Aurora Modification SUCCESS!! - Page 3 - Loan Modification Forum

brokemama · 03-04-2009, 11:19 AM

Thanks, Walking. It was precisely because of these stories that I bypassed Aurora and went to the CEO of Fannie Mae. That is what got me an offer within 2 days; one that I have rejected and countered. But I'm waiting to see if NACA can get their proposal accepted as that is the best one. FAnnie offered me 5% fixed 40 years, or 3.875 for 2 years and then 5.875 fixed, also for 40 years. My current rate is 5.875 and I have 26.5 years left. I said no go, I will not extend by one day and do you want the house back? They don't and he said he would give me 5% fixed for the remainder, but I'm still holding out for the NACA proposal. They will not do a principal writedown but I said we all have to share in the problem so the interest rate needs to be lower. Aurora stinks for sure, but thankfully they are not the final answer.

brokemama · 03-04-2009, 11:21 AM

Retro, have your friend do what I did, send a letter to the Pres. of Fannie if that is her lender, bypass Aurora completely as they are useless. I'll give you the name and address if you need it. Now if everyone does this, that might wake them up that Aurora is not doing anything to help anyone. I'll be back in a few hours and will check back.

texasmom · 03-04-2009, 01:45 PM

I went thru the same with Morgan Stanley Home Loans, they told they have not decided if they are going to take part in the Stability Plan, I am almost 4mths behind and seems my mortgage won't help me.

RetroBoats · 03-04-2009, 03:05 PM

brokemama - It can't hurt...I'm sure she would. She did try to talk to the folks at Fannie Mae with little luck.....told her to go through Aurora.

texasmom - What are you going to try next ??

texasmom · 03-04-2009, 03:12 PM

I just called again, and now they say they are participating, I guess I had a rude person on the phone, who is heartless! They are sending me a financial packet and I have to apply and see if I qualify! I got behind due to Hurricane Ike, my insurance didn't cover enough, and I have a 2900 deductible, but my son and daughters had to be completely redone from water damage the roof had collasped. So I have been trying to catch up ever since, and now they cut my hours at work and my husbands thank god we still have our jobs!

Moe Bedard · 03-04-2009, 03:40 PM

texasmom,

You may want to start a thread of your own with the information regarding your loan and the process that you are going through, so that we can follow and you can update your story there..

snapple candy · 03-04-2009, 03:50 PM

I have posted about my on-going trials and tribulations of 9mth sage with WAMU now Chase where the negotiator offered me terms verbally and then reniged later. I have been in touch with Chases Exec office but have not heard back from them as promised (surprize, surprize). I also filed complaint against them with FTC and Comptroller.
Someone just showed up at my door representing WAMU saying (told my children) they wanted to confirm someone living in the house and want to do inspection.
Whats up with this and them? Any thoughts?

Walking Away · 03-04-2009, 10:35 PM

Hey snapple; that sounds like an appraisal.

Walking Away · 03-04-2009, 10:46 PM

Broker; it would be nice to bypass Aurora but Fannie Mae told me many times; there is nothing they can do. Only the loan servicer can modify. As long as it's voluntary for loan serivers to modify; probably not much will change. Best hope for most would be changes to bankruptcy law. Hey Broker; if Aurora hoses you; shouldn't you be taking 1 of Fannie's offers?

snapple candy · 03-05-2009, 12:22 AM

Walking away,
A paralegal friend said they are assessing condition of house even though just from the front. She thinks they are getting ready to foreclose. I would like to think they will attempt to negotiate based on some of new Obama guidelines released but they are moving awfully fast all of a sudden.(Maybe since the foreclosure moritorium is over?) I did call Chase executive office after the visitor and they have assigned someone in exec office to the case the past few days. They put me thru to WAMU exec offices wherever they are. I got her voicemail. I think they are getting ready to hose me. Id like to think otherwise. I agree the BK changes is probably our only hope but they are already watering it down and delaying it. I am prepared to walk away if that is what I need to do.

