I was almost relieved to find that so many others were experiencing problems with their Aurora mortgages - it provided some additional energy to keep fighting.
We had over 40 years of perfect credit until 9/05, and the practices of Aurora Loan Services. We were aware that our escrow would increase durint the 2nd year, but we had not received notice or saw changes on our monthly statements.in Sept. 05 we noticed a jump in our escrow of nearly $600.00, and in discussing this with Aurora we were told it was effective as of 7/01/05, and our payments were now suspended due to being short-funded.
We still wanted to work out a more reasonable payment option than the $600.00 and now the arrearage; we wrote letters and provided documentation as directed, but no one ever called or even returned our calls. It seemed Aurora was intentionally allowing additional fees & interest accumulate before they would discuss repayment options.
By the time I talked with our "assigned" loan counselor, he said they had started Foreclosure proceedings - again no notice, and of course they won't accept any partial payment. At our persistence, we eventually established a repayment agreement just to make the legal action to stop. Of course, the agreement is a set-up as well... They want $6300 as an initial payment.
We've talked to refinance people, and Aurora has killed our credit scores as well - dropping nearly 200 points in 5 months. We have filed a formal complaint with Aurora, and also pursued Foreclosure specialists and HUD counsseling, but still don't have the real problem corrected - AURORA CHANGING ESCROW PAYEMTNS RETROACTIVELY!
After reading all of these reports, and educating myself in Predatory Lending, I think a Class Action Suit should definitely be researced and addressed. I am more than willing to participate & assist.
I'm feeling rather unlucky, we also had to deal with Fairbanks Capitol on our last house - and neither of these loans began as subprime. Please forward me any information, advice, referrals that you may have. We need all the help we can get.
Thank you
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