Aurora Loans Aurora Is A Rip Off Littletown Colorado

We took out our loan with GMAC in Jan 2007, later sold to Aurora. We used a scam brokerage firm out of L.A. (out of business now) They even gave us something in writing that our loan was fixed @ 4.5% for five years. Showed up at our door with with 85 pages of ever so confusing documents. We even got in writing that this was not a neg amort. loan. For two years we had a $1,500 a month neg. We ended up going on a $600K loan with a adj. Loan is at $650K now with second. 8% when we had a fixed 7% before refi. Notified GMAC legal depart. and they could care less. Contact CA. State Real Estates Depart., they could do nothing. We kept our payments current with Aurora using a loan mod company since last 2/1/09. Aurora has twice denied our loan mod. We doc. our retirement income at $6K a month. Loan is presently at 4.5% with a 11% cap. We are almost at our limit on allowable time for neg. amort. When rates go up we loose our home. We recently obtained a appraisal from the same service org. lender used. Appraisal came it at 200K less then total debt. We submitted recent appraisal and stopped making all loan payments 7/1/09. Informed lenders we are prepared to walk and just file bankruptcy without a loan mod. On FOX we found a Gov't. source for filing free for the Obama "Making Home Affordable". # is 1888995HOPE This is a structure to where loan payment is 31% of your income for 5 yrs. At about 5 yrs. payment goes up 1% a year, in the end the interest rate is under 5%. Do check this out folks. Most loan mod companies told us that we must stop making payments to get the lenders credit and loose our great credit rating.

Russell
Grass Valley, California
U.S.A.