- Report: #422198
Report - Rebuttal - Arbitrate
Complaint Review: Aurora Loan Services
Aurora Loan Services10350 Park Meadows Drive Littleton, Colorado U.S.A.
Aurora Loan Services ALS refusing to lower adjustable interest rate on April 1 as scheduled according to Note Littleton Colorado
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First, they tell you that you must be late on payments before they will look at any modification. Once you're late, they inform you that you must be current for 3 months before they'll look at a modification. Which is it? Who knows? One statement they did make was that they would raise my interest rate and put me into a principle and interest payment instead of an interest only. That increases the payment rather than reducing the payment.
Lastly (WATCH FOR THIS) - IF you have an adjustable, interest only loan based on the LIBOR, your interest rate may be adjusting to 3.875% in April. BUT, they are refusing to adjust the rate IF you are in arrears on your payment(s), even if you're current for 3 months. That condition(refusing to adjust your rate according to the terms of your Note) is not written anywhere in the Promissory Note that I can find. Is that legal?
Anyone with an adjustable loan needs to look at the terms of their Note. That could be a reduction of up to $600/mo in my case according to Aurora. Could anyone else out there appreciate a $600/mo reduction in payment?
This report was posted on Ripoff Report on 02/09/2009 07:07 PM and is a permanent record located here: http://www.ripoffreport.com/r/Aurora-Loan-Services/Littleton-Colorado-80124/Aurora-Loan-Services-ALS-refusing-to-lower-adjustable-interest-rate-on-April-1-as-schedule-422198. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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