Comment

Comment by Paola Martinsen on December 21, 2011 at 9:33am

Does anybody know if Aurora has a social media group like Facebook or Twitter?

Comment by Thom Colby CA Brkr 888-391-5245 on December 20, 2011 at 6:36am

Folks -

 

This is where all Realtors (outside of California) need to get involved and contact your state representatives to get a bill on the books for your State that does not allow deficiency on approved short sales.

 

Google: SB458 and also SB931 California. 

 

In CA, the lenders have two choices;

1) decline the short sale;

2) approve the short sale with no deficiency on any of the loans.

 

Best of luck,

Thom Colby

Broker / Negotiator

Palm Desert & Newport Beach CA

 

 

Comment by Matthew Miner on December 20, 2011 at 6:26am

Aurora does not seem interested in actually short selling properties. We sold a property in Mukilteo WA for $30K over the comparable homes in the neighborhood. My seller agreed to contribute and Aurora is getting a GREAT deal considering this is a short sale.

 

I received the approval letter from Aurora, which was silent concerning the deficiency waiver. I told the negotiator Josh Connelly from the beginning that we need a deficiency waiver from Aurora if they want us to participate in a short sale with them. We negotiated back and forth four times on price, closing costs, and contribution. All that work and Aurora did not waive deficiency. I ended up escalating the call and spoke to a nice manager who said after October21, 2010 Aurora ceased including deficiency language in approval letters because they got in trouble with one of their investors. He told me that Aurora would be leaving deficiency pursuits up to the investor or state laws. The letter is purposefully deceiving and allows Aurora to sell the debt after closing the short sale.

 

As I’m sure most of you know there are very few state laws protecting home owners from deficiencies do to short sales. Many states have are non-recourse but that only applies to a foreclosure. Of course I can’t advise my client to close with the letter as written and I want you all to know that Aurora will not change their letters. I’ve spoke to other negotiators, lawyers and did research online. I cannot find one letter with deficiencies waived after October 21, 2011. You all may want to think twice about conducting a short sale with Aurora if you live in a non-recourse state as I do.

Comment by Sara Mehrpouyan Los Angeles CDPE on December 19, 2011 at 11:05am

I am having a very tough time with Aurora Short Sale right now because their appraisal came in TOO high. Already tried the executive phone and she was rude. Practically said to let the property foreclose. Anyone have ANY escalation contacts? Please email me [email protected] Thanks so much

Comment by Duretta Lorang on December 16, 2011 at 9:09am

Yahoo!  the Executive Complaint Department person I spoke to took this challenge on.  In two days, I had a contract from the bank.  They did deny HAFA, but immediately issues a traditional short sale approval.  Amazing.  This process had taken from Aug. to Dec 5th for the denial, then a week for my pursuing answers, to approval on the 15h.  Just want you all to know it is possible, and the complaint department was most valuable when there was a valid complaint.

Comment by Catherine Myers on December 14, 2011 at 8:58am

Yah, except that the underwriter has submitted a HUD form 54114, called "Direct Endorsement Underwriter/HUD Reviewer Analysis of Appraisal Report."  So I assumed this would stay attached to the FHA case number even if this buyer went away.  I could be wrong though.

Comment by Jeff Payne on December 14, 2011 at 7:48am

Possibly but it looks like the lenders underwriter is your issue, not FHA.

Comment by Catherine Myers on December 14, 2011 at 7:19am

Thanks Jeff.  Yes, this buyer's loan has been a nightmare from start to finish.  Is it true that an FHA appraisal and case number will stay attached to this file even if it does not complete?

Comment by Jeff Payne on December 14, 2011 at 6:53am

Another thing I want to add.... Find a lender who KNOWS their underwriter and who can actually speak to their underwriter.  I no longer will deal with any lender who has an underwriter that is in another state and does not have regular communication with the underwriter.

 

Comment by Jeff Payne on December 14, 2011 at 6:52am

Catherine, I don't like the last minute curveballs!  I would find a new lender for the buyer ASAP!  Don't try to fix it, just find a lender who actually wants to lend money to your buyer. 

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