Aurora forbearance agreement....so stinks....

[yeswecan]

Anyone heard of this? In the quotes, I'm copying word for word from the Aurora "Workout Agreement"

On the first page, after a few WHEREAS, Customer is in default, etc., it says:

"Unpaid monthly payment (s) of PITI* from 08-01-08 through and including 03-27-09"

$19,100.45 plus fees, etc., then it says:

"Total Amount Due (the 'Arrearage') $22,563.66"

Okay, got it so far. Then, it goes on for several pages, until, and this is where I get lost, it says:

"For purposes of repayment of the Arrearage, Customer shall remit an initial installment of $4481.06, which will be due on or before 04/03/2009. Consecutive monthly payments each in the amount of $2732.72 will be due on or before the 3rd day of every month (each, a 'Due Date'), commencing 050309 (sic) continuing through and including 070309 (sic), with the last installment in the amount of $22251.40"

Okay, I've checked that quoted text several times and yes, they did change the format of the way they represented the date, in the same paragraph. Yes, they did write out the final figure with no comma where one should be ($22,251.40). Fine.

What's not so fine is that they define the amount of the "Arrearage" as $22,563.66, and the "final installment in the amount of $22,251.40."

Now, let's say that by July 09 we have, per this agreement, already paid the $12,679.22 ($4481.06 and 3 payments of $2732.72) can someone please explain how I still owe them $22,251.40 as a "last installment" of the "Arrearage"?

So I put this question to my attorney, who is having trouble reaching me, and also asked him some other questions:

And you are advising me to sign this? I mean, are you? Has anyone at your firm with a brain and a calculator looked at this agreement? I have no way of knowing, since I can't reach you. I've called and called, left message after message, asked via email, and via a secretary there to schedule a call so that I don't miss your calls. Now, your firm's phones are not even being answered, there is a recording saying "Lines are temporarily busy please try again later".

Since I can't get anybody I'm paying to explain it to me, I'm hoping there are some friendly folks out there who can set me straight.

[Walking Away]

Hey Yeswecan; Have you tried for a loan mod and gotten denied and now they want you topay extra each month? Just wondering what your deal has been

[yeswecan]

Hey Walking, yes, I just this morning got some answers from the attorney. We did apply for a mod, and got denied, and now its the forbearance agreement. We are doing it. I know its a gamble. Got to take the risk, that there will be more pressure on ALS to modify in future, and also, my sale date is 4/13 and I'm not ready to let our property go. Read my other posts for long list of how things went down. I've been lurking on the boards for over a year.....I'll be here frequently until this is all done. I have faith in Moe and the strength in this community.

[Walking Away]

Hey yeswecan; hang in there. I hope the 4/13 doesn't happen and you hang in there. Keep fighting. If all of us keep fighting maybe this crap will finally end

[yeswecan]

We are still hanging in. 4/13 didn't happen. Seems like there might be movement at Aurora, per the other Aurora threads? Let's really stay on top of this and share our information. We can help each other fight these crooks.

We did the forbearance and are on our 2nd payment, 3rd payment due June 1. Griswold & Agdeppa handling the case for us -- its a rental property that is waaay upside down. My story is in other threads you've maybe read it already. I've been reading your posts for sure, walking away!