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.

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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!



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