Aurora Loan

[RetroBoats]

Anyone have any tips to deal with Aurora ??? Helping a friend who is upside down with her house by 50~60 K, interest only loan ~ 9 %, with a three year arm due in early 2010. She is making the payments, but it's taking everything she has and more per month. It's just a matter of time until it's a no go. Would she want to modify the loan to a fixed lower interest rate.

Anyone have any input or ideas ???

[Moe Bedard]

Your friend would need to contact Aurora Loan Services........to see what options the investor on the loan has..........


ALS
Loan Resolution
1-800-550-0509,
Monday - Thursday, 8:00am to 11:00pm
Friday, 8:00am to 9:00pm
Saturday, 8:00am to 4:00pm, Eastern Time.

[RetroBoats]

She did yesterday and was told to either sell short or check into a FHA loan.......neither is a viable option. They didn't get into or ask the particulars of her case. Doesn't appear like they really want to work with customers. Maybe the number you supplied is a better one to try......will do today.


Over year ago she had submitted her financial info and was told to foreclose on the house. She bought the house putting it in her name because of her good credit then a few months later her fiancé bailed. She was left her holding the bag. I've watched her work very hard to keep the house and barely keeping up on the house and payments.


What about these agencies that offer to help......are they scams ?? There is one listed on the main page of this site. They want $2,900 to help if they can, but need to look at her fincial picture first. Anyway the service seems very pricey for folks that need help.

[Moe Bedard]

our third party services are offered by a licensed attorney.............which is the best route for someone to take because that can be easily checked by the state bar association.............if the finances are not there to afford the home and not just the mortgage...........a third party will not be able to help............

your friend can try a non profit too.........such as HOPE or NACA
1-888-995-HOPE
NACA


but at the end of the day if your friend's income does not support the expenses including the current mortgage payment, taxes, and insurance..............the investor is not going to modify the loan. This could be why they are suggesting short sale or foreclose.

[RetroBoats]

I believe she presented her numbers in the wrong light. Hard fact is she is making the payments and never more than 30 days late. Problem is she one step away from a train wreck.

With third party help what is the succes rate ??

Calling the number you provided today and looking in to non profit help are the first steps. Will report back on the findings.

Many thanks for your help.

[Moe Bedard]

success rates are individual to the investor on the loan............so you can ask what it would be for ALS.............

but also try the non profits to see what they can do as well.........NACA has there own program that they offer if she qualifies........

[jaidakm]

If i was your friend i would resubmit the workout package. She can get it from Aurora website. In order to get improved for a loan mod, her finance must show a positive cash flow with a 20% surplus after all expenses. Or she can address a letter to CEO (Ralph Lenzi) explaining she got denied and would like an explanation to why. This will get the attention of a "executive" customer service rep. that has some pull to make a decision.

[RetroBoats]

She made the call to the number provided. The lady was a lot more helpful told her to resubmit from info on website with a hardship letter. FannieMay owns the note and since she has been in there two years it's a plus.

As for the finances the last go around was a negative picture this times it's slightly better. Don't think she can show a 20% positive cash flow....it's more like 5% ~10% if that. She is firm on wanting to keep the house and not walk.

Will have her look into the non profits.

[RetroBoats]

In order to get improved for a loan mod, her finance must show a positive cash flow with a 20% surplus after all expenses. Or she can address a letter to CEO (Ralph Lenzi) explaining she got denied and would like an explanation to why. This will get the attention of a "executive" customer service rep. that has some pull to make a decision.

Thanks for the tip. Does the COE really look at it or is he buried with this kind of stuff ??

[jaidakm]

If she show only 5% or 10% surplus most likely she would be denied. If this the case maybe she need to try back in a month or two and not be so truthful. LOL! They didn't ask me for proof of every expense. Or she need to pay some expenses off to better her finance stand. I'm sure the CEO never sees the letter. But it will be forwarded to a executive that has more pull in the company.

[RetroBoats]

She hasn't submitted anything to them in over a year....so as you point out she needs to show the 20%. Didn't figure the CEO would be spending his time reading the cries for help. Once the info is sent what is the best way to follow up and keep the ball rolling ??? Don't want it to sit in the dead letter office.

jaidakm, what is your story with Aurora...the good the, bad and the ugly ???

[trajay]

jaidakm, did you get approved for a mod with ALS? We are in the process of filling out the paperwork too. I have a feeling we don't have 20% surplus. AND our ARM doesn't go up until 2-11.

[need2savemyhome]

I have a 1st loan with ALS and I called them last December to see if we could mod our loan and was turned down because we weren't delinquent nor our loan was scheduled to adjust.

I called them again after I found this website and submitted the papers.

I just received a mod from ALS and Saxon. I wasn't late and my rate wasn't scheduled to adjust until 2016. I showed them that paying interest only, and increased in property taxes was causing us to struggle each and every month. I did show a surplus of $180.

I hope this helps you.

[dcnla]

What were the terms of your loan mod?

Did ALS drop the int rate to a lower fixed rate?

Are they collecting on princ & int or just int only?

[RetroBoats]

She is working the hardship letter now. The "real" hardship is the loan agent did some creative financing. They combined her fiancé's and her income to qualify for the loan....but only her name was on the loan. If you run the numbers only she had at the time of the loan there is no way she should have gotten it. Then as most stories go her fiancé bailed leaving her holding the bag. Bottom-line is she took a second job and busting her reared to keep the house. Currently she is always within 30 days of payment due....it's a struggle.

Question what is the best way to explain the situation in the hardship letter. Also Aurora wasn't the original lender was Corstar. Loan was sold to Aurora within a month of origination. >>

[Moe Bedard]

Click on the link for examples of hardship letters to help..............

Examples of a Hardship Letter


ALS is just a servicer for the investor..........most loan servicing rights are sold shortly after a closing as most of the investors do not service their own loans............

[RetroBoats]

I printed out the hardship thread for her. Just wondering if going into the facts of the original loan would be like stepping in a big pile of doo-doo or work in her favor.

[Moe Bedard]

it could go either way............helpful in that she is explaining the hardship of her fiance leaving her in the lurch..............hurtful in the fact that they might realize that she might not be able to sustain the loan even with a modification.........and I am sure that she doesn't want that as she has been working really hard to avoid that option.
but then there would be the small detail that at the time when the numbers were run, she would have known that she could not afford the house on her own and that her name was the only name that appeared on the mortgage.............so that will open a can of worms to explain that one.

Just keep it simple and to the point utilizing her income and expenses currently and the fact that the fiance's income is no longer a part of the household income picture..........

[revcarrie]

Just a thought here since it is time for house taxes to be paid in most places, have anyof you who know for sure that your houses have been devalued checked with the tax offices and challenged your tax assessments? Around here, 60% of those who do this end up with lower taxes. I "slept" on this idea and it is likely that this is a way to go and try for lower expenses.

[RetroBoats]

I can see some of what folks go through with this process. Seeing a lot tears while she is writting the hardship letter.

[RetroBoats]

When sending the hardship package what is the best way, registered mail, fax or email ?? How long do you wait to start bugging them to see if they got it ???

[revcarrie]

RetroBoats,
I'm new at this but I'm looking and researching for several people and I guess I never thought about any other way BUT faxing them so I would have a receipt that the fax went through. *** is hanging around here somewhere. Maybe she has an idea on this too. Faxing works with Citmortgage so far and the first try....though I have been reading here and there apparently is a problem with Wells Fargo and Aurora sometimes. Those are the other two I'm trying to help my family with and things "disappear". The moderators can tell you for sure what companies do what with their paperwork.
Rev. Carrie

[RetroBoats]

revcarrie, I figure most mortgage places could paper numerious bathrooms with loan modification requests about now. I just want to get it to under the right persons eyes. Reading a lot of the posts it seems paperwork routinely gets lost.

It would be great to see some sort of success rate/ratio folks are having staying in their homes.

Are you having any luck with your quests ??

[revcarrie]

HA HA HA! Now there is concept! Bathroom wall paper!
I'm working on things with my guests today. *** has been VERY helpful with numbers that will actually get someone to talk to and hopefully get A person to go to consistantly. We shall see how productive today will be.
Rev. Carrie

[Moe Bedard]

With Aurora, they should give you the fax number to send the package over............just make sure that you put your loan number, and last four digits of you social on each page............also number them so that in case a few pages do not make it over you will be able to see what didn't make it instead of having to refax the entire package.......