Comment

Comment by Jean Beymer on August 2, 2010 at 12:25pm

I need an updated approval letter. I had an approval letter. Then seller filed BK.
We had to wait for the trustee to release(abandon) the property so it can be legally closed. We have all the documents we need and escrow is ready to close. I have an update letter from the 2nd (BofA).
We just need the updated approval letter from the first (Aurora). They just keep telling us that it is under review....we have been waiting two weeks. We need to close.

Anyone have a phone number in upper upper management??

Comment by Barbara A. Hill on August 2, 2010 at 10:39am

Aurora ~ There is just one thing to say, Horrific!

Comment by Sharon Horne-Ellstrom on August 2, 2010 at 7:07am

I chose not to comment on this "servicer" for it will surely show the depths of my frustration and lack of trust in them. Their lack of integrity and incompetence knows no bounds. I will share the details of my 'story' when it finally concludes...started in August of 2008!!!

Comment by Ben Benita on August 2, 2010 at 3:41am

90 days listed for DIL is very common.....remember, DIL is actually WORSE for them than a short sale b/c they still get stuck with the property....the ivnestor wants tos ee that at least an effort was made to sell

What we do - ask Aurora for a "listing recommendation based on THEIR value"....9 times out 10 they will not tell you....document who you spoke with, when, and at what phone number whenyou make this call.

ASSUMING your Seller truly just wants out, we suggest listing the home maybe 5% - 10% over current market value for 2 reasons:

1 - it appeases the dummies at teh bank
and
2 - it will GREATLY minimize foot traffic and hassles for your Seller.

At the end of 90 days, submit the DIL form and a copy of the listing showing 90 DOM. If questioned abuot value, note you TRIED to get a valuation from them and were unable to do so.

you can also achieve the above by listing at market value, BUT, with a 1 hour per week vieiwing time, i.e.,

home available for showing Sundays only 1PM - 2PM


again, to appesae the "geniuses".....

I also heard last week a homeowner in my area was PAID to do a DIL....have yet to hook up with the attorney that got this done and get details, but, will tell you what I learn when I am able to track him down.

i believe it was similar to cash for keys....he got the DIL done with a payment to the Homeowners in exchange for them NOT trashing the property......

Comment by Kris Lindahl on August 1, 2010 at 1:50pm

I have one listed right now in the same situation. They claim they will still do the short sale. I will go through the process and see what happens. Why would Aurora require it to be on the market for 90 days? Stay Tuned!

Comment by Kent Dills on July 18, 2010 at 4:36am

Judy, I've heard of this but my understanding is that if you get an acceptable short sale offer within the 3 months listing time the will work/accept the short sale.

Comment by Ben Benita on June 27, 2010 at 1:25am

no suprrise here with the horror stories....guys, remember these 2 things:

Aurora is a loan "servicer", they get paid to Service these notes (asend statemetns, handle phone calls, blah blah blah.....they have ZERO ZILCH NADA incentive to get short sales done, particularly get them done quickly....as soon as your short sale is closed, they no longer get paid servicing fees.

BEST THING TO REMEMBER -- pretned this is your mother's house (assuming of course you still love mom), FIGHT FIGHT FIGHT for your client, take no prisoners and raise as much fuss as possible when your short sale begins to drag on.....

Comment by Anna Boyd on June 26, 2010 at 3:48am

Closed June 10 on an Aurora short sale that started January 22. Absolutely straight forward sale, no blips, nothing. Just took a long time for no reason.

Comment by senthil swamy on June 8, 2010 at 5:18am

How long did it take for the loan to be approved after the BPO was ordered. I'm a buyer and the BPO was ordered 4 weeks back and I'm asked to wait for another 6 weeks.

Comment by Andrew Capua on May 30, 2010 at 1:50pm

Just closed on my house which was a short sale with Aurora. Took about 5 months from offer to close. Aurora did "lose" paperwork and dragged their feet a little but in the end it all worked out. Just be prepared to wait!

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