Comment

Comment by Val B on November 24, 2010 at 7:35am

I've been checking the online status on a daily basis and have found it to either be inaccurate or late in updating the information. I have seen where it says a foreclosure date is set and the date has already passed and the foreclosure is in fact on hold. I've also seen it say that they have received all paperwork and the file is being reviewed, only to call and be told it has been denied and the website updating the status 2-3 days later.

Comment by Sam Hague on November 24, 2010 at 6:18am

Interesting happening this morning, during a conversation with Aurora regarging a HAFA application, was informed that file open, seems complete, etc, also, specifically that the Foreclosure was on HOLD and that an answer to HAFA app could be expected by a date that is 30 days after file opened (60 for non HAFA). That is all well and good, moving right along. However, Aurora also advises that agents and borrowers can log in to their check 'Foreclsoure Alterntive
Option Status' site at https://www.myauroraloan.com/HRG/Status/. The 'On Hold' recordings actually say the site is the same information as the customer service reps have...so because I am A) slightly anal B) thorough C) interested in anything that gives me good info without using the phone and D) Curious, I logged in as an agent and what do I find??? an Incorrect date on timeframe for Document review AND a scheduled Foreclosure sale on 11/27 (today is 11/24)

A quick check of the county sheriff sale site, and consult with the attorney providing FC defense confirms that there is no sale, but this was an eye opener. Has anyone else been using the online update feature?
I keep my seller's and the buyers agent updated weekly, but I hate to think if my sellers logged in and got this info before I did. I am inclined to chalk it up to just one more thing to be aware of, but I thought I'd share it here as well. Happy Thanksgiving to all!

Comment by Phil Rowley on November 24, 2010 at 5:37am

I am a buyers agent for a pending short sale with who I believe is Aurora. I only know because of an email chain the listing agent forward to me. Anyways the deal was accepted by all parties, July 24th. The listing agent has been unresponsive to me, does not return my emails or voicemails. The last I spoke with her about 6 weeks ago, she told me the last bpo was done, but that they needed to change her clients name on the contract. Anyways we are now in month 5. Is this typical for Aurora to take this long. I am closing on a Citi Bank short sale in December that took Citi Bank less than 2 weeks to approve. Does anyone know who I can contact at Aurora who would even talk to me about this cause trying to get a hold of the listing agent is basically not an option.

Comment by Val B on November 20, 2010 at 9:10am

Were you able to find out what the BPO came back at? How close was your client's offer to the BPO?

Comment by Brigitte Mueller on November 19, 2010 at 8:36am

Val: Aurora did counter to our buyer with the higher price, but it was over fair market value and what it would actually appraise for. I get the feeling that Aurora wanted the property back.

Not to discourage you....as I have had Aurora short sales go thru successfully in the past.

Comment by Val B on November 19, 2010 at 8:32am

Brigitte: Did they allow the buyer to make another offer or was it denied and instantly sent to foreclosure?

We are selling our house as a short sale and have a buyer but if they offer it too low, we'd like some time to get a new offer or find a new buyer.

Comment by Brigitte Mueller on November 19, 2010 at 5:16am

Val....it was rejected because we could not meet their net amount, yet they sold it at action for less than our net. Go figure.

Comment by Val B on November 18, 2010 at 6:50pm

@ Brigitte Mueller: What was the reason they did not accept the short sale?

Comment by Brigitte Mueller on November 18, 2010 at 12:51pm

Hi Everyone,

I just had a short sale that was not accepted by Aurora. The net amount they were wanting was actually lower than the opening bid at auction and it went into foreclosure on Friday.

I have not dealt with Aurora in a cash for keys scenario. Has anyone been successful in getting cash for keys from Aurora?

I should also mention that my client received a letter today (3 days after the trustee sale) from an attorney representing Aurora. The letter told my clients to immediately vacate the property or risk getting locked out.

I thought there was a timeframe that was given to clients for move out...not 24 hours !

Any thoughts? Comments?

Comment by Malcolm McLean on November 17, 2010 at 9:55am

@ Wendy - Aurora is a doozie to deal with!

I recently tried to modify an SBA commercial loan - but we were refused access with the underwriter and had to deal with a 'buffer' (my word LOL) who never answered the phone.

Here is the response we got after 9 months of dealing with them :

"Unfortunately the loan modification request has been denied. The Credit Officer has sent out a declination letter. After reviewing the file he concluded there wasn’t evidence the business was going to recover. There is just too much to overcome at this point.

Juan, I will call you tomorrow to discuss your options. It will ultimately come down to gathering funds to either reinstate or start a forbearance plan. I will work up some preliminary figures and reach out to you". Rusty Rish, Aurora Loan Services

So after requesting a mod to lower the payments - their response was ' lets talk about restarting the original payments - plus on top of that, a forbearance plan" which would have taken the payments to $10,000 + a month.

My client could not afford $7800 a month - how could he afford $10,000.!

Just got to laugh sometimes!

So we told them to take a long walk off a short plank, and waited for a sale date, then filed chapter 11 two days before as a single asset BK.

That was 6 months ago - we have had monthly BK Court hearings, twice monthly US Trustee meetings, and Aurora has never bothered to respond to the attorney, and hasn't shown up yet!

My client has not paid them in 21 months on a $1.2 million loan - has now secured the confidence of the BK Court - and in our next meeting December 2 - we are going to ask the court to cram down the lien, reduce the interest rate and extend the term.

I'll let you know what happens!

It's all a game!

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