Product: Mortgage

This complaint is against Veripro Solutions. Many years ago my second mortgage from XXXX Disappeared and could not be found. Veripro solutions Inc Never registered change of lien in MERS or county to continue holding loan so it could not be found. I have requested an Allonge or assignment of Mortgage to Veripro from XXXX XXXX XXXXXXXX ; this should not be too much to ask considering XXXX countrywide lending problems. In XXXX of XXXX I was notified By XXXX XXXX XXXX they acquired servicing of loan from Veripro solutions. I requested all information from Veripro solutions of loan origination to them on XX/XX/XXXX after many attempts to XXXX XXXX XXXX. The sale of loan has no amount due on loan to XXXX XXXX for balance. The transfer of servicing of loan also has no balance due. The new service welcome paper work has no balance due. Veripro Solutions acquired loan on XX/XX/XXXX XXXX.From XXXX XXXX XXXX They have never contacted me ever, they held loan without servicing or had no intentions to collect on loan. Veripro solution Inc after reviewing has no NMLS license for the state of Illinois and has violated my rights by not sending statement or proof of loan. By not notifying they denied me my right to loss mitigation or dispute. Not only did they deny me all rights for three years they sold loan on XX/XX/XXXX and continued to service loan until XX/XX/XXXX again denying my rights to dispute amount on loan no monthly statements or loss mitigation. The new servicer claims payment has not been made since XX/XX/XXXX next payment due XX/XX/XXXX. Exceeding ten years in Illinois on promissory note and contract. Veripro solution has caused great hardship and cost to me in trying to resolve this matter, exceeding {$30000.00} on a loan balance of {$7500.00} Veripro Solutions paper work, loan affiliation for Illinois residents and their right to fair lending practicing, is In need of review for all lenders and consumers protection. I believe they hold many loans not apparent to many borrows in many states ( 205 ILCS 635/1-3 ) ( from Ch. 17, par. 2321-3 ) Sec. 1-3. Necessity for license ; scope of Act. 
( a ) No person, partnership, association, corporation or other entity shall engage in the business of brokering, funding, originating, servicing or purchasing of residential mortgage loans without first obtaining a license from the Secretary in accordance with the licensing procedure provided in this Article I and such regulations as may be promulgated by the Secretary. The licensing provisions of this Section shall not apply to any entity engaged solely in commercial mortgage lending or to any person, partnership association, corporation or other entity exempted pursuant to Section 1-4, subsection ( d ), of this Act or in accordance with regulations promulgated by the Secretary hereunder. 
( f ) Each person, partnership, association, corporation or other entity conducting activities regulated by this Act shall be issued one license. Each office, place of business or location at which a residential mortgage licensee conducts any part of his or her business must be recorded with the Secretary pursuant to Section 2-8 of this Act.

( g ) Licensees under this Act shall solicit, broker, fund, originate, service and purchase residential mortgage loans only in conformity with the provisions of this Act and such rules and regulations as may be promulgated by the Secretary.

( h ) This Act applies to all entities doing business in Illinois as residential mortgage bankers, as defined by " An Act to provide for the regulation of mortgage bankers '', approved XX/XX/XXXX, as amended, regardless of whether licensed under that or any prior Act. Any existing residential mortgage lender or residential mortgage broker in Illinois whether or not previously licensed, must operate in accordance with this Act. 
XXXX ( 2 ) Periodic statements. A servicer of a transaction subject to this section shall provide the consumer, for each billing cycle, a periodic statement meeting the requirements of paragraphs ( b ), ( c ), and ( d ) of this section. If a mortgage loan has a billing cycle shorter than a period of 31 days ( for example, a bi-weekly billing cycle ), a periodic statement covering an entire month may be used. For the purposes of this section, servicer includes the creditor, assignee, or servicer, as applicable. A creditor or assignee that does not currently own the mortgage loan or the mortgage servicing rights is not subject to the requirement in this section to provide a periodic statement, 1024.30 ( c ) ( 2 ) limits the scope of 1024.39 through 41 to mortgage loans that are secured by a borrower 's principal residence. The purpose of the early intervention requirement, the continuity of contact requirement, and the loss mitigation procedures is to help borrowers stay in their principal residences, where possible, while mitigating the losses of loan owners and assignees, by ensuring that servicers use clear standards of review for loss mitigation options 735 ILCS 5/13-206 ) ( from Ch. 110, par. 13-206 ) Sec. 13-206. Ten year limitation. Except as provided in Section 2-725 of the " Uniform Commercial Code '', actions on bonds, promissory notes, bills of exchange, written leases, written contracts, or other evidences of indebtedness in writing and actions brought under the Illinois Wage Payment and Collection Act shall be commenced within 10 years next after the cause of action accrued; but if any payment or new promise to pay has been made, in writing, on any bond, note, bill, lease, contract, or other written evidence of indebtedness, within or after the period of 10 years, then an action may be commenced thereon at any time within 10 years after the time of such payment or promise to pay. For purposes of this Section, with regard to promissory notes dated on or after the effective date of this amendatory Act of 1997, a cause of action on a promissory note payable at a definite date accrues on the due date or date stated in the promissory note or the date upon which the promissory note is accelerated. With respect to a demand promissory note dated on or after the effective date of this amendatory Act of 1997, if a demand for payment is made to the maker of the demand promissory note, an action to enforce the obligation of a party to pay the demand promissory note must be commenced within 10 years after the demand. An action to enforce a demand promissory note is barred if neither principal nor interest on the demand promissory note has been paid for a continuous period of 10 years and no demand for payment has been made to the maker during that period. 
( Source : P.A. 95-209, eff. 8-16-07. )