Aurora Modification SUCCESS!!

[Walking Away]

Hey ***; I called a bankruptcy attorney who's considered among the best where I live, but when I asked about loan mods and Fannie's Streamlined Program, he was slow to answer and said his main thing is blocking foreclosures with BK and going from there. ***, do you have a link I could use to find a lawyer where I live who's knowledgable about hardship letter and profit and loss statement; plus a bunch of legal pages to sign? Could attorney on your site help or recommend someone where I live? If not I'll use google search or use phone book, but thought I'd ask you first for help and was curious what the 888 number on your site was...thanx ***...again...

[Moe Bedard]

the 888 number is to the attorneys office in California..........I am not sure if they would be able to help you out or refer you to someone in your area..........

or you can go to your state's bar association website where they would have a lawyer referral service.........

or you can try.......

National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys

[Walking Away]

Hey ***, thanx again for another lightning fast response. I clicked on the link you gave me and it had a link for "find an attorney" and from there I checked off mortgage/real estate link. Most were New York City which is 3 hours away from me up here in upstate NY, but a couple were less than 10 minutes away so I'll contact 1 who has e-mail and then see what Monday brings when they reopen. I'll also check out state bar website like you said. I only have till March 25th to get this filled out, signed, notarized and sent back to Aurora; so I can't be sluggish and lazy; which I sort of lean to. I'll have fun at St Paddys and then get it together Monday. ***, whether I win or lose; I really appreciate your help.

[Walking Away]

Hey ***; here I go again. 2 quick questions. I went to section on your website about hardship reasons and I think I have hardships that qualify, but wanted to double check. My initial reason for falling behind was that I had a shoulder/rotator cuff injury and missed 10 weeks of work. That's when I began missing payments(I'm in construction-self employed and work alone; without a payroll). Do you know if that qualifies for a hardship? And now due to work slowing up and more competitive bidding for jobs; I've had to lower my bids and prices in order to have enough work. I have plenty of work lined up but due to lowering prices and bidding less; my income has fallen. Do you know if that also qualifies for hardship?

[baileys dad]

Hello Walking,
I would say that all of those qualify as hardships. I am also in the construction business and except for the injury, I included all of those in my hardship letter.
I've heard *** say before that you also want to include what you have done to address the issue that created the hardship; in my case, I informed them that I had eliminated as many business and personal expenses as possible. I also reminded them of my payment history, which until last fall, had been spotless. I would emphasize the fact that you are employed in trades, as that has been hit hard and it has become extremely competitive. Let them know that you have steadying things and can make a payment, it will just have to be smaller.
Good Luck

[Walking Away]

Hi Baileys Dad; thanx for input. I didn't know if hardship meant why I am currently making less money than when I got loan; which is lower income from competitive bidding; or if hardship meant why I initially fell behind; which is the injury. It's been a never ending 11 month fight to save home and I've assumed all along Aurora will just take home, but now it seems I might have a chance. I trust input of *** and experts here and also members here cause I'm worried I might get lawyer who doesn't understand loan mods. Thanx for input.

[baileys dad]

No problem. One hardship can create another, but I think you want to end your hardship letter on a positive note: that you are getting through this and are ready to work with them to save your home. If you are underwater in terms of your loan, then they really don't want to foreclose. Even if you have equity, the foreclosure process will cost them money, so my understanding is that the lenders, by and large, are motivated. Don't give up, there is almost always a chance.

[baileys dad]

Oh, about the lawyer, if you are concerned about his experience, ask for references. If he or she doesn't have any, move on. Lawyers are not immune to the recession, so shop around for the best price and quality.

[Walking Away]

Thanx Bailey's Dad. In using hardship letter example from link on site here; do you or anyone else think this is this okay? Hey ***; is this okay to give to lawyer?

