Comment

Comment by Julie Finch on April 23, 2010 at 12:11pm

How is Aurora working SS in deficiency states. If borrower offers to pay a promissory note are they accepting this? Also, what $ amounts are you typically seeing on the notes? This is for a second home, negative amortization loan. Will Aurora process a short sale while borrowers are current? Thank you!

Comment by Wendy Rulnick on April 23, 2010 at 11:44am

Karyl - That is a horrid experience. I had one like that with HSBC and PHH!!! But, overall, I can deal with Aurora ok.

Comment by Karyl Moore on April 23, 2010 at 10:02am

I agree. The worst experience I ever had was with Aurora. We had a cash Buyer and an approved price. We were given three business days to get a signed addendum to them - turned out the third day was a Monday holiday. I started faxing and calling and e-mailing them on Monday and continued thru Tuesday. They foreclosed at 10:00 am that Tuesday morning. I had to call my Borrowers, a family with two young children, and tell them their home had been foreclosed. That was about the worst day I've had in my 28 years of real estate.

Comment by Matha Lewis on April 23, 2010 at 9:05am

Aurora is one of the worst if it's not the worst for SS. Period.

Comment by Jean Beymer on April 22, 2010 at 9:20am

We just backed out of a deal that had been submitted in December 09. It had been approved by Aurora in November '09. Offered the same deal but all cash at closing!

The negotiator was fairly easy to get a hold of. Just kept asking for more seller financials. None were ever good enough. Just wanted a simple in and out balance sheet. Then wanted one done by an accountant. The seller is really underwater and it shows on the statements.

Last week we asked for an update and received a message saying he was out of the office for 10 days and would return emails in the order that he received them.

The buyers walked out and bought another house - better house- for less money and a 7 day close.

Aurora is their own worst enemy.

Comment by Andrew Capua on April 21, 2010 at 2:05am

Once Aurora request a HUD 1 form, how long does it take to approve the deal?

thanks!

Comment by Juan Reyes on April 9, 2010 at 4:36pm

To Andrew Capua,

I always have my sellers sign a 3rd party authorization so that I can talk to the lender. I also advice my sellers that if the lender contacts them for anything that has to do with the short sale to tell them that they have my info on file and to communicate thru me.

Comment by Justin Berry on April 9, 2010 at 7:29am

Judy Wang: I have had this happen a couple times. Send your entire appraisal to Aurora and tell them you are willing to pay "full price" It should sail though.....

Comment by Judy Wang on April 9, 2010 at 7:08am

Hi,
After almost one year waiting, I got aurora approval letter. Aurora requested us to close before April 26. But recently, the appraisal value from my lender is far less than the purchase price. Aurora' s BPO (Dec 2009) is 620000. The Approval price is 520000. The appraisal value from my lender is 465000. I like the house, that is why I waited for one year. Now what should I do? If I ask aurora to reduce the price, then short sale process will start again? Anyone has suggestion?
Thanks,

Comment by Andrew Capua on April 9, 2010 at 5:14am

Hi, I have been going through the SS process since Jan. 4 with Aurora. I am the buyer. They originally told us April and they are now saying mid-May or June. Starting to get discouraged and that time frame is close to me losing out on the $8K tax credit. Anyways, my main questions is...should the seller be the one contacting Aurora? Or the sellers agent? It doesn't seem like the sellers agent is doing her job and she is letting the seller talk to Aurora and then report back to her/me. Any thoughts?

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