Aurora Modification SUCCESS!!

[Walking Away]

Hi Snapple. Thanx. My final terms were 40 year fixed at 5.5% instead of 30 year fixed at 8.5%. My total payment is $1700 instead of $2200. I didn't get any principle reduction but my home is only a bit underwater because where I live is very stable and home values have stayed about the same the past 3 years. Only because of the missed payments being added to loan are my underwater maybe $10,000 or so. All I wanted all along was a reasonable rate so I could afford the home. I've followed your case, Snapple; I think you said your doing trial payments but aren't sure if it's worth it without principle reduction. I think foreclosures will continue to rise and the economy will worsen so I'm guessing for people like you there might be some principle reductions eventually. Too many people are walking away in the states hit hardest. Just my opinion but it probably makes sense for you to do the trial payments and hope later this summer that principle reductions become part of the solution

[brokemama]

You're most welcome, Walking. I was following your thread and praying that they would come through for you. That is a great saving each month. Mine has also been a lifeline and allows me to breathe. I'm not upside down only because I put down 40% when I bought the house, but I have lost all the equity. Real estate has definitely picked up but the short sales are a waste of time as lenders are still twiddling their thumbs with them. I don't show them at all but I have sold a few foreclosed properties recently and there are some great bargains out there. I'm glad to read of a second Aurora success and really do hope that there are many more. Your success made my day!

[yeswecan]

Walking,

Did you need to re-submit your financials after your 3 trial payments?? Aurora is insisting that we re-submit the entire loan modification package!

June 1 was our last trial payment. On Friday, the customer service person from ALS said to me, and I quote, "We are not going to go back and look for your old documents. We are way to busy to do that." So it seems like we should change things around a bit on the financials to what they want to see, and not worry about what we had submitted in the past (that they denied)?

Any thoughts? Did you get an expert to look at your package before you sent it the 3rd time? (if I am reading your story right?) THanks for any and all advice, other Aurora folks.

[Walking Away]

Yeswecan; my process was a bit different because I wasn't asked to resend financials after I had made my third trial payment I made my third and they said I'm all set--just to wait a few weks for website toslowly update. I had sent in financials twice though. Once was for pre approval and then the second time was when I sent my 1st trial payment. Here's my process if it helps; maybe what they want is 2 sets of financials with similiar numbers(assuming the first set was numbers they liked). In late November; after getting denied from 2 different loan mod attempts; I was told to resend hardship and resend financials and that they would review it. In late January an underwriter called me and said I was approved for a 3 month trial loan mod and that I would get a package Fed ex. This was very similiar program to Obamas. The package arrived early March. I signed, notarized and sent back in and included my first trial payment; plus a hardship letter and financials. I had an accountant help me with financial profit and loss and income and expense. My financials sent in for the March trial package were very close to my financials from late November when I applied(I worked about the same number of hours and had similiar expenses). After making the 3 trial payments I was told I did not have to resend anything and that I was all set if I made 1 more trial payment. So for me; I sent in 2 sets of financials that had almost the same numbers: One was in late November which was used to pre-approve me for the 3 month trial and the other financials were set in when I first began the 3 month trial. I hope this helps. Yeswecan; did you send in financials with your first trial payment?