen to avoid – may be disappointed when it comes time to sell or refinance their homes – WHY?
For a home to be sold or refinanced, all liens attached to the property must be PAID/Satisfied/Released to CLOSE.
The 2nd mortgage lien exists with Veripro and has not been paid; therefore, the title company will request a payoff from our office – in these cases it is the full balance due that we would demand, not a discounted settlement amount.
This full balance would come from the proceeds of selling the home or taken from the equity available in a refinance, leaving the customer with much less or no money to pocket as proceeds.
Why waste an opportunity to make a profit on your biggest investment – your property?
Ok, I know I have this mortgage debt, but I can't afford to pay off the balance in full – what can I do?
Take the first step that thousands of our customers have and just Call or email us so we can work through this together to determine what solution works best for you to remove this debt and release the lien from your property.
Once you contact us – we can evaluate your loan details, we will review your equity position and together we can come up with a discounted amount to settle this debt – possibly saving you thousands Now and even MORE THOUSANDS when you decide to sell or refinance your home down the road!
We will provide you the detail and the information you need to make an informed decision.
Give us your offer, we will negotiate with you, or just ask us what the best offer is and we will tell you based on the circumstances involving your loan.
We can work with you on the terms of the discounted payoff/settlement agreement – if you are not able to pay all in one payment, we have helped thousands with a monthly installment plan to settle the debt at a discount.
What if I still can't afford a Settlement Amount?
We want to help you pay down this debt to create positive equity as soon as possible.
We have match pay plans available where we will match your monthly payments dollar for dollar up to 12 months.
We have balance reduction payment plans where we will reduce your outstanding balance up to $20,000 if you can agree to pay the monthly payment required for 12 consecutive months.
What happens after I Payoff or Settle the debt in Full?
We will send you a paid-settled in full confirmation letter for your records and file the required documentation in your property county recorder's office (satisfaction of mortgage/Release) to release the lien, and completely remove this debt obligation from you and your property.
What about my Credit Report?
Veripro Solutions does not report your debt to the credit reporting agencies; however, it is very likely the debt with our office now has been reported to those credit reporting agencies by prior mortgage servicers.
If your loan was reported to those credit reporting agencies by our parent company, Nationstar Mortgage, we will (within 30 days of payoff/settlement) request Nationstar Credit reporting management to submit status update to all credit reporting agencies to reflect the loan as PAID – Settled In Full.
If not, our Paid - settled in full confirmation letter we send upon completion of settlement will be sent to you to provide to the credit reporting agencies to dispute any prior reporting of the account.
The letter will contain the contact information for the credit reporting agencies to contact to correct prior servicer/company reporting for your convenience. |
