2nd Loan Modification - Loan Modification Forum

Fiveaces · 11-01-2009, 08:02 AM

I currently have two loans which are both serviced by Aurora Loan Services. The first is a neg-am/predatory loan which is being handled by NACA. The investor on that loan is US BANK.

The second loan investor is AURORA BANK so NACA informed me they could only help me with a restructure on the first and I'm on my own for the second. (30 year fixed @ 8.75%, $345k). I'm looking to get 30-40 year term fixed at 5%-6%

Does anyone have any strategic advice how to approach this? Should I wait until I get confirmation of my NACA restructure before I approach Aurora about the second? I did call them last week but they were completely useless and I had no leverage. Not sure what the best way to go about this. I do not want to miss payments or wreck my credit.

Bascially, I will only be able to stay in my home if I can get a slight modification on the second. As of today, I would say that I am slightly upside down.

And if anyone has any experience dealing with Aurora Bank directly please let me know.

Thoughts?

Hopefull2009 · 11-01-2009, 10:11 AM

Good luck - I've been trying to modify my 2nd with Aurora for over a year. I'm once again in the "waiting" phase. I've been denied twice on the 2nd already. I'm in the HAMP trial period for my 1st (just made my 3rd trial payment). Aurora is both the investor and servicer on both my loans.

ChrissyF1214 · 11-01-2009, 10:43 AM

I have Indymac & they modified my 1st, but told me my 2nd was owned by "private" investors who do NOT modify 2nd loans. I was told that I would have to either refinance my entire loan (which I can't because my house isn't worth what I paid) or I can do a short sale, which makes no sense because I can pay my 1st mortgage, it's my 2nd mortgage which is at 8.875% which is killing me. Plus I don't want to lose my house. I have been unemployed since June 2008 & it's getting harder & harder each month. I haven't defaulted on the 2nd, not sure what else I can do? My cousin settled her 2nd mortgage that was $90K with I believe Bank of America for $10K! Why can't I be that lucky? Not sure what we can do & often look on this site, but haven't come across anything. I am not looking to get rid of my loan (which I would LOVE to, of course). I just need a lower interest rate which they are not willing to give me or work with me at all. Not sure what to do??? I am at the point where I am going to have to default on either my credit card bills or mortgage. My 1st mortgage was reduced from 6.5% to 4.25% a savings of about $250. Not much, but every bit helps. Also same terms 30 years, not 40 which would have probably helped even more.

11-01-2009, 08:02 AM	#1 (permalink)
Fiveaces Member Join Date: Oct 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	2nd Loan Modification I currently have two loans which are both serviced by Aurora Loan Services. The first is a neg-am/predatory loan which is being handled by NACA. The investor on that loan is US BANK. The second loan investor is AURORA BANK so NACA informed me they could only help me with a restructure on the first and I'm on my own for the second. (30 year fixed @ 8.75%, $345k). I'm looking to get 30-40 year term fixed at 5%-6% Does anyone have any strategic advice how to approach this? Should I wait until I get confirmation of my NACA restructure before I approach Aurora about the second? I did call them last week but they were completely useless and I had no leverage. Not sure what the best way to go about this. I do not want to miss payments or wreck my credit. Bascially, I will only be able to stay in my home if I can get a slight modification on the second. As of today, I would say that I am slightly upside down. And if anyone has any experience dealing with Aurora Bank directly please let me know. Thoughts?

11-01-2009, 10:11 AM	#2 (permalink)
Hopefull2009 Senior Member Join Date: Feb 2009 Posts: 246 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2nd Loan Modification Good luck - I've been trying to modify my 2nd with Aurora for over a year. I'm once again in the "waiting" phase. I've been denied twice on the 2nd already. I'm in the HAMP trial period for my 1st (just made my 3rd trial payment). Aurora is both the investor and servicer on both my loans.

11-01-2009, 10:43 AM	#3 (permalink)
ChrissyF1214 Member Join Date: Oct 2009 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2nd Loan Modification I have Indymac & they modified my 1st, but told me my 2nd was owned by "private" investors who do NOT modify 2nd loans. I was told that I would have to either refinance my entire loan (which I can't because my house isn't worth what I paid) or I can do a short sale, which makes no sense because I can pay my 1st mortgage, it's my 2nd mortgage which is at 8.875% which is killing me. Plus I don't want to lose my house. I have been unemployed since June 2008 & it's getting harder & harder each month. I haven't defaulted on the 2nd, not sure what else I can do? My cousin settled her 2nd mortgage that was $90K with I believe Bank of America for $10K! Why can't I be that lucky? Not sure what we can do & often look on this site, but haven't come across anything. I am not looking to get rid of my loan (which I would LOVE to, of course). I just need a lower interest rate which they are not willing to give me or work with me at all. Not sure what to do??? I am at the point where I am going to have to default on either my credit card bills or mortgage. My 1st mortgage was reduced from 6.5% to 4.25% a savings of about $250. Not much, but every bit helps. Also same terms 30 years, not 40 which would have probably helped even more.

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