I recently had a failed short sale with Vericrest. According to the negotiator that I dealt with, they buy packages of non-performing loans from lenders at discounted rates and will entertain short sale apps with high offers. They are San Diego based, according the negotiator, and actually have a group of people that make the decisions on accepting the short sale offer or proceeding with foreclosure. Sounds an awful like speculators to me.
Garey, I wish you were wrong. I started a SS where the lender was Wells Fargo. About 2 weeks into the process, we were notified that Vericrest had bought the loan. I couldn't for the life of me understand why Vericrest (or anyone) would be buying a mortgage where there hadn't been a payment in over 6 months - your post makes it all clear. Poor homeowners!