brokemama · 03-05-2009, 02:53 AM

Walking, I think it depends on who you go to. Going directly to the CEO of Fannie Mae is what got me the offers within 2 days. Aurora had denied me and said that there was nothing Fannie Mae would do either. If NACA's proposal is not accepted or is not any better, I will take the 5% fixed for the remainder of the term, but I want to see if NACA can do any better. I don't believe Fannie Mae was being honest saying that only the servicers can modify; the servicers are just that... servicers. They follow the guidelines of the investors. Fannie Mae told me that they used to have guidelines of only modifying folks who were behind, but no longer. Aurora said the opposite. I'm not behind and am being modified, and I'm sure there are many others. We've got to stand up and fight and take it right to the top.

RetroBoats · 03-05-2009, 09:32 AM

Quote:

Broker; it would be nice to bypass Aurora but Fannie Mae told me many times

My friend was told that as well. Maybe as Brokemama points out going to the top get results.

brokemama · 03-05-2009, 11:27 AM

I agree, Retro. I sent my letter via UPS to the CEO and then followed up with a call to make sure he was in the office that day. I am positive that that is the only reason Fannie ever contacted me and so quickly.

Walking Away · 03-05-2009, 05:05 PM

Hey ***, Retro, Broker; others here; I made a decision. ***; I didn't think you could tell me what to do, but I asked anyway and you gave me good advice which I tried to weigh. I decided to send in my payment and hope for the best. It's almost $500 less than my previous payment; so I'll hope this works and the paperwork shows up. My thinking is that this is a flip of the coin whether Aurora lets me keep the home or takes it from me, but in a sense; Aurora has helped me even if I lose the home. They've let me stay here and not pay since last July(this continues to baffle me). So I'm paying now and hoping this works. If not; I'm a sap for sending out $1,800. I'll keep you guys posted

Moe Bedard · 03-05-2009, 05:33 PM

Well I am glad that I was able to at least help you weigh your options........

Keep us posted on how it goes.

Walking Away · 03-05-2009, 06:50 PM

Will do ***....it's a long process, but I'll be back...

brokemama · 03-05-2009, 07:17 PM

Well, I had an interesting conversation with NACA today. They told me that I should verbally accept the Fannie Mae offer and then when the paperwork comes send it into NACA . I don't really feel comfortable doing that. I asked for the negotiator to please contact me to discuss this.

Walking, I respect your decision and wish you all the best. Hopefully they will look at your good faith effort to make the payment as your budget would permit. Keep us posted.

Walking Away · 03-05-2009, 07:40 PM

Brokermama; if you agree to Fannie's 5% fixed; can NACA negotiate a better deal after you get the paperwork; or would you be locked in to Fannie's offer. Just my opinion here, but I think 5% fixed is a great rate

brokemama · 03-05-2009, 07:52 PM

That's what I'm not sure about, Walking. I would imagine if Fannie draws up the papers, that they consider it a done deal and I can't see them going any lower. I agree that 5% fixed is a great rate, although not initially when it was to be for 40 years. When they agreed to 30 years, it was much more palatable. I'd like to be alive for the mortgage burning ceremony!! NACA's proposal was unbelievable to me but if they can do it, I salute them

Walking Away · 03-05-2009, 08:14 PM

Broker; how much better was NACA's proposal? Interest rate and years?

brokemama · 03-05-2009, 08:20 PM

It's funny but they never mentioned the rate. They came up with this (I am currently 1400 P&I only as I do not escrow; taxes and insurance are another 450 a month. They came up with about 950 for P&I LESS the taxes and insurance for a payment of about 500 a month! Oh, but a gal can dream, can't she??? Is it any surprise Fannie wants to give me 5%? LOL

Walking Away · 03-05-2009, 08:48 PM

So $500 and you pay taxes and insurance on your own? That would be an unbeatable deal. If it doesn't work; 5% fixed is real good too.

brokemama · 03-05-2009, 09:01 PM

Can you believe it?? I would jump off my roof if they go for that! But you're right, the 5% fixed for the remainder is a really sweet deal too.

