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Comment by Norene Williams on September 15, 2011 at 5:29am

BPO was done on 6/10 and we received a counter from Aurora on 6/21.  Countereed back and received approval letter  on 8/1 but I had to call the "executive department" to get it done.  On July 28 they asked for a contract extension so I sent it and they tried to tell me that the name on the extension was different from the original contract so they were closing the file.  Fortunately I had sent the extension to the executive to forward to the negotiator and he is the one who sent me the email stating that the negotiator was closing the file due to the name change.  So I immediately shot an email back to him saying wtf? they were the same names.  He apologized and I got the approval the next day.  Scheduled to close today and title company sent the HUD for approval and the negotiator is no longer(wonder why) there and we needed to get assigned to a new negotiator so we are now scrambling to get the HUD approved by someone so we can close.

Comment by SSbuyer on September 14, 2011 at 10:13am

Just wondering if I can get some idea how long it generally takes to get word from Aurora once BPO is done.  We've had an offer pending since early June, had to sit while the buyer went through HAFA (apparently approved) and just learned BPO to be done this week.  There's no second lender, but there is MI.  I have no idea who the investor is -- the seller's reps won't even tell us if there IS an investor, much less who.

 

I know that a lot depends on who the investor/MI are (and I can't help but think that since this is apparently now HAFA, there's going to be some issue with MI), but if I could even get an idea of the range of how long it's taken, it would help.  If no one hears sooner than a month, there's no point in us getting too hopeful at this point.

Thanks.

Comment by Tonia on June 26, 2011 at 12:30pm

The dust has settled so I have a minute to post
6/28/10  I faxed over my application to Aurora for HAFA short sale. The rollercoster ride began! I spoke to them daily. I sent about 1 million faxes of information (usually of info I had already sent to them yet they can't find!!!). They sent an appraiser. We had a 100%cash offer of $465,000 and  their appraisal was for $445,00.00. Aurora is way too slow on approving anything so I lost the buyer! Back to square one of showing the house and crossing my fingers that I get another financially sound  buyer and Aurora approves me in time! Well, it was February and we are in the tri-state area of Manhattan. It wad a very snowy winter! I had to have the tons of snow plowed all around the outsidsound and all the walkways so a buyer could look around. In march I received another offer. They sent for ANOTHER appraisal. This appraisal came in lower at $415,000.00. Housing market is so poor here so I have no idea how but apparently the housing market had gotten even worse in the new year.  The buyer offered $435,000.00. We stipulated that the buyer pay for the C of O, title search, water&fire inspection and so on. This was an as is purchase. 
On May 4,2011 we signed or closing papers of which stated that aurora will pay;
~ $4,000.00 in property taxes that weren't paid since 11/1/10  (yes,  that is the correct amount! If you live outside of the tri-state NY/NJ area you make fun of those of us who actually pay $16,000.00 annually just in property taxes! And my house wasn't a mansion at all!!!)
~almost $5,000.00 in closing fees for the attorney 
~around $20,000.00, 5% realtor commission ... all of which I should have gotten for the endless daily lists of new requirements they wanted! I did it all not the realator! She smiled and showed people around! Aurora said it must be listed with a licensed realtor so I did it! It's done so I don't care!

~$1,500.00 (about )for all the the recording fees, state and federal fees

We were done!!!!!! We did it! Then a week later we received an envelope from our attorney. We knew the nightmare couldn't possibly be over. But, It was a check from aurora for $3000.00 for the relocation help!

HANG IN THERE! STAY ON TOP OF EVERYONE DAILY! If you get the run around say thank you for your help and good bye. Call right back and try it again until you can speak to someone who can help!!!!

Comment by Norene Williams on June 26, 2011 at 10:52am

Follow up to my 6/16 post.  So it didn't take 45 days as they stated.  They called me on 6/21 with a counter offer  of $25k more than the offer which is $25k more than the approval I had in January.  Are they nuts???  Property values have not gone up in the past 5 months!!  They said I had 48 hours to respond or they will close the account.  I have countered at the original offer and am trying to contest the value by sending them comps of the sold homes in the area.

Is there another person or department I should be talking to there?  They are not in the least bit helpful and are very angry and rude. 

 

Comment by Norene Williams on June 16, 2011 at 8:39am

I submitted a file to Aurora 12/1/10, additinal info that they requested on 12/10/10 and more additional info on 1/3/11.  I received an approval letter on 1/13/11 stating closing must be completed by 3/14/11.  I was shocked at how fast it went.  However, the buyers walked.  Got a new contract to Aurora for same price on 4/22 and made sure that all the additional info that they had requested before was there.  After calling every few days, I was told on 5/16 that they had full package and it was sent to underwriting(?) and I would have an answer no later than 6/16.  Called every week to check status and on 6/14, I was told that because seller had scratched out the account numbers on the bank statements, they would need new bank statements and it would now need a minimum of 45 days before they would even be looking at the package.  No one would give me the name of a supervisor or a number to call and everyone I spoke to would not even give me teir last name.  I called and asked to speak to the escalation department and spoke to a lady there who would also not give me her last name and she doesn't know why I would have gotten an approval so fast last time but this is how long it takes.  Any suggestions??  Any one have a contact name or number?

Comment by Stephen Shafer on June 1, 2011 at 3:55am

Aurora is the worst lender to deal with and incredibly slow. I submitted a file in Mar. and it did not get to an underwriter until May 13. I was told this am it would take 60 days to get an answer on the deal.

Comment by Tonia on April 13, 2011 at 3:39pm

Terry, if there is anyone who can relate it is me! I am 37&was diagnosed with Multiple Sclerosis for 15 years. It has progressed and I'm sure the SS stress didn't help! I have an amazing husband, family, friends and precious 7year old son so I was blessed in many other ways! I think putting it in the hands of a higher power is the right thing to do! BTW...I used the "MS card" to help move things along. I'm not at peace w/having MS but it was an unbelievable help when I needed things done. Use the woman's poor health. They may speed things up. I don't feel bad using illness. I live every day with my disease so if I can throw "MS car a good reason

Comment by Terry Parrish on April 13, 2011 at 2:50pm

Wow, Tonia, thank you for the feedback -  will hang in there, however don't know if the Buyer will - or the Seller - she's been diagnosed with lymphoma carcinoma, is going through chemo, and he is working when he can at construction sites - barely.

I'll lift this one to power greater than the Lender - and keep on calling them.

Comment by Tonia on April 13, 2011 at 1:04pm

Terry, I know first hand how insane this can make you. I would speak with a representative, hang up, call back and was given a completely different answer! Or they requested I fax them information that I know for a fact that I had faxed already. The best is when you ask them to check to make sure the recieved what they need and they tell you that you have to wait 48-72 hours for it to be scanned into their system. I started my HAFA SS process on 8/28/10. After a total of 142 pages faxed to them and non stop calls to them and many many sleepless nights we are closing at the end of April. Hang in there!

Comment by Terry Parrish on April 13, 2011 at 12:20pm

Does anyone have a supervisor contact in the SS Dept.? Iam a little frustrated with Aurora at this moment.  Call them a few times a week to check status on a HAFA SS I am trying to get approved.  The last requirement was proof of Buyer's funds - I sent - AGAIN - verified they had AGAIN - today they tell me AGAIN, they don't have and the file hasn't been assigned for review YET - I was told on 4/1 it was assigned - I have been on hold for over 10 minutes, waiting for a Supervisor to be located so that I can find out what the heck is going on with this file! Okay, rep just came back on, they are short staffed today and she cannot find a supervisor. I told her I would try back again tomorrow.  Arghhh!  This used to be a fun business.

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