Loans, Debt & Credit - View Single Post - Aurora Loan -told they will comply with Obama's plan as of April 1

marincountyowner · 04-04-2009, 11:58 AM

Sorry I am new here and not sure iff I am posting to right place but this is in regards to Aurora loans....

I have a mortgage loan with which is serviced by Aurora ( held by Lehman brothers I believe) that is a negative amoritization loan with a 6.75 percent interest only rate. It is a pick a payment plan. The lowest payment possible is $1,899 but we pay $2,500, which is as much as we can afford ( because property taxes are over $10,000 a year!) We qualify for Obama's modification plan in every regard except that the loan is not not FHA insured ( not a Fannie/Freddie), so technically I cannot qualify for a modification under Obama's plan.

FYI-our home is in Marin county ( Fairfax) and we are current on all our payments. We are not under water ( because we owe $600,000 on a house worth at least $750,000 according to Zillow) and we have good credit scores.

I cannot refinance with my lender because we don't make enough money-cannot refinance with any other lender for same reason. But we were denied for a modification with Aurora because we make TOO MUCH money-they said we CAN afford our monthly payment ( not true because in order not to go negative it would ost us $3,300 per month plus porperty taxes)....

Anyway I re-applied with Aurora on April 1 and all of a sudden they are singing a totally different tune. Now they say that we may be able to refinance under the Obama plan-even though the loan is not FHA secured, because they have decided to comply with the plan.

I am wondering if this agent knew what she is talking about??? I am so excited because 31% of our income will be just about $2500 a month and if they modify us, we will be able to stay here and not have to sell....is it too good to be true? Has anyone else heard of ( non-FHA) lenders doing this or heard of a successful modification?

04-04-2009, 11:58 AM	#1 (permalink)
marincountyowner Senior Member Join Date: Feb 2009 Posts: 52 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Aurora Loan -told they will comply with Obama's plan as of April 1 Sorry I am new here and not sure iff I am posting to right place but this is in regards to Aurora loans.... I have a mortgage loan with which is serviced by Aurora ( held by Lehman brothers I believe) that is a negative amoritization loan with a 6.75 percent interest only rate. It is a pick a payment plan. The lowest payment possible is $1,899 but we pay $2,500, which is as much as we can afford ( because property taxes are over $10,000 a year!) We qualify for Obama's modification plan in every regard except that the loan is not not FHA insured ( not a Fannie/Freddie), so technically I cannot qualify for a modification under Obama's plan. FYI-our home is in Marin county ( Fairfax) and we are current on all our payments. We are not under water ( because we owe $600,000 on a house worth at least $750,000 according to Zillow) and we have good credit scores. I cannot refinance with my lender because we don't make enough money-cannot refinance with any other lender for same reason. But we were denied for a modification with Aurora because we make TOO MUCH money-they said we CAN afford our monthly payment ( not true because in order not to go negative it would ost us $3,300 per month plus porperty taxes).... Anyway I re-applied with Aurora on April 1 and all of a sudden they are singing a totally different tune. Now they say that we may be able to refinance under the Obama plan-even though the loan is not FHA secured, because they have decided to comply with the plan. I am wondering if this agent knew what she is talking about??? I am so excited because 31% of our income will be just about $2500 a month and if they modify us, we will be able to stay here and not have to sell....is it too good to be true? Has anyone else heard of ( non-FHA) lenders doing this or heard of a successful modification?