Walking Away · 03-13-2009, 11:26 AM

Hey *** and others here; back on January 27th you told me to let you know when paperwork arrived. Surprisingly, it came today UPS overnight from Aurora. It's the Fannie Mae Streamlined Program and I guess I'm halfway there cause paperwork arrived today. With this program, having paperwork arrive doesn't seal the deal. I have to make first payment at new lowered payment amount and also send in hardship reason or reasons and why income is lower and also since i'm self employed a year to date profit and loss statement which I guess would be for january and february. This is not so easy and there is more than just those things. There's a bunch of other pages to sign which are legal terms and conditions. It even has one condition I have to sign that that says that I understand that I can have a lawyer help me with all the paperwork. So I'm very happy I received paperwork and the terms are exactly what the underwriter said they would be. But I'm thinking this is where I better put an end to the "do it alone" approach; and have an attorney help me? I'm blue collar with some common sense but not at all book smart and this looks like legal paperwork. Hey ***; I know you can't tell me what to do, but what do you think? And ***; do you know if all bankruptcy attorneys also do loan mods or is loan mods fairly new and only some do? All other opinions are also welcome

Moe Bedard · 03-13-2009, 04:53 PM

That would definately be a good idea to sit down with a real estate attorney to go over the docs with you....
I am not sure if all bk attorneys do modifications......

03-04-2009, 11:19 AM	#51 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 184	re: Aurora Modification SUCCESS!! Thanks, Walking. It was precisely because of these stories that I bypassed Aurora and went to the CEO of Fannie Mae. That is what got me an offer within 2 days; one that I have rejected and countered. But I'm waiting to see if NACA can get their proposal accepted as that is the best one. FAnnie offered me 5% fixed 40 years, or 3.875 for 2 years and then 5.875 fixed, also for 40 years. My current rate is 5.875 and I have 26.5 years left. I said no go, I will not extend by one day and do you want the house back? They don't and he said he would give me 5% fixed for the remainder, but I'm still holding out for the NACA proposal. They will not do a principal writedown but I said we all have to share in the problem so the interest rate needs to be lower. Aurora stinks for sure, but thankfully they are not the final answer.

03-04-2009, 11:21 AM	#52 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 184	re: Aurora Modification SUCCESS!! Retro, have your friend do what I did, send a letter to the Pres. of Fannie if that is her lender, bypass Aurora completely as they are useless. I'll give you the name and address if you need it. Now if everyone does this, that might wake them up that Aurora is not doing anything to help anyone. I'll be back in a few hours and will check back.

03-04-2009, 01:45 PM	#53 (permalink)
texasmom Junior Member Join Date: Mar 2009 Posts: 2	re: Aurora Modification SUCCESS!! I went thru the same with Morgan Stanley Home Loans, they told they have not decided if they are going to take part in the Stability Plan, I am almost 4mths behind and seems my mortgage won't help me.

03-04-2009, 03:05 PM	#54 (permalink)
RetroBoats Senior Member Join Date: Oct 2008 Posts: 237	re: Aurora Modification SUCCESS!! brokemama - It can't hurt...I'm sure she would. She did try to talk to the folks at Fannie Mae with little luck.....told her to go through Aurora. texasmom - What are you going to try next ??

03-04-2009, 03:12 PM	#55 (permalink)
texasmom Junior Member Join Date: Mar 2009 Posts: 2	re: Aurora Modification SUCCESS!! I just called again, and now they say they are participating, I guess I had a rude person on the phone, who is heartless! They are sending me a financial packet and I have to apply and see if I qualify! I got behind due to Hurricane Ike, my insurance didn't cover enough, and I have a 2900 deductible, but my son and daughters had to be completely redone from water damage the roof had collasped. So I have been trying to catch up ever since, and now they cut my hours at work and my husbands thank god we still have our jobs!

