Aurora Modification SUCCESS!!

[brokemama]

I don't want to rain on anyone's parade, but extending a mortgage from 30 to 40 years does not make sense to me. It may save money in the short term, but it will add a lot in the long term.

[HopingtoFind]

brokemama... for some it is the only way to reduce payments... what would you suggest to do other then going into foreclosure.

[brokemama]

Unfortunately I have no easy solution; in the same boat and trying to get the rate lowered without extending the term, or a principal reduction. I guess everyone has to make their own decision as to what is the right thing to do for their situation.

[RetroBoats]

Glad to hear your making forward progress......got my fingers crossed it all goes smoothly for you. Any tips dealing with Aurora you can share ?? Please keep us posted.

[Walking Away]

Hey ***, you had told me Streamline Program was best for me so I hope it works. I called several times pushing for it, so maybe that helped asking home retention to mark down I inquired about it. So I thank you for alerting me to this program. It sounds like I might keep the home, but I still worry about making 3 payments and then sending in a profit and loss statement again. The numbers have to be just right. I'll post when I get paperwork.

[Walking Away]

Hey Retro, the only tip I have is that I think this is mostly a case of numbers fiting into the small criteria that Fannie and Freddie sets. As *** has said; they set the standard that everyone follows and all the criteria and the numbers and everything else have to meet this criteria in every way or people get rejected. The net result is millions of people either don't qualify for whatever reason and millions others get rejected and lose their homes when they have too big a surplus or too small a surplus. I think maybe the 2 main things might be the reason for hardship and the surplus shown. But the experts here are the ones who run the site--*** provided information about the program which I knew nothing about--

[Walking Away]

Hey Brokermama, I went to Fannie's site and I think the idea of Streamlined is to give a person a certain total payment that's a certain % of their total income; and they do it with a combo of a lower rate and added years. I'm 6 months behind right now and the offer they make keeps me in my home, so I find it very fair. I just hope I don't get hosed 3 months from now(yes I'm a bit paranoid; if thats the right word). But Broker; they aren't just extending my loan to 40 years; but they're also lowering my rate by 2% from 8 1/4% down to 6%. I can't be greedy and expect 5% and 30 years; that would be irrational on my part. I'll still need to work 45-50 hours per week year round to keep the home, plus I do all the maintance here because I can't afford to hire roofers, carpenters, etc. Luckily I can do most of that stuff; but I no longer will have to work 60+ hours per work or more. Hey Broker; you asked about finding out the investor; with me I was told by a rep as Retro said but another way is to get a copy of your credit report. On mine; it shows my home loan and says Aurora next to it, but it also says Fannie Mae

[RetroBoats]

Several weeks ago several employees Aurora claimed they didn't have the streamlined paperwork and/or process.....FannieMae said they did ?? I was hoping she could use that process so that at least there would be some sort of standard. Currently Aurora/lenders appear to have none.

My friend submittied her paperwork and off of the same form figured at Aurora by three different folks there they came up with her cash flow as - $177, + $300 and +$900 per month. How can you work with them on solid ground with that BS ?? I figured she had a + $200.

How did your cash flow work out per month ??

I wish you all luck and hopefully we can learn from each other....

[Moe Bedard]

Walking Away.................

My comments about streamlined modification or any modification programs that are out there and become available, are all general comments not specific to any one member....I had mentioned that the Streamlined Modification is a better program than the HomeSaver Advance..............all I can do is to let members know the differences in the programs so that they can make an informed decision on what is best for them.


this is what I had posted............
The program that is beginning on Dec. 15th is a better program than the HomeSaver Advance...............the HSA program uses a loan to catch up past due payments and bring the loan current.......that program is not a modification program that can lower rates or extend terms, it is a loan used in addition to a modification............the streamlined program is a modification that will lower rates and extend terms to make a payment more affordable........it will be rolling out in five days on Dec. 15th.

[Walking Away]

Retro, the reason why I'm not celebrating is because I've been through this once already and got rejected. Like your friend; I also did the 3 month repayment plan and the resending of a p & l statement; only to be told the numbers didn't justify a loan mod. My $200 surplus became a $950 surplus; so I expect the same thing to happen and to lose my home anyway. My girlfriend said I should pay an expert to do my next p & l statement 3 months from now and I shouldn't do it myself again. She's probably right. She usually is. I hope your friend has some luck with Aurora.

[Walking Away]

***; I was simply thanking you for suggesting I look into Streamlined Program. I had sent in a long post on this thread explaining my situation and you responded back to me by suggesting I look into Streamlined Program. You respond back directly to tons of people here. I'm different? Here's what you had posted.

---

If they say that you are qualifying for the HomeSaver Advance through FannieMae than your investor is FannieMae........have you asked about the Streamlined Modification program that is beginning on Dec. 15th........to which, if you are 5 months behind you will definately qualify for.........


Here is the press release in case you are interested...........
http://www.fhfa.gov/webfiles/169/new...MENT111108.pdf

[Moe Bedard]

Got it....

[Walking Away]

Hey ***; I still haven't received the loan docs; so I don't know what to do. Just to refresh my never ending 11 month/8 payment behind case; I was told on January 16th that I was approved for a mod and would receive a letter saying I was approved. Never received letter. Then I was called by underwriter with new terms in late January: 40 year loan; 3% rate reduction for $1780 instead of $2250. This I can afford if I work 45-50 hours/week which I would do. I was told by underwriter to sign and notarize paperwork and then send back with the 1st new payment amount for March 1st. That's where we left off here. I never got any paperwork, so I called the underwriter and she was friendly and told me not to worry; that it was still being processed and I can make a payment if I want with the new amount or I can wait till I receive paperwork and send everything all together. But home retention told me today that payment was due on March 1st and if I don't send payment to the Nebraska office; I could have fees added and it could go to foreclosure for breaking agreement. Any suggestions what I should do?

[Moe Bedard]

I can not advise on whether or not to make a payment...........that would need to be your decision, but without the docs......the new terms are not going to be on your account yet.........they may be waiting to see what the guidelines that are being released tomorrow entail because FannieMae is a part of it..........but that would be my guess......

ALS
Home Retention
1-866-519-1456

[brokemama]

Walking, although you didn't ask me, I would send a letter to the CEO of the servicer and the investor doing the following: 1) confirming the mod that you agreed to, and 2) enclosing the first check as payment. Send the copy of the check to the CEO of the investor and the actual check to the servicer, and send them both by UPS or FedEx.

[Moe Bedard]

Verbal agreements would not be held as valid for a modification, which is why alot of negotiators will not offer terms of the modification agreements over the phone, without you first receiving the docs.............the docs would have had to, been received, signed, notorized and sent back in order to do that.

[Walking Away]

***; thanx for the quick reply. Much appreciated. I felt very comfortable when the underwriter called me back, but felt like crap when I talked to home retention. After 11 months of promises of loan mods only to be rejected; there's no way I send $1,800 to their Nebraska office. I'll just work hard every day and hope loan docs arrive before foreclosure notice. Thanx again ***; for your help. I'll keep you posted.

[Walking Away]

Hey Brokermama; I appreciate your input on all these threads so thanx for offering. I've always been much better at helping other people than myself; so any input from you or anyone else; is very helpful to me. Your idea is fine for someone who's half sane, but I'd be completely insane if I tried to write a letter to either of these multi-millionaire pieces of crap. I'd defiitely get myself in trouble if I wrote to either of them. For now; as naive as it sounds; I trust the underwriter, and I'll hope the loan docs arrive before they foreclose. For now; I send them nothing

[Moe Bedard]

Is there any chance that you would be able to speak to that same underwriter again? If so.....they may be able to get those docs out to you.

[Walking Away]

***; I have a direct number to the underwriter; it's in area code 720 and when I called her last week; she called me back and said docs should arive soon. But she said the same thing in late January and this gets tiring; day after day; come home and no docs arrive. I'll call her Friday or Monday if I don't get paperwork. Thanx for trying to help me

[RetroBoats]

You might ping the underwriter again....ask if she can give something in writing that you can show the home retention folks......or could she call the home retention folks to tell them what is going on. NACA said the departments within the lenders don't cross link to each other very well.

To me it sounds like they are giving you the slow death treatment. Plus probably waiting to see what shakes out to day with the new government roll out.

[brokemama]

And the plot thickens ~ I called back the Fannie Mae guy and said no way will I extend the term even one day. I said I may accept 5% fixed for the remaining term. Then I was able to finally get on live chat and I told the agent of the offer. He said I should not be negotiating directly with Fannie Mae and that the negotiator would speak with him. I stressed the urgency of the situation and gave him the name and number and asked that the negotiator call him ASAP. I hope he or she does contact Fannie Mae as it seems they want to work with me.

[Walking Away]

Hey Retro; I'd have to agree; this is the slow death treatment, but what I don't understand is why they haven't wanted me to make a payment since last July. Aren't they hurting themselves also? I mean; when you call; you get the message that Aurora's a debt collector attempting to collect a debt. But with me; they tell me not to pay. I guess all of us have slight differences in our situations, but for my particular case; does any of this make sense? Hey Retro; how's your friend's case coming? Any luck?

[Walking Away]

Broker; I hope this works for you; I haven't seen anyone on this board or any other board; get modified by Aurora; so I hope you somehow beat the odds. I've seen hundreds of complaints of people who say they lost their home to Aurora while attempting a loan mod; but not a single person who said they got modified by Aurora and actually received their docs. This complaint site here is getting a new Aurora complaint almost every day--unreal. They're outpacing even Countrywide. I hope it's okay to post this link on the website

Aurora Loan Services Mortgage Companies Profile

[RetroBoats]

That blog paints an ugly picture of Aurora....we should throw our 2 cents in....might help with the bigger picture.

Struggling with what my friend should do this month....she can't do it all this month. It has been bleeding her to death trying. Haven't heard anything from NACA or Aurora.

I'm not in the know or smart enough to know what the heck they are doing in your case.....seems crazy to me. There are stories where they string you along and take your house when you are trying to work with them. Doesn't Aurora have to answer to the lenders that aren't getting their $$$.

Need to find someone who used to work at Aurora to find the inside poop as to what they are doing. Put an ad in the local paper near Aurora...might be surprised.