Hello All. I am helping a homeowner with their home situation and wanted to see if anyone had any experience dealing with veripro.
-NY property only has 1 mortgage / lien
-Homeowner stopped paying mortgage 2013.
-Veripro both services and owns the note since 2017.
know veripro is eager to settle 2nd lien mortgages but they probably look at a first lien mortgage differently since theres a higher chance of payback since the home has value. wanted to know what veripro is looking for from this 1st lien situation.
secondly. homeowner stopped paying in 2013 and home has been vacant for years. no lis pendens or notice of default has been filed. property hasn't been preserved or winterized either which is odd. know only the note holder can file the foreclosure. seems veripro isn't in the business of owning real estate physical property though, only the debt tied to the property (don't offer deed in lieu). if veripro can't settle instead of foreclosing, they would just resell to the next debt collector. going to look into angles to see if I could have the debt wiped, quiet title might be an option. might hold out until 2019 for the 6 year ny statute of limitations but would have to see when the debt was accelerated.
any thoughts? thanks!
What is the SOL that you think is going to run out and eliminate this debt? A mortgage lien doesn't just expire because it hasn't had a payment for a period of six years. The six year statute for breach of contract doesn't apply until the lender accelerates the note, demands payment in full or files foreclosure. Once they do one of those three actions, then the six years starts. Who says they accelerated?
If veripro owns the mortgage then the are the holder of the note and can file foreclosure, when they want to. If they want to. Quiet title action? You? You aren't a party to the transaction. What standing do you think YOU have to file quiet title!!? How you gonna get a debt wiped out that is a valid debt?
Good luck with your angles. I'm confident the angles have all but been plugged up over the last six or seven years.
@Ron S. Agreed.
Where I'm from the relevant "statute of limitations" would be the stated maturity date in the mortgage/deed of trust PLUS 10-12 years.
(Note that the SOL above (10-12 years) is the expiration of a judgment or lien under local law.)
the servicer is saying that they won't allow the homeowner to cure the default, they only want payment in full now. I am assuming that means that the debt was accelerated. would have to see if an acceleration was explicated stated on any mortgage information that was mailed to the homeowners. not sure how else I would be able to know if the debt was accelerated.
I find it odd that there is no property preservation on this house (not winterized or secured). also found it odd the foreclosure wasn't filed in 4 years but guess thats nothing out of the ordinary.
I spoke to veripro and they said they don't offer deed in lieu and they don't foreclose themselves. if they can't settle then they just sell the note to the next servicer/debt collector who is in the foreclosure business as well.
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