03-04-2009, 03:40 PM	#56 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	re: Aurora Modification SUCCESS!! texasmom, You may want to start a thread of your own with the information regarding your loan and the process that you are going through, so that we can follow and you can update your story there.. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-04-2009, 03:50 PM	#57 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,247	re: Aurora Modification SUCCESS!! I have posted about my on-going trials and tribulations of 9mth sage with WAMU now Chase where the negotiator offered me terms verbally and then reniged later. I have been in touch with Chases Exec office but have not heard back from them as promised (surprize, surprize). I also filed complaint against them with FTC and Comptroller. Someone just showed up at my door representing WAMU saying (told my children) they wanted to confirm someone living in the house and want to do inspection. Whats up with this and them? Any thoughts?

03-04-2009, 10:35 PM	#58 (permalink)
Walking Away Senior Member Join Date: Nov 2008 Posts: 320	re: Aurora Modification SUCCESS!! Hey snapple; that sounds like an appraisal.

03-04-2009, 10:46 PM	#59 (permalink)
Walking Away Senior Member Join Date: Nov 2008 Posts: 320	re: Aurora Modification SUCCESS!! Broker; it would be nice to bypass Aurora but Fannie Mae told me many times; there is nothing they can do. Only the loan servicer can modify. As long as it's voluntary for loan serivers to modify; probably not much will change. Best hope for most would be changes to bankruptcy law. Hey Broker; if Aurora hoses you; shouldn't you be taking 1 of Fannie's offers?

03-05-2009, 12:22 AM	#60 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,247	re: Aurora Modification SUCCESS!! Walking away, A paralegal friend said they are assessing condition of house even though just from the front. She thinks they are getting ready to foreclose. I would like to think they will attempt to negotiate based on some of new Obama guidelines released but they are moving awfully fast all of a sudden.(Maybe since the foreclosure moritorium is over?) I did call Chase executive office after the visitor and they have assigned someone in exec office to the case the past few days. They put me thru to WAMU exec offices wherever they are. I got her voicemail. I think they are getting ready to hose me. Id like to think otherwise. I agree the BK changes is probably our only hope but they are already watering it down and delaying it. I am prepared to walk away if that is what I need to do.

03-05-2009, 02:53 AM	#61 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 184	re: Aurora Modification SUCCESS!! Walking, I think it depends on who you go to. Going directly to the CEO of Fannie Mae is what got me the offers within 2 days. Aurora had denied me and said that there was nothing Fannie Mae would do either. If NACA's proposal is not accepted or is not any better, I will take the 5% fixed for the remainder of the term, but I want to see if NACA can do any better. I don't believe Fannie Mae was being honest saying that only the servicers can modify; the servicers are just that... servicers. They follow the guidelines of the investors. Fannie Mae told me that they used to have guidelines of only modifying folks who were behind, but no longer. Aurora said the opposite. I'm not behind and am being modified, and I'm sure there are many others. We've got to stand up and fight and take it right to the top.

03-05-2009, 11:27 AM	#63 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 184	re: Aurora Modification SUCCESS!! I agree, Retro. I sent my letter via UPS to the CEO and then followed up with a call to make sure he was in the office that day. I am positive that that is the only reason Fannie ever contacted me and so quickly.

03-05-2009, 05:05 PM	#64 (permalink)
Walking Away Senior Member Join Date: Nov 2008 Posts: 320	re: Aurora Modification SUCCESS!! Hey *, Retro, Broker; others here; I made a decision. *; I didn't think you could tell me what to do, but I asked anyway and you gave me good advice which I tried to weigh. I decided to send in my payment and hope for the best. It's almost $500 less than my previous payment; so I'll hope this works and the paperwork shows up. My thinking is that this is a flip of the coin whether Aurora lets me keep the home or takes it from me, but in a sense; Aurora has helped me even if I lose the home. They've let me stay here and not pay since last July(this continues to baffle me). So I'm paying now and hoping this works. If not; I'm a sap for sending out $1,800. I'll keep you guys posted

03-05-2009, 05:33 PM	#65 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	re: Aurora Modification SUCCESS!! Well I am glad that I was able to at least help you weigh your options........ Keep us posted on how it goes. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-05-2009, 06:50 PM	#66 (permalink)
Walking Away Senior Member Join Date: Nov 2008 Posts: 320	re: Aurora Modification SUCCESS!! Will do ***....it's a long process, but I'll be back...