I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I've have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and I would really appreciate the opportunity to do that.
The main reason that caused me to be late is I'm self employed, with no payroll and I had a rotator cuff/shoulder injury and missed about 10 weeks of work. Upon getting back to work, the work slowed where I live and I had to begin lowering my bid price when competing with other contractors for jobs.
Our situation has got better because my shoulder/rotator cuff is absolutley fine, but the competitive bidding remains very tough so I have to keep my prices low to get enough work; so my income remains lower than when I first began loan 2 years ago. I feel that a loan modification would benefit us both. I appreciate if you can work with me and accept the terms and conditions laid out in this new loan modfication documents.
I truly hope that you will consider working with me and I'm anxious to get this settled so we all can move on.
Sincerely and Respectfully,
Walking Away

[baileys dad]

looks good to me, see what *** says....you might change the signature from "Walking Away", sends the wrong message

[Walking Away]

Ha! Thanx Bailey's Dad. I'll wait and see wat *** thinks. And for now; head to parade....be back tomorrow....

[Moe Bedard]

looks good.........

[Walking Away]

Hey ***, Retro, others interested who have Aurora. Here's update on my loan mod attempt. *** I had a couple of quick questions for you cause I don't understand a few things. So far; I signed, notarized and sent back loan docs from 3 months ago and I made my 3 trial payments for the Fannie Mae Streamlined Program. This was introduced by Fannie 4 months before Obama's plan was rolled out and it's basically the same and involves the 3 trial payments, income info and hardship letter. Aurora received my last payment last week and a lady who said she works with the Aurora rep that I was dealing with, called me to say Fannie Mae approved the loan. She said I'm all set, but that I wouldn't be receiving back anything in writing. I thought they would sign and send me back a copy of the original docs that I had signed. ***; maybe I'm worried about nothing but do you know if this is right and with Obama's plan or Streamline plan; the borrower is just given a verbal approval without receiving anything back in writing that's signed by Aurora? Also ***; someone drove by my house last week and took some pictures. Do you know why they took pictures and if that's good or bad? Thanx for any help. I'll keep people posted here on loan mod attempt since maybe I'm one of the earlier people completing a 3 month trial plan.

[Moe Bedard]

unfortunately..............these are questions that you would need to ask of ALS...........

The MHA modification program took the place of the FannieMae streamlined modification...........so they should be following these guidelines............
https://www.efanniemae.com/sf/guides.../2009/0905.pdf

[RetroBoats]

Could you go directly to Fannie Mae and ask ??

[Walking Away]

***; I read the guidelines from the link you posted and it says the borrowers need to sign and send back docs, but I didn't see anywhere that it said the lenders need to also sign and send a copy back to the borrowers. So maybe it's optional for the lender. I thought there might be a specific rule set by Fannie and Freddie and if there was; that you'd be the person to ask. I did what you said and called Aurora and the rep explained that with a loan modification, there doesn't need to be anything signed and sent back to borrower because he said it's not a new loan, but just new terms. He said Aurora keeps 1 copy and sends the other to Fannie. Also, like you said; he said that Fannie has ended the streamline and is using the Obama plan, but he said that my mod is based on the 38% streamline and it's not the 31% Obama plan. He said the advantage to doing 38% streamline for me is that I'm just a few weeks from finalizing this instead of redoing the whole process. Also he said that if I ever had hardship again; I'd have the option of doing the Obama plan. He looked through all the underwriters notes and he said it shows that Fannie gave approval so upon me making my June 1st payment; I'll be all set with new modified loan. He said upon receipt of June 1st payment; the website will update with new info and I'll have access again to make web payments and the statements will reflect all the new terms. Hopefully you can move me to your success story section in early June. Also, I read an article from the Denver Post.com site that Aurora is receiving a lot of government money this month; like $980 million to modify many bad loans; so I'm cautiously optimistic that many of us with Aurora will have our homes saved

[Walking Away]

Hey Retro; I called Fannie Mae, but the call center can't help with much. They have me on waiting list to get a call back from their Washington D.C. center, where their upper level reps return calls. It's about a 1-2 week waiting list. So for now I'll hope everything's on the level. I think it is. I'll know for sure in about 3 weeks or so. I think this will finally work.......I hope.

