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That sounds quite troublesome. I hope I can advise you how to correct whatever is wrong.
Do you get a dial tone when you listen to the phone?
What phone line service do you have? POTS/landline/ordinary, or digital/Vonage/VoIP/MagicJack/UVerse/Comcast/etc. ?
OK. That's landline, I would presume.
Try powering the phone Off.
Disconnect it (or its base station if it has one) from the phone line.
Then after 5 minutes or longer, turn it On again.
Let me know whether that has any favorable effect, please.
See if it works again, when turned On, and re-connected.
What message does the phone show now?
Any dial tone heard on the phone?
Is it still stuck on Hold ?
And what maker and model is the phone? this could still be a Verizon line failure - if you had another handset to connect to the line and check, that would be ideal - but it might be in the phone too.
OK. It's good that the on-hold status has been cleared.
But something may be wrong with the phone. I'm checking on that possible interpretation...
What has been cleared, the line or the phone, please?
It looks as if that message means the line is at fault.
Was there a thunderstorm, or a power failure, or both, immediately before the phone ceased to work?