Loan Modification Forum - LoanSafe.org - View Single Post - Starting Loan Mod with Aurora Loan Services

cdelgado13 · 01-12-2009, 10:02 AM

Hello,

First of all, thank you for this forum it has been extremely helpful. I have been reading up on the relevant posts as I start my loan mod process with Aurora.

Background:
I own three properties in Los Angeles. I live in one, I rent a triplex out, and I own another home where my mother lives. The loan with Aurora is for the property where my mother lives. Here are the specifics on the Aurora loan:

Loan Type: 40 Year Option ARM
Balance: $334,254
Current interest rate: 5.25%
Estimated property value: $250,000
Financial Situation: My current budget leaves me with a $200 monthly surplus. I help support my mother since she is 70 years old and only gets about $900/mo in Social Security benefits.

I am simply looking to lock in the current rate or a lower rate to help me with my payments and prevent my balance from going up any further since I have been making payments under interest only.

I called Aurora today to start the process, and they told me they would have to see my financials to see if I would quality (expected) but told me that they might not be able to get me the same or lower rate (unexpected). And the rep mentioned the loan would have to become a fully-amortized loan.

My question is: Do you think these are really my options or are they playing hard ball? I feel like the options presented to me were very limited and were made to discourage me from applying? Your help is appreciated. Thank you.

01-12-2009, 10:02 AM	#1 (permalink)
cdelgado13 Junior Member Join Date: Dec 2008 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Starting Loan Mod with Aurora Loan Services Hello, First of all, thank you for this forum it has been extremely helpful. I have been reading up on the relevant posts as I start my loan mod process with Aurora. Background: I own three properties in Los Angeles. I live in one, I rent a triplex out, and I own another home where my mother lives. The loan with Aurora is for the property where my mother lives. Here are the specifics on the Aurora loan: Loan Type: 40 Year Option ARM Balance: $334,254 Current interest rate: 5.25% Estimated property value: $250,000 Financial Situation: My current budget leaves me with a $200 monthly surplus. I help support my mother since she is 70 years old and only gets about $900/mo in Social Security benefits. I am simply looking to lock in the current rate or a lower rate to help me with my payments and prevent my balance from going up any further since I have been making payments under interest only. I called Aurora today to start the process, and they told me they would have to see my financials to see if I would quality (expected) but told me that they might not be able to get me the same or lower rate (unexpected). And the rep mentioned the loan would have to become a fully-amortized loan. My question is: Do you think these are really my options or are they playing hard ball? I feel like the options presented to me were very limited and were made to discourage me from applying? Your help is appreciated. Thank you.