Comment

Comment by Sharon Glick on November 17, 2010 at 4:17am

Our Seller has not paid her HOA fees and now we discovered they owe more
than we projected for in the HUD1. We are trying to get Aurora to pick up
at least half of it to make the deal work, but not getting through. Any suggestions?

Comment by Wendy Rulnick on November 13, 2010 at 6:25am

To add to my Aurora rental income verification drama below.... After sending Aurora the property management statements for two months showing a RENTAL LOSS, they state that is still not "proof" of rental income. The phone rep simply could not understand vacation rental properties. She wanted signed leases for the tenants. I explained the tenants are just two-day renters who rent directly from the vacation rental company, not my seller. He does not sign leases with them. They insisted they needed to see that, totally disregarding the formal and detailed statements from the company showing my seller owed them money for management. I think they need a total personnel change at Aurora. They used to be easy :)

Comment by Joseph G. Altman on November 12, 2010 at 2:18am

I am happy to be a member.
Joe

Comment by Wendy Rulnick on October 28, 2010 at 6:16am

Aurora is a load of laughs re: rental income verification. Here is what they want now: Aurora needs to see the actual bank statement deposit of rental income (they want to have a physical bank statement with a circle around any deposits of rental income funds for this property). If he did not have any income, he has to write a letter of explanation that basically states “we did not receive any rental income for this property this month” and include a copy of the rental agency’s statement.

Comment by Wendy Rulnick on October 28, 2010 at 6:02am

New link to Aurora Loan forms here https://www.myauroraloan.com/ui/fprc/forms.aspx Servicers more and more want their own financial worksheets filled out.

Comment by Tonia on October 27, 2010 at 8:40am

I am in the process of the HAFA short sale. I've submitted all the required docs. We need to relocate due to the progression of my illness, multiple sclerosis, and I included all the info necessary to back up my medical condition as well as financial hardship. I finally got an offer&notified Aurora. The buyer is doing a cash out transaction and there won't be an issue of securing funds. Aurora had me fax them the HUD, offer and purchase agreement to assign me to an underwritter. We haven't been approved for HAFA yet but they are sending their appraiser anyway. The buyers want a quick closing date and said that 12/01/10 is the date. Is there any possibility that Aurora will do it by then? I am afraid I will lose the buyer if they take longer.

Comment by Ernie Gonzales on October 27, 2010 at 7:30am

Have a sale date for tomorrow and bank will not postpone. ANY SUGGESTIONS????

Comment by Val B on October 19, 2010 at 12:37pm

Jeff: Thanks for the info. So then it seems that Aurora cancels the debt in every instance as that wording is in every single approval letter I have seen.

Comment by Jeff Payne on October 19, 2010 at 4:44am

Val B, if they issue a 1099C, that cancels the debt. It is my belief and understanding that they can not do both. they can pursue a deficiency or cancel the debt but not both. Of course others may interpret it a different way

Comment by Val B on October 19, 2010 at 4:42am

Hello everyone, I have a questions about Aurora short sales and promissory notes/deficiencies. How often are you seeing Aurora asking for a promissory note?

We are in the process of doing a short sale (sellers) and are concerned about this.
Aurora holds the first mortgage and there is no second on the home.

All the sample Aurora approval letters online have the same verbiage in them, that they will send a 1099-C, that they will release the mortgage on public records, and that they will report to the credit bureaus as "PAID IN FULL FOR LESS THAN THE FULL BALANCE." Of the dozen or so sample letters I've looked at, non have stated anything about a promissory note or deficiency. Here is one example: http://www.360groupaz.com/pdf/aurora.pdf

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