Comment

Comment by Cathy McAlister on February 25, 2011 at 7:41am

Thank you for the updates.  I will check back later and advise on ultimate solutions.

Appreciate the information.

Comment by Angie Branco on February 24, 2011 at 1:31pm

Cathy, They didn't have an issue with the fact that it was coming from somewhere else.

Comment by Myra McCaskill on February 24, 2011 at 11:49am

Cathy,

This is very common with Aurora to ask for cash contributions.  The most recent one they asked the seller make a $4,000 cash contribution.  The seller refused to make the cash contribution.  We told the buyer's and they agreed to pay for the $4,000 by raising their offer by the $4,000 so that Aurora would get their required net proceeds.  We presented the higher offer with the fact that their would be no cash contribution from the seller and they approved it, as long as they got their required net proceeds.

Comment by Cathy McAlister on February 24, 2011 at 11:29am

Thank you Angie for the feedback.  Question?  Did you have any resistance from Aurora for the fact that the seller was not the actual contributor?

Comment by Angie Branco on February 24, 2011 at 11:18am

Cathy, I think this is very common with Aurora. We had a short sale going on with them for over a year. We had 2 seperate approvals with different buyers. Both time they were requesting cash fromt he sellers and would not budge. We even had the seller provide proof that they could not contribute and that still wasn't enough. The buyer and buyer's agent ended up having to kick in some money to cover the contribution.

Comment by Cathy McAlister on February 24, 2011 at 10:59am

We have received two approval letters from Aurora in the last week on separate transactions.  Both properties are in California and are purchase money loans.  Aurora has requested $8,000 and $10,000 cash contributions from the seller's in each case.    Both of these amounts puts the total acquisition value beyond what we believe the properties are worth.  Both seller's have refused those amounts, but we have floated proposals where the buyer's are willing to increase their purchase amounts to cover about half the difference.   Waiting to learn the outcome.    Curious what results others have achieved with Aurora on cash contributions.

Comment by Kristin D Smith on February 24, 2011 at 9:29am

Has anyone used an "Ebony" as an underwriter?  My file was submitted to her last Friday and no notes have been made as of yet.  We are still under review.  Does anyone have contact info for her?  Thanks so much!!!

Comment by Gael Adair Grove, CDPE/SFR/ePro on February 13, 2011 at 6:29am

Richtel, Julie <[email protected]> has bee GREAT for me after my Aurora troubles!! email her!

Comment by Angie Branco on February 11, 2011 at 8:49am

Does anyone have a contact for Aurora's REO department?

Comment by Diana Gorsiski on January 28, 2011 at 1:03pm

I know you've probably answered this before, but I can't see it...

I need HELP ASAP. Aurora won't acknowledge our fax (confirmed sent) of short sale offer sent last week. Sent again but they need 2 days to upload and as of today 1/28, they say they don't have the appropriate time of 7 days to postpone sale date of 2/8 even if they got it today. Meanwhile they sent another BPO out on 1/23. Tried the escalation department, but everyone just says "tough luck" going to foreclosure. This is after 10 months of trying HAFA, being denied and then getting assigned TS date a week after the decline even when they said we could do a conventional short sale. Sorry if I'm rambling, but it's been very frustrating. Any advise?

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