03-05-2009, 07:17 PM	#67 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 184	re: Aurora Modification SUCCESS!! Well, I had an interesting conversation with NACA today. They told me that I should verbally accept the Fannie Mae offer and then when the paperwork comes send it into NACA . I don't really feel comfortable doing that. I asked for the negotiator to please contact me to discuss this. Walking, I respect your decision and wish you all the best. Hopefully they will look at your good faith effort to make the payment as your budget would permit. Keep us posted.

03-05-2009, 07:40 PM	#68 (permalink)
Walking Away Senior Member Join Date: Nov 2008 Posts: 320	re: Aurora Modification SUCCESS!! Brokermama; if you agree to Fannie's 5% fixed; can NACA negotiate a better deal after you get the paperwork; or would you be locked in to Fannie's offer. Just my opinion here, but I think 5% fixed is a great rate

03-05-2009, 07:52 PM	#69 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 184	re: Aurora Modification SUCCESS!! That's what I'm not sure about, Walking. I would imagine if Fannie draws up the papers, that they consider it a done deal and I can't see them going any lower. I agree that 5% fixed is a great rate, although not initially when it was to be for 40 years. When they agreed to 30 years, it was much more palatable. I'd like to be alive for the mortgage burning ceremony!! NACA's proposal was unbelievable to me but if they can do it, I salute them

03-05-2009, 08:14 PM	#70 (permalink)
Walking Away Senior Member Join Date: Nov 2008 Posts: 320	re: Aurora Modification SUCCESS!! Broker; how much better was NACA's proposal? Interest rate and years?

03-05-2009, 08:20 PM	#71 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 184	re: Aurora Modification SUCCESS!! It's funny but they never mentioned the rate. They came up with this (I am currently 1400 P&I only as I do not escrow; taxes and insurance are another 450 a month. They came up with about 950 for P&I LESS the taxes and insurance for a payment of about 500 a month! Oh, but a gal can dream, can't she??? Is it any surprise Fannie wants to give me 5%? LOL

03-05-2009, 08:48 PM	#72 (permalink)
Walking Away Senior Member Join Date: Nov 2008 Posts: 320	re: Aurora Modification SUCCESS!! So $500 and you pay taxes and insurance on your own? That would be an unbeatable deal. If it doesn't work; 5% fixed is real good too.

03-05-2009, 09:01 PM	#73 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 184	re: Aurora Modification SUCCESS!! Can you believe it?? I would jump off my roof if they go for that! But you're right, the 5% fixed for the remainder is a really sweet deal too.

03-13-2009, 11:26 AM	#74 (permalink)
Walking Away Senior Member Join Date: Nov 2008 Posts: 320	re: Aurora Modification SUCCESS!! Hey * and others here; back on January 27th you told me to let you know when paperwork arrived. Surprisingly, it came today UPS overnight from Aurora. It's the Fannie Mae Streamlined Program and I guess I'm halfway there cause paperwork arrived today. With this program, having paperwork arrive doesn't seal the deal. I have to make first payment at new lowered payment amount and also send in hardship reason or reasons and why income is lower and also since i'm self employed a year to date profit and loss statement which I guess would be for january and february. This is not so easy and there is more than just those things. There's a bunch of other pages to sign which are legal terms and conditions. It even has one condition I have to sign that that says that I understand that I can have a lawyer help me with all the paperwork. So I'm very happy I received paperwork and the terms are exactly what the underwriter said they would be. But I'm thinking this is where I better put an end to the "do it alone" approach; and have an attorney help me? I'm blue collar with some common sense but not at all book smart and this looks like legal paperwork. Hey ; I know you can't tell me what to do, but what do you think? And **; do you know if all bankruptcy attorneys also do loan mods or is loan mods fairly new and only some do? All other opinions are also welcome

03-13-2009, 04:53 PM	#75 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	re: Aurora Modification SUCCESS!! That would definately be a good idea to sit down with a real estate attorney to go over the docs with you.... I am not sure if all bk attorneys do modifications...... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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