[Walking Away]

Hey ***, Retro and all other Aurora hopefuls who I've been in contact with through Loansafe since November: It looks like my loan mod is finalized and everything's good. You can move me into the success section, ***; this nightmare is finally over for me. ***; you basically saved me my home. I'm extremely appreciative and thank you so much. I had absolutely no chance of saving my home without your 8 months of help and this site.

I also appreciate the help and advice I received from other Aurora borrowers here and I hope I can help some I've conversed with. As you guys near the end of the trial payments; even then it's a slow, slow process; even when all the trial payments are made and the torture should be over it'll carry on a bit more. The past 2 weeks; almost everyday since they got my last trial payment; the Aurora website has made maybe 1 new change on my account each day, but now it's complete with the new lower rate, the escrow straightened out and the new balance matching the loan docs. Everything matches up to the original loan docs and after waiting 65 minutes to talk to someone today; my June payment is set now and recorded on website from suspense account and the other $7,000 in suspense has been applied to principle, interest and escrow which I owed $4,000 on.

To Moe Bedard; a huge thank you for getting this site going and for keeping it going. I can only imagine the dark forces out there that you must deal with. I hope you keep the site going--Main Street Americans need you more than ever. I was absolutely certain to just walk away after being denied twice for loan mods after successful completion of repayment plans, but Moe; I gave your site a try 8 months ago and finally my home is saved.

Of course a huge, huge thank you; to you ***; for all of your immediate responses; each time I ran into problems. And there was a bundle of problems I had that you helped with me the past 8 months. Since November you've been there each time I was at a loss.

I don't see any links for donations, but if it helps Loansafe; I'd be happy to stick around for a bit and converse with other Aurora borrowers. Hey ***, I don't know if you remember with all the people you help, but you pushed me to ask Aurora for the Fannie Mae Streamline Program instead of the program that they had offered me back in December and that's what ultimately convinced me to fight on. Anyway, Retro, Brokermama, Jah, Auroraproblem, Marin, overallthisbs and other Aurora folks I'm probably forgetting-- you guys helped me along the way and a big thanx to all of you guys and gals as well. If I can help anyone with Aurora; I'll try

[baileys dad]

That's great news, Walking....best of luck to you..

[Walking Away]

Thanx Baileys Dad. Best of luck to you also--I hope your mod works out--keep fighting

[Moe Bedard]

A BIG Congratulations to YOU!!!!!!

You never gave up, you fought hard and won, and you are a true inspiration to members going through the process...............especially with Aurora.........

[Walking Away]

Thanx ***. I'd imagine you've seen it all and then some in real estate industry, but you're right-- my Aurora fight was absolutely brutal. But what a great feeling seeing the new lowered rate on the website and the new lowered payment amount. It makes it worth the fight and finally I can have a life again. I hope others here don't have to fight as much with new Obama plan making things easier for people. It sure would make your job easier I would think. Thanx again ***!

[brokemama]

YEAH!!!! Walking, you have walked the walk and fought the fight and WON. I am so very happy for you and finally to have another Aurora success is truly heartwarming. Enjoy your more affordable home and thank you for sharing your success. I know that many others will have a renewed sense of hope in dealing with ALS. Best of luck to you in the future!

[snapple candy]

Walking congrats on your final modification!!!!!

What were your final terms you received? Any principal forbearance?

[Walking Away]

Thanz Brokemama. Much appreciated. You were the first borrower I had seen modified by Aurora. That gave me a bit of hope, but I remained skeptical until the end. I hope you and your daughter are doing well and your new payments are also affordable. And that Florida real estate is slowly picking up. There must be some great deals in Florida now. I heard that some servicers are finally moving a bit quicker on short sales so I hope that also helps you. Thanx again for the congrats and your support.