Complaint Review: Aurora Loans - Internet
- Aurora Loans Internet United States of America
- Phone: 800-550-0508
- Web: www.myauroraloan.com
- Category: Real Estate Services
Aurora Loans Lehman Brothers Refused to refinance an Interest only loan 2 years ago, Refused Short Sale, Refused Deed In Lieu of Foreclosure Internet
*Consumer Comment: sometimes
*Consumer Comment: Well
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4 years ago I signed an Interest Only note for a condo as an investment. After 3 years the note had provisions to refinance. Applied for refinance. Denied. 6 months later applied again. Denied. Put the condo on the market. Real Estate collapsed. Note was for more than the value of the property. Submitted short sale request. They had approved several other units to follow that process. We had a higher offer than any of the other short sales units. Short Sale was denied Aurora Loss Mitigation said they would not look at any paper work until the loan was 90 days past due. Submitted paperwork over and over for 4 months due to their errors. Stop making payments based on their comments. Finally after 7 months I received notification the short sale was denied. The buyers where still interested. Title company suggested I appeal. Appeal denied. Aurora stated they wanted a higher price. None of the other condos had sold at the price they were requesting. Raised the price. Condo did not have any offers. Requested a deed in lieu of foreclosure. Aurora never responded. I just received a notice of foreclosure. I believe these people are crooks. They expected me to continue to pay on a loan where nothing ever went to principal. Now they are trying to ruin my credit. I have had several mortgage loans and never dealt with a company as unprofessional and dishonest as they are. Looks like Lehmans is trying to make up all their losses loan by loan.
This report was posted on Ripoff Report on 07/13/2011 01:55 PM and is a permanent record located here: https://www.ripoffreport.com/reports/aurora-loans/internet/aurora-loans-lehman-brothers-refused-to-refinance-an-interest-only-loan-2-years-ago-refus-752475. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#2 Consumer Comment
sometimes
AUTHOR: punkinpink - (United States of America)
SUBMITTED: Friday, July 29, 2011
I hope I can give you a few tips.
Auorora Loan Services does NOT originate loans. They are a SERVICER. ( not yelling, wish i could bold) Servicers only service the loan, meaning they are the middle man.
This sucks for a lot of reasons. Your main concerns are two words. INVESTOR and MI company.
Investor - person who backed the loan for the originator ( the person you originally got the MTG through)
MI company- this is the insurance company that backed the investor in case of default.
Aurora, and all other banks that service Loss Mit ( hafa, short sales DILS ect ) have to bow to these two entities. It is up to the investor and MI if aurora can make any decisions, and honestly, 99% of the time, one of the other will require some kind of approval from them. ( hince the LOONG timeline and or wait to get an answer) If there was a second lien (mtg) on the loan that was NOT serviced by Aurora, that throws a wrench in EVERYTHING!
My best guess is that Aurora told you that you had to be in default because the investor or MI company required it. They also denied the loss mitigation offers for the same thing. Not everyone who owns property around you have the same investor or MI, hince the reason some can sell quickly and some dont seem to move and end up sold in foreclosure sale.
I know we all think its the person that holds the note or the bank we call that is the issue, but really there is a lot more going on in the background that we dont know about.

#1 Consumer Comment
Well
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Wednesday, July 13, 2011
- You actually didn't need to go any farther than this statement.
When you buy an "investment property" you take the risk for any gains or losses.
By you saying that you want them to refinance or do a short sale you are telling them that your investment went bad and you want THEM to take the loss. If you could get them to go for it then great for you. But if they don't it is NOT a RipOff.
They expected me to continue to pay on a loan where nothing ever went to principal.
- And what part of "interest only" gave you the idea that your payments would go to principal?


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