We bought our house almost two years ago from a builder. And as you can imagine we are more than $275K upside down. The builder did all the paper work, including financing and used their own appraisal. I am sure they inflated the value! They stated that the model homes would sale for at least $100K more than what we paid and with the additional equity after the model homes sold, we could refinance into lower rates. We were the last phase prior to model homes being sold and the build out. Less than 6 months the model homes and build out sold for at least $100K less. About 3 months later they started a new development 2 blocks away from ours. Those prices started off $150K less than our phase. They used their in house financing. After speaking with neighbors...all of us are struggling to pay for the mortgages and all loans were transferred to Aurora Loan Servicing. Some of the seconds have different lenders. Out ALL have been denied. None of us want to loose our home but at this point walking away might be the best option if they are not giving us any. Some were offered a FB plan but in order to afford a FB plan you have to have a positive net disposable and most of us do not, others a short sale. What happened to helping people stay in their homes. If we all walked away then Aurora would own 12 houses next door to each other. That is equivalent to owning 10% units in a condo association. Foreclosed properties are not moving in our area. Could you imagine owning 12 next door to each other and possibly more. It is a large development and I have only talked to about 12 neighbors. As a community what do we do? Are they on board with the Home Owner Preservation Plan (Bush FHA)? Do they do any short refi? Or are they just in the business of threatening to take homes away? Besides walking away, they are not giving us much options to save our homes. I thought a loan modification would make a difference, but not if they are not approving anyone. In fact, has anyone received a loan mod from